Commitments and Contingencies

12 Months Ended

Dec. 31, 2012

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

The Company manages risk through insurance coverage, credit monitoring and diversification of suppliers and customers. The Company also seeks to maintain adequate liquidity to offset the risk of pricing cycles.

REFINING AGREEMENTS

The Company has contracted with two entities to refine its filter cake production. Even though there are a limited number of PGM refiners, the Company believes that it is not economically dependent upon any one refiner.

OPERATING LEASES

The Company has operating leases for various mining equipment, office equipment and office space expiring at various dates through August 1, 2017. Total rental expense for cancelable and non-cancelable operating leases was $2.4 million, $1.5 million and $1.3 million in 2012, 2011 and 2010, respectively. Future minimum lease payments for operating leases with terms in excess of one year are as follows:

Year ended (In thousands)	Minimum Lease Payment
2013	$	467
2014	396
2015	146
2016	146
2017	130
Total	$	1,285

SIGNIFICANT CUSTOMERS

Total sales to significant customers as a percentage of total revenues for the years ended December 31, were as follows:

	2012(1)		2011(1)		2010(1)
Customer A	26	%	28	%	17	%
Customer B	18	%	17	%	49	%
Customer C	17	%	—	%	—	%
Customer D	10	%	—	%	—	%
Customer E	—	%	19	%	12	%
	71	%	64	%	78	%

(1) The “—” symbol represents less than 10% of total revenues

LABOR UNION CONTRACTS

As of December 31, 2012, the Company had approximately 59% and 18% of its active labor force covered by collective bargaining agreements expiring on June 1, 2015 and December 31, 2015, respectively.

LEGAL PROCEEDINGS

The Company is involved in various claims and legal actions arising in the ordinary course of business, primarily employee lawsuits. In the opinion of management, the ultimate disposition of these matters is not expected to have a material adverse effect on the Company’s consolidated financial position, results of operations or liquidity.