Other Liabilities

9 Months Ended

Sep. 30, 2016

Other Liabilities

Other Liabilities

12.     Other Liabilities

The Company recorded other current liabilities of approximately nil and $0.6 million at September 30, 2016 and December 31, 2015 respectively.  The December 31, 2015 amount includes a net liability of approximately $0.4 million related to the Argentina tax on equity due for years 2009 through 2012 stemming from a tax audit of those years, including approximately $0.2 million of estimated interest and penalties.

During the first four months of 2016 the Company paid the remaining approximately $0.2 million of Argentine tax on equity as of December 31, 2015 leaving approximately $0.2 million of estimated interest and penalties awaiting a final assessment from the tax authorities as of June 30, 2016.  During the third quarter 2016 the Argentine government adopted an amnesty program that the Company effectively used to eliminate the remaining interest and penalties that had been accrued as of June 30, 2016.  The reversal of the June 30, 2016 accrual reduced expenses incurred at the El Quevar project during the third quarter 2016. The December 31, 2015 amount also includes $0.1 million of accrued interest on the Sentient Loan and $0.1 million as a loss contingency on a disputed contract with a third party contractor in Mexico.  The dispute was settled during the first quarter 2016 for the amount previously accrued.