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CONSTRUCTION IN PROGRESS | 9 Months Ended
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Sep. 30, 2012
CONSTRUCTION IN PROGRESS [Abstract] |
CONSTRUCTION IN PROGRESS | 6. CONSTRUCTION IN PROGRESS Construction in progress was the amount paid for constructing power generation systems. As of September 30, 2012, the Company had construction in progress of $15.94 million for the Shanxi Datong Coal Group Power Generation project (See Note 19). As of December 31, 2011, the Company had construction in progress of $19.77 million for Phase III of the Erdos TCH power generation system projects; however, this construction was terminated in September 2012 due to the fact that Erdos stopped construction of the refining plant; and $12.70 million for the Shanxi Datong Coal Group Power Generation project. As of September 30, 2012, the Company was committed to pay an additional $12.80 million for the Shanxi Datong Coal Group Power Generation project. In September 2012, Erdos TCH, Erdos and general contractor Xianyang Hengfeng Energy Engineering Co., Ltd ("Hengfeng") entered into an agreement to terminate the construction of Phase III of the power generation system projects due to he fact that Erdos stopped construction of the refining plant as a result of a change in business strategy. Cost of construction in progress which Erdos TCH paid for Phase III of the project was $19.86 million (RMB 125.44 million) at termination date, Hengfeng returned $13.72 million (RMB 86.70 million) to Erdos TCH towards payments made for construction in progress; and Erdos compensated $3.58 million (RMB 22.04 million) to Erdos TCH for the loss, Erdos TCH in turn paid $0.32 million (RMB 2.0 million) to Hengfeng for the loss from the project termination; accordingly, Erdos incurred a net loss of $2.96 million (RMB 18.74 million) from the termination of this project.

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