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| Mandalay Resources |
Antimony Production Falls 60pc at Costerfield Mine
Canada-based Mandalay Resources saw a significant decline in antimony production at its Costerfield mine in Australia during the first quarter of 2025. Production dropped 60pc year-over-year, reaching just 161 metric tonnes, compared to 404t in Q1 of the previous year.
Quarter-on-quarter, production also declined by 40pc, down from 267t in Q4 2024.
This marks one of the company’s weakest antimony output periods in recent years, amid operational and market pressures.
Sales Decline as Global Antimony Prices Surge
Meanwhile, Mandalay’s antimony sales fell by 40pc, totaling 196t for the quarter.
The slump coincided with soaring global antimony prices, following China’s export controls introduced in September 2024.
As a result, Mandalay faces an increasingly challenging environment in balancing production capacity and market demand. The company has not disclosed the causes behind the output drop but may cite mine sequencing, ore grade variation, or logistics as contributing factors.
China’s Policy Shift Reshapes Global Antimony Supply
China’s tighter export controls have significantly impacted global antimony availability and pushed prices higher across strategic metal markets. Mandalay, as one of the few Western producers, may benefit from high prices once production rebounds.
However, the sharp drop in supply underscores global supply chain fragility, particularly for critical minerals like antimony, used in batteries, flame retardants, and alloys.
The Metalnomist Commentary
Mandalay's steep antimony output decline highlights the vulnerability of non-Chinese producers in a market dominated by Beijing’s policies. As demand for antimony surges across energy and defense sectors, Western producers must address output volatility to remain competitive in this strategic space.
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