C Si Ni Cr V Ti Ta Sc Li Sr Zr Fe Cu Zn Sn B Al Ce U Mn Mo Nb Sb

included in this exchange. This transaction had no material
impact on the net investment position of the Company.
On December 18, 2008, a wholly owned subsidiary of the
Company invested $10,432 (including $118 of acquisition
costs) to acquire 50% of Silmag DA. Silmag DA is a joint
venture with Norsk Hydro that was established to develop
a unique process to produce silica and magnesium at a
low cost from olivine, a raw material abundant in Norway.
During 2010, the carrying amounts for this investment
were determined to be greater than the investment’s
recoverable amounts, which were determined to be nil
and the asset was fully impaired. As the asset balance has
been reduced to nil, there will be no additional impairment
recorded in the future related to this investment.
Investment in Timminco
On September 28, 2009, the Company reduced its
ownership percentage of Timminco from 50.8% to 47.9%.
This loss of control resulted in a deemed disposal.
Timminco is therefore, no longer consolidated and is
106 Notes to Consolidated Financial Statements
recorded as an associate in the consolidated statement of
financial position. Effective from the date of the deemed
disposal, all losses of Timminco are recorded in the share
of loss of associates line in the income statement.
In the first quarter of 2010, Timminco issued 16.2 million
shares to settle a customer contract termination as
well as trade payables. These issuances lowered AMG’s
ownership of Timminco to 38.6%. Between May 13, 2010
and June 14, 2010, Timminco issued 20.2 million shares in
a private placement. The Company acquired 15.4 million
of these private placement shares at a cost of $9,705.
After the private placement, AMG had 42.5% ownership
in Timminco. The Company continues to account for this
investment as an associate. Timminco has disclosed
various risks to its ability to continue as a going concern
in its 2010 and 2009 financial statements. Those risks
include its ability to remain in compliance with its debt
covenants. It is noted that the continued support of
lenders is required or Timminco may not be able to realize
its assets or discharge its liabilities.
Summary financial information for associates, adjusted for the percentage ownership held by the Company:
Total Total
Recognized
profit Carrying
2010
Country Ownership assets liabilities Net equity Revenues Expense or loss amount
Bostlan S.A.
ALD Holcroft
V a c u u m
Spain 25.0% 8,004 5,883 2,121 12,141 11,858 283 2,439
Technologies Co.
ABS Apparaté und
Behälterbrau
United States 50.0% 1,518 855 663 1,176 1,086 90 310
Staßfurt GmbH Germany 49.0% 3,532 553 2,979 5,623 8,361 (2,738) 3,658
Silmag DA Norway 50.0% 3,824 127 3,697 – 5,581 (5,581) –
Timminco Ltd.
Thermique Industrie
Canada 42.5% 66,060 40,493 25,567 53,985 65,444 (11,459) 17,706
V i d e
Dynatech Furnaces
France 30.0% 2,872 2,100 772 3,860 3,860 – 630
Private Ltd. India 30.0% 469 495 (26) 822 822 – 443
Total (19,405) 25,186
2009
Bostlan S.A.
ALD Holcroft
V a c u u m
Spain 25.0% 5,662 3,224 2,438 6,988 6,995 (7) 2,155
Technologies Co.
ABS Apparaté und
Behälterbrau
United States 50.0% 1,373 1,131 242 2,557 2,617 (60) 238
Staßfurt GmbH Germany 49.0% 3,638 401 3,237 3,196 3,006 190 6,913
Silmag DA Norway 50.0% 8,317 1,337 6,980 – 4,583 (4,583) 6,028
Timminco Ltd. Canada 42.5% 85,108 61,311 23,797 10,242 37,740 (27,498) 19,460
Total (31,958) 34,794