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Marketable Equity Securities
 12 Months Ended
Dec. 31, 2015
Investments [Abstract]  
Marketable Equity Securities

3. Marketable Equity Securities

 

Prior to the Transaction, Solitario entered into an agreement with Ely and transferred 15,732,274 shares of Ely common stock it held, in exchange for cancellation of certain payment obligations related to MH-LLC, and in consideration for consent to extend the RMB Loan from August 21, 2015 to September 30, 2015 (the “Ely Consent”). Solitario recorded a loss on sale of marketable equity securities of $1,510,000 on the transfer of the Ely common stock during 2015.

 

Solitario holdings in Kinross Gold Corporation (“Kinross”) consisted of the following at December 31, 2015 and 2014:

 

(in thousands of  US Dollars, except share amounts)        December 31,
         2015        2014
Shares 100,000 480,000 
Fair value    
  Current assets $182  $1,354 

 

Additionally at December 31, 2015 Solitario owned other marketable equity securities carried at their fair value of $20,000.

 

Solitario sold the following shares of Kinross during 2015 and 2014:

(in thousands)        Year ended
       December 31,
         2015        2014
Shares sold 380 120
Proceeds $809 $556
Gain on sale $541 $472

 

The following tables summarize Solitario’s marketable equity securities and accumulated other comprehensive income related to its marketable equity securities:

 

(in thousands)        December 31,
         2015        2014
  Marketable equity securities at fair value $202   $2,308  
  Cost    91      1,870  
  Accumulated other comprehensive income for
    unrealized holding gains		 111   438  
  Deferred taxes on accumulated other comprehensive
    income for unrealized holding gains		 -    (1,558) 
Accumulated other comprehensive income (loss) $   111  $   (1,120) 

 

The following table represents changes in marketable equity securities:

 

(in thousands) Year ended
       December 31,
  2015 2014
Gross cash proceeds $   809  $   556 
Cost 1,778    84 
Gross (loss) gain on sale included in earnings during the period (969) 472 
Deferred taxes on gross gain on sale included in earnings -   -  
Reclassification adjustment to unrealized gain (loss) in other
   comprehensive income for net loss (gain) included in earnings		 969  (472)
Gross unrealized holding loss arising during the period
   included in other comprehensive loss.		 (1,296) (1,108)

Clearing of disproportionate tax effect for deferred taxes on

unrealized holding losses included in other comprehensive loss

    1,558     -   
Net unrealized holding gain (loss) 262  (1,108)
Other comprehensive income (loss) from marketable equity
   securities		 $1,231  $(1,580)