Receivables

9 Months Ended

Sep. 30, 2011

Receivables [Abstract]

RECEIVABLES

NOTE 6 – RECEIVABLES

Receivables consist of the following (in thousands):

	September 30, 2011		December 31, 2010
Receivables - current portion
Accounts receivable - trade	$	22,078	$	14,062
Refundable income tax		11,020		5,363
Refundable value added tax		47,370		36,947
Accounts receivable - other		3,685		2,508
	$	84,153	$	58,880
Receivables - non-current portion
Refundable value added tax	$	41,329	$	42,866

Trade receivables and other receivable balances recorded in other current assets are reported at outstanding principal amounts, net of an allowance for doubtful accounts. Management evaluates the collectability of receivable account balances to determine the allowance, if any. The Company determined that no allowance against its receivable balances at September 30, 2011, or at December 31, 2010 was necessary.

Taxes paid to foreign governments that are refundable to the Company are classified as “Refundable value added tax” at the face value of the amount of the tax refund due. Refunds expected to be received in the next twelve months are classified as “current” and amounts that are expected to be received after twelve months are classified as “non-current”.