SIGNIFICANT CUSTOMERS

The Company markets its doré to credit worthy bullion trading houses, market makers and members of the London Bullion Market Association, industrial companies and sound financial institutions. The refined metals are sold to end users for use in electronic circuitry, jewelry, silverware, pharmaceutical products, and the technology industry. The Company currently has seven trading counterparties (International Commodities, Mitsui, Mitsubishi, Standard Bank, TD Securities, Valcambi, and Auramet) and the sales of metals to these companies amounted to approximately 92% and 81% of total metal sales for the nine months ended September 30, 2012 and 2011, respectively. Generally, the loss of a single bullion trading counterparty would not adversely affect the Company due to the liquidity of the markets and the availability of alternative trading counterparties.

Sales of silver and gold concentrates to third parties (Nyrstar, Aurubis, Sumitomo, Trafigura, Auramet, and China National Gold) amounted to approximately 8% and 19% of total metal sales for the nine months ended September 30, 2012, and 2011, respectively. The loss of any one smelting and refining client may have a material adverse effect if alternate smelters and refiners are not available. The Company believes there is sufficient global capacity available to address the loss of any one smelter.

The following table indicates customers that represent 10% or more of total sales of metal for the three months ended September 30, 2012 and 2011 (in millions):



Customer	Three months ended September 30,		Three months ended September 30,		Segments reporting sales of metal
	2012		2011
Valcambi	$	112.7	$	112.4	Palmarejo, San Bartolomé
Auramet	$	32.0	$	—	San Bartolomé, Kensington
Mitsui	$	14.2	$	49.9	Palmarejo, San Bartolomé, Rochester
International Commodities	$	10.8	$	47.0	Palmarejo, San Bartolomé, Rochester
Standard	$	17.5	$	36.0	Palmarejo

The following table indicates customers that represent 10% or more of total sales of metal for the nine months ended September 30, 2012 and 2011 (in millions):



Customer	Nine months ended September 30,		Nine months ended September 30,		Segments reporting sales of metal
	2012		2011
Valcambi	$	368.9	$	255.3	Palmarejo, San Bartolomé
Standard	$	42.0	$	86.4	Palmarejo
Mitsui	$	40.1	$	81.9	Palmarejo, San Bartolomé, Rochester
China National Gold	$	25.7	$	94.4	Kensington
International Commodities	$	34.7	$	93.3	Palmarejo, San Bartolomé, Rochester