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INCOME TAXES (Tables) | 6 Months Ended
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Jun. 30, 2012
Provision for Income Taxes From Continuing Operations | The components of the provision for income taxes from continuing operations are:
|  | Three-Month Period Ended June 30, |  |  | Six-Month Period Ended June 30, |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Current taxes – PRC |  | $ | 1,892,567 |  |  | $ | 5,285,957 |  |  | $ | 3,148,833 |  |  | $ | 11,211,191 |
Deferred taxes – PRC |  |  | 82,622 |  |  |  | (1,933,612 | ) |  |  | 160,826 |  |  |  | (1,925,724 | )
|  | $ | 1,975,189 |  |  | $ | 3,352,345 |  |  | $ | 3,309,659 |  |  | $ | 9,285,467 |
Reconciliation of Effective Income Tax Rate | The effective income tax expenses differ from the PRC statutory income tax rate of 25% from continuing operations in the PRC as follows:
|  | Three-Month Period Ended June 30, |  |  | Six-Month Period Ended June 30, |
Reconciliations |  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Statutory income tax rate |  |  | 25 | % |  |  | 25 | % |  |  | 25 | % |  |  | 25 | %
US federal net operating loss |  |  | 1 | % |  |  | 0 | % |  |  | 2 | % |  |  | 3 | %
Effective tax rate |  |  | 26 | % |  |  | 25 | % |  |  | 27 | % |  |  | 28 | %
Components of Deferred Tax Assets And Liabilities | Significant components of the Company’s deferred tax assets and liabilities at June 30, 2012 and December 30, 2011 are as follows:
|  | June 30, |  |  | December 31, |
|  | 2012 |  |  | 2011 |
Deferred tax liabilities |  | $ | - |  |  | $ | - |
Deferred tax assets: |  |  |  |  |  |  |  |
Allowance for obsolete and slow-moving inventories |  | $ | 3,704 |  |  | $ | 3,718 |
Impairment on property, plant and equipment |  |  | 636,615 |  |  |  | 639,031 |
Exploration costs |  |  | 1,780,714 |  |  |  | 1,797,391 |
Repair and maintenance costs |  |  | 101,879 |  |  |  | 224,984 |
Property, plant and equipment |  |  | 68,523 |  |  |  | 81,060 |
Property, plant and equipment under capital leases |  |  | (23,989 | ) |  |  | (8,001 | )
US federal net operating loss |  |  | 10,442,134 |  |  |  | 10,111,821 |
Total deferred tax assets |  |  | 13,009,580 |  |  |  | 12,850,004 |
Valuation allowance |  |  | (10,442,134 | ) |  |  | (10,111,821 | )
Net deferred tax asset |  | $ | 2,567,446 |  |  | $ | 2,738,183 |
Current deferred tax asset |  | $ | 105,583 |  |  | $ | 228,702 |
Long-term deferred tax asset |  | $ | 2,461,863 |  |  | $ | 2,509,481 |

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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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