Available Information ITEM 1A. rISk FACTorS FINANCIAL RISKS A substantial or extended decline in metals prices would have a material adverse effect on us. Our revenue is derived from the sale of concentrates and doré containing silver, gold, lead and zinc and, as a result, our earnings are directly related  to the prices of these metals. Silver, gold, lead and zinc prices fluctuate widely and are affected by numerous factors, including: These factors are largely beyond our control and are difficult to predict. If the market prices for these metals fall below our production or  development costs for a sustained period of time, we will experience losses and may have to discontinue exploration, development or operations, or  incur asset write-downs at one or more of our properties. The following table sets forth the average daily closing prices of the following metals for the years ended December 31, 2008 through 2012. On February 21, 2013, the closing prices for silver, gold, lead and zinc were $28.72 per ounce, $1,577 per ounce, $1.05 per pound and $0.95 per  pound, respectively. An extended decline in metals prices, an increase in operating or capital costs, mine accidents or closures, increasing environmental  obligations, or our inability to convert exploration potential to reserves may cause us to record write-downs, which could negatively impact  our results of operations. When events or changes in circumstances indicate that the carrying value of our long-lived assets may not be recoverable, we review the  recoverability of the carrying value by estimating the future undiscounted cash flows expected to result from the use and eventual disposition of the  asset. Impairment must be recognized when the carrying value of the asset exceeds these cash flows, and recognizing impairment write-downs could  negatively impact our results of operations. Metal price estimates are a key component used in the analysis of the carrying values of our assets, as the  evaluation approach involves comparing carrying values to the average estimated undiscounted cash flows resulting from operating plans using  4 [ HL:10-K ]  (1) London Fix (2) London Final (3) London Metals Exchange – Cash (4) London Metals Exchange – Special High Grade – Cash 2012 2011 2010 2009 2008 Silver  (1)  (per oz.) $ 31.15 $ 35.11 $ 20.16 $ 14.65 $ 15.02 Gold  (2)  (per oz.) $ 1,669.00 $ 1,569.00 $ 1,224.66 $ 972.98 $ 871.71 Lead  (3)  (per lb.) $ 0.94 $ 1.09 $ 0.97 $ 0.78 $ 0.95 Zinc  (4)  (per lb.) $ 0.88 $ 1.00 $ 0.98 $ 0.75 $ 0.85 y speculative activities; y relative exchange rates of the U.S. dollar; y global and regional demand and production; y political instability; y inflation, recession or increased or reduced economic activity; and y other political, regulatory and economic conditions. The following risks and uncertainties, together with the other information set forth in this Form 10-K, should be carefully considered by those who  invest in our securities. Any of the following risks could materially adversely affect our business, financial condition or operating results and could  decrease the value of our common and/or preferred stock. We have included the Chief Executive Officer (CEO) and Chief Financial Officer (CFO) certifications regarding our public disclosure required by  Section 302 of the Sarbanes-Oxley Act of 2002 as Exhibits 31.1 and 31.2 to this report. Additionally, we filed with the New York Stock Exchange  (“NYSE”) the CEO’s certification regarding our compliance with the NYSE’s Corporate Governance Listing Standards (“Listing Standards”) pursuant to  Section 303A.12(a) of the Listing Standards, which certification was dated June 6, 2012, and indicated that the CEO was not aware of any violations of  the Listing Standards. Hecla Mining Company is a Delaware corporation. Our current holding company structure dates from the incorporation of Hecla Mining Company  in 2006 and the renaming of our subsidiary (previously Hecla Mining Company) as Hecla Limited. Our principal executive offices are located at 6500 N.  Mineral Drive, Suite 200, Coeur d’Alene, Idaho 83815-9408. Our telephone number is (208) 769-4100. Our web site address is www.hecla-mining.com.  We file our annual, quarterly and current reports and any amendments to these reports with the SEC, copies of which are available on our website or  from the SEC free of charge (www.sec.gov or 800-SEC-0330 or the SEC’s Public Reference Room, 100 F Street, N.E., Washington, D.C. 20549). Charters  of our audit, compensation, corporate governance, and directors’ nominating committees, as well as our Code of Ethics for the Chief Executive Officer  and Senior Financial Officers and our Code of Business Conduct and Ethics for Directors, Officers and Employees, are also available on our website.  We will provide copies of these materials to shareholders upon request using the above-listed contact information, directed to the attention of Investor  Relations, or via e-mail request sent to hmc-info@hecla-mining.com. In March 2012, Hecla Limited received notice of a complaint filed against it by the United Steel Workers, Local 5114, with the Federal Mine Safety  Health Review Commission for compensation for bargaining unit workers at the Lucky Friday mine who were idled as a result of the previously- announced, temporary suspension of production at the mine (see the  Other Contingencies  section of  Note 7  of  Notes to Consolidated Financial  Statements  for more information). Condition and Results of Operations – The Lucky Friday Segment  section for more information.