Equity Investees

12 Months Ended

Dec. 31, 2011

Equity Investees [Abstract]

Equity Investees

(7)   Equity Investees

Information about our investments in and advances to affiliates and joint ventures at December 31, 2011 is as follows:

	Ownership Interest
Ashapura Volclay Limited		50	%
CETCO-Bentonit Uniao Technologias Ambientais Ltda.		50	%
Egypt Mining & Drilling Co. and Egypt Bentonite & Derivatives Co.		31	%
Egypt Nano Technologies Co.		27	%
Maprid Tech Cast, S.A. de C.V.		49	%
Volclay de Mexico, S.A. de C.V.		49	%
Volclay Japan Co., Ltd.		50	%

We account for all of the above investments under the equity method. We record the majority of our equity in the earnings of our investments in affiliates and joint ventures on a one quarter lag. None of our equity investees are publicly traded, and the difference between our investment and the underlying net equity of the investee is immaterial.

In 2011, we recorded income of $5,235 from our joint venture and affiliated entities, of which $2,104 related to the sale of Ashapura AMCOL N.V., our Belgian joint-venture which we sold in the second quarter of 2011. The remaining income was primarily generated from Ashapura Volclay Limited, Volclay Japan Co. Ltd, and Volclay de Mexico, Sa. de C.V. In the third quarter of 2011, we sold our interest in Albagle Enterprise Limited, our Cypriot joint-venture whose operations were mainly in Russia, at an immaterial loss.

In 2010, we recorded losses of $10,997 from our joint venture and affiliated entities. Of these losses $7,196 is from Albagle Enterprise Limited and $6,875 is from Ashapura AMCOL N.V. We recorded an impairment on Albagle Enterprise Limited due to its continued poor financial performance which was not expected to recover. Ashapura AMCOL N.V. impaired its fixed assets due its inability to generate profits. Our investments in these ventures had been reduced to zero as of December 31, 2010.

In 2009, we reduced our ownership percentage in Ashapura Minechem Limited (Ashapura), a publicly traded company on the Bombay Stock Exchange Limited, and began accounting for this investment as an available-for-sale security as of December 31, 2009.