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Inventories

6 Months Ended

Jun. 30, 2013

8. Inventories

Inventories at the Velardeña Operations at March 31, 2013 and December 31, 2012 consist of the following:

	June 30,		December 31,
	2013		2012
	(in thousands)		(in thousands)
Metals inventory	$	631	$	2,076
In-process inventory	—		228
Material and supplies	618		1,084
	$	1,249	$	3,388

At June 30, 2013 the Company wrote down its metals inventory to net realizable value including a charge to cost of metals sold of approximately $1.6 million and a charge to depreciation expense of approximately $0.3 million.

Material and supplies inventory consists primarily of operating supplies at the Velardeña Operations and are carried at the lower of cost or market.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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