Short-term and Other Investments

9 Months Ended

Sep. 30, 2016

Investments, All Other Investments [Abstract]

3. Short-term and Other Investments

Short-term investments

As of September 30, 2016 and December 31, 2015, the amortized cost basis of our short-term investments was $23,476 and $11,990, respectively. The amortized cost basis approximates fair value at September 30, 2016 and December 31, 2015. Short-term investments at September 30, 2016 are comprised of U.S. government treasury bills and/or notes, while short-term investments at December 31, 2015 were comprised of U.S. government and Australian treasury bills and/or notes, all of which have maturity dates greater than 90 days but less than one year.

Other investments - Midas Gold Shares

During March 2015, we sold 8,000,000 Midas Gold Shares, at a price of C$0.46 ($0.36) per Midas Gold Share, for net proceeds of $2,772. We currently own 7,802,615 Midas Gold Shares or approximately 4.4% of the Midas Gold Shares outstanding, on a non-dilutive basis.

Upon initial recognition of our investment in the Midas Gold Shares, we elected to apply the fair value option, and as such, the investment is recorded at fair value in the Condensed Consolidated Balance Sheets. Subsequent changes in fair value are recorded in the Condensed Consolidated Statements of Income/(Loss) and Comprehensive Income/(Loss) in the period in which they occur.

The following table summarizes our investment in Midas Gold Shares as of September 30, 2016 and December 31, 2015.


	September 30, 2016		December 31, 2015
Fair value at beginning of period	$	1,798	$	6,163
Sale of Midas Gold Shares, net of costs to sell		—		(2,772)
Gain/(loss) during the period		3,586		(1,593)
Fair value at end of period	$	5,384	$	1,798

Midas Gold Shares held at the end of the period		7,802,615		7,802,615