China blocks stibnite ore shipment disrupts US Antimony supply

China Stibnite

Chinese customs action forced a 50t cargo back to Australia. The China blocks stibnite ore shipment after an 82-day hold in Ningbo-Zhoushan. As a result, US Antimony’s Mexico restart faces fresh feedstock risk. The China blocks stibnite ore shipment halted ore bound for Manzanillo and the Madero smelter.

Supply chain and pricing impact

US Antimony valued the two containers at $715,413, or $14,308/t. Therefore, the China blocks stibnite ore shipment directly removes high-value stibnite from near-term runs. Meanwhile, antimony is vital for flame retardants, defense uses, and lead-acid batteries. Tightness could widen if alternative concentrates lag.

The company operates North America’s only antimony smelters. However, longer hauls and re-booking raise logistics and financing costs. Downstream alloy and chemicals buyers should review safety stocks. Traders may prefer multi-origin tenders to limit single-port risk.

Regulatory and logistics factors

China suspended antimony exports to the US in December. Therefore, transshipment through Chinese ports adds regulatory exposure. Evergreen Shipping routed the cargo through China, triggering the hold. The carrier’s deviation underscores how routing choices shape compliance risk.

Refiners now reassess routing via neutral hubs. In the near term, Mexico feed could rely on direct sailings. Operators should hard-code “no PRC transshipment” clauses. They also should insure for customs detentions and export-control delays.

The Metalnomist Commentary

This episode shows midstream fragility when critical ores transit regulatory chokepoints. Expect tighter contract language, diversified routes, and premiums for assured delivery outside China’s logistics sphere. Buyers should secure multi-origin stibnite supply before peak seasonal demand.

US Greenlights Perpetua's Stibnite Gold-Antimony Mine, Paving Way for Domestic Supply

Perpetua Resources

The United States has given the final go-ahead to Perpetua Resources mine plan for its Stibnite gold-antimony project in Idaho, marking the culmination of a lengthy permitting process that began in 2016. This significant milestone brings the project closer to potential development and could bolster domestic supplies of critical antimony.

Final Record of Decision and Next Steps

The US Forest Service issued its final record of decision for Stibnite, clearing the path for Perpetua to focus on securing the necessary financing and remaining federal and state authorizations.  The company aims to make a construction decision this year. Perpetua has been actively raising capital for the project, estimated to cost $1.3 billion in 2020.  Recent efforts include an equity sale launched in November, complementing existing funding sources such as the Department of Defense.

Stibnite's Significance in a Changing Market

Located near Yellow Pine, Idaho, Stibnite holds economic reserves of 148 million lbs of antimony, which Perpetua plans to extract over the mine's projected 15-year lifespan.  Production is anticipated to begin in 2028, with construction estimated to take three years, according to the company's September investor presentation.  China's December decision to ban antimony exports to the US has further accelerated the drive to establish a domestic supply chain for this crucial metal. Antimony is used in a variety of applications, including electric batteries, ammunition, and renewable energy technologies.

Strategic Partnerships and Market Dynamics

Following China's export ban, Perpetua has forged agreements with US Antimony (USAC) and Sunshine Silver Mining and Refining to explore opportunities for processing ore and concentrate from Stibnite into antimony products.  USAC itself plans to restart its Maduro smelter in Mexico this year, having secured deals to source antimony ore from Australia and Thailand.  This comes after USAC shuttered operations at the smelter in March due to profitability issues.  Antimony prices have seen an uptick in the US and Europe since China added the metal to its export restriction list in mid-August, prompting Western consumers to seek alternative supply sources.

Perpetua Receives $6.9M from U.S. Army to Advance Domestic Antimony Supply Chain

Perpetua Resources

Stibnite Gold Project to Support Strategic Ammunition Material Testing

Perpetua receives $6.9M from U.S. Army for antimony testing, reinforcing the strategic role of domestic critical mineral development in national defense. The funding will support feasibility testing of antimony trisulfide production from the company’s Stibnite Gold Project in Idaho, targeting military-grade applications such as munitions and explosives.

This award builds on Perpetua’s existing $15.5 million contract from the Defense Ordnance Technology Consortium (DOTC) received in 2023. To date, the U.S. Department of Defense has allocated more than $80 million to the company, highlighting the urgency to establish a “ground-to-round” domestic antimony supply chain. The Stibnite deposit contains an estimated 148 million pounds of antimony, making it one of the most significant potential sources in North America.

