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INCOME TAXES (Tables)

6 Months Ended

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

Schedule Of Income Taxes Current And Deferred [Table Text Block]

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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

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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

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