2005 Financial Review
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 19- Other Operating Income, Net
| Years Ended December 31, | ||||
| (In millions) | 2005 | 2004 | 2003 | |
| Gain on sale of equity interest | $ | - | - | 10.4 |
| Gains on sale of operating assets and mineral rights, net | 9.6 | 5.7 | 7.7 | |
| Share in earnings of equity affiliates | 3.4 | 1.0 | 0.3 | |
| Royalty income | 2.0 | 1.6 | 1.7 | |
| Foreign currency transaction losses, net | (3.1) | (0.2) | - | |
| Impairment losses | (1.3) | (0.3) | - | |
| Penalties on unpaid value-added taxes | - | (0.4) | - | |
| Other | 4.4 | 3.7 | 1.9 | |
| Total | $ | 15.0 | 11.1 | 22.0 |
In October 2003, the Company sold its 23.3% equity interest in MPI Mines Ltd., an Australian exploration and development company with interests in gold and nickel, for $18.8 million in cash and recognized a $10.4 million pretax gain in continuing operations.
In November 2003, the Company sold substantially all of its remaining coal-related assets for $14 million in cash plus the assumption of reclamation and other liabilities for total proceeds of $28.8 million. The Company recognized gains of $5.8 million in 2005 and $0.3 million in 2004 as liabilities related to reclamation were formally transferred to the buyer.
In addition, a $3.1 million gain on the sale of residual assets and mineral rights related to former mining operations in Kentucky was recognized in 2005.