Quarterly report pursuant to sections 13 or 15(d)

INVESTMENT IN AL MASANE AL KOBRA MINING COMPANY (AMAK) (Tables)

INVESTMENT IN AL MASANE AL KOBRA MINING COMPANY (AMAK) (Tables)

3 Months Ended

Mar. 31, 2014

INVESTMENT IN AL MASANE AL KOBRA MINING COMPANY ("AMAK") [Abstract]

Summarized Results of Operation and Financial Position for AMAK

Results of Operations

	Three Months Ended March 31,
	2014			2013		2012
	(Thousands of Dollars)
Sales	$	267		$	31,162	$	-
Gross Profit		639			9,906		-
General, administrative and other expenses		2,588			2,786		577
Net Income (loss)	$	(1,949	)	$	7,120	$	(577	)

Financial Position

	March 31, 2014		December 31, 2013
	(Thousands of Dollars)
Current assets	$	41,050	$	32,923
Noncurrent assets		264,431		264,997
Total assets	$	305,481	$	297,920

Current liabilities	$	27,565	$	22,497
Long term liabilities		80,268		75,826
Shareholders' equity		197,648		199,597
	$	305,481	$	297,920

Equity in Income or Loss of AMAK Reflected on Consolidated Statement Of Operation

The equity in the income or loss of AMAK reflected on the consolidated statement of income for the quarters ended March 31, 2014, and 2013, is comprised of the following:

	2014			2013
	(Thousands of Dollars)
Company’s share of income (loss) reported by AMAK	$	(687	)	$	2,627
Amortization of difference between Company’s investment in AMAK
and Company’s share of net assets of AMAK		337			337
Equity in earnings of AMAK	$	(350	)	$	2,964