Alkane Mandalay Antimony Acquisition Creates Diversified Gold-Antimony Producer

Mandalay Resources

Alkane Resources will acquire Mandalay Resources in a strategic merger that strengthens both companies' positions in gold and antimony markets. The deal, valued at approximately $650 million, will result in a diversified mining firm with global assets and a projected output of 160,000 gold-equivalent ounces in 2025.

Strengthened Position in Global Antimony Supply

The Alkane Mandalay antimony acquisition positions the combined entity as a major supplier of antimony outside China, Russia, and Tajikistan. The Costerfield mine in Australia, currently one of the largest non-Chinese antimony producers, will serve as a cornerstone asset. Meanwhile, Mandalay’s True Blue prospect adjacent to Costerfield shows expansion potential, following positive drilling results earlier this year.

Global Asset Portfolio and Growth Outlook

The new Alkane will operate three producing mines: Costerfield and Tomingley in Australia, and Björkdal in Sweden. These mines primarily yield gold but offer growing exposure to antimony — a critical mineral in semiconductors, batteries, and military applications. As a result, the Alkane Mandalay antimony acquisition brings diversified revenue and exploration upside amid rising global demand for strategic metals.

The Metalnomist Commentary

Alkane’s acquisition of Mandalay adds critical mineral depth to its portfolio, increasing exposure to antimony — a strategic material under global scrutiny. This move reflects a broader trend of miners seeking supply chain resilience by combining gold cash flow with critical mineral leverage.