U.S. Eyes Antimony Independence as China Cuts Exports

The U.S. relies heavily on imports for antimony, a critical mineral essential to over 300 types of munitions. However, China suspended antimony exports to the U.S. in December 2024, intensifying the need for secure domestic sources. Between January 2022 and October 2024, the U.S. imported 15,665 tonnes of antimony, with 22% coming from China.

As part of a broader national push, Perpetua recently received final federal permits for construction at the Stibnite site after being selected for expedited approval. The mine will produce both antimony and gold, making it one of the few U.S.-based projects directly aligned with defense-critical materials policy. As Perpetua receives $6.9M from U.S. Army for antimony testing, the company moves closer to restoring a vital supply chain link that has been offshore for decades.

The Metalnomist Commentary

Perpetua’s expanded partnership with the U.S. Army signals a turning point in reshoring defense-critical mineral supply. The Stibnite project could anchor a secure domestic antimony chain as global geopolitical tensions continue to restrict foreign access.

Perpetua Resources Advances Plans for US Antimony Supply Chain Amid Rising Geopolitical Tensions

Perpetua Resources

Perpetua Resources is forging partnerships and conducting feasibility testing to establish a domestic antimony supply chain in the US, as China's export suspension amplifies the need for local sourcing.

Developing a US-Based Antimony Supply Chain

Idaho-based Perpetua Resources is taking significant steps to establish a domestic antimony supply chain by partnering with Sunshine Silver Mining and Refining and conducting metallurgical testing with US Antimony (USAC). The move comes at a critical time as the US grapples with the implications of China’s suspension of antimony exports, which began on December 3, 2024.

Antimony, a critical mineral essential for flame retardants, batteries, and defense applications, has seen rising demand amidst global supply chain vulnerabilities. Perpetua’s efforts are centered on its Stibnite Gold Project in Idaho, the only domestic reserve of antimony in the US, containing an estimated 148 million pounds (67,130 tonnes). During its first six years of operation, the project is expected to meet approximately 35% of US antimony demand.

Testing Partnerships for Processing Feasibility

To advance its vision, Perpetua has initiated:

• Feasibility testing with Sunshine Silver Mining and Refining at the Sunshine Mine Complex, also located in Idaho. Third-party engineers are developing a flowsheet to optimize the processing and refining of antimony from various ore types.

• Metallurgical testing with Montana-based USAC, where Perpetua is providing antimony concentrate samples from Stibnite to determine the specifications needed for commercially viable antimony products.

These partnerships are key to ensuring that the Stibnite Gold Project can support a fully domestic supply chain for antimony, reducing reliance on foreign imports.

Geopolitical Drivers and Market Implications

The urgency for a domestic supply chain has intensified following China’s decision to halt antimony exports to the US. Between January 2022 and October 2024, the US imported:

• 15,665 tonnes of antimony metal from China, representing 22% of total imports.

• 55,506 tonnes of antimony trioxide, accounting for 69% of total imports.

China's export suspension highlights the strategic importance of Perpetua’s efforts, as the US seeks to secure access to critical materials amid escalating geopolitical tensions.

Conclusion

Perpetua Resources’ initiatives, supported by partnerships with Sunshine Silver and USAC, position the company as a cornerstone of America’s critical mineral strategy. With the Stibnite Gold Project poised to reduce the nation’s dependency on foreign antimony, Perpetua is aligning itself with the growing demand for supply chain security in the face of global uncertainties.

Perpetua Resources Secures $425mn to Advance US Antimony Mining

Perpetua Resources

Financing Boost for Strategic Mineral Development

US miner Perpetua Resources has raised $425mn through two financing agreements, reinforcing its position in critical mineral supply. National Bank of Canada Financial Markets and BMO Capital Markets purchased 24.6mn shares for $325mn, with the deal expanded from an initial $300mn due to stronger-than-expected demand. In parallel, private investor Paulson & Co. committed $100mn in a private placement, providing additional momentum.

This funding strengthens Perpetua’s development of the Stibnite Gold project in Idaho, which contains an estimated 148mn lbs of antimony reserves along with gold. The project recently secured its final federal permit in May, following its selection for a federal fast-track initiative in April. These milestones pave the way for construction and production to begin.

Strategic Role of Antimony in US Supply Chains

Perpetua has also received over $80mn from the US Department of Defense, including $6.9mn from the US Army in May. This support underscores antimony’s critical role in military applications, flame retardants, and lead-alloy batteries. The US produced no marketable antimony in 2024, according to the US Geological Survey, highlighting the importance of domestic projects like Stibnite to reduce reliance on foreign supply.

As a result, Perpetua’s financing success comes at a pivotal moment for US mineral security. With construction nearing, the company is positioned to become a vital domestic producer of antimony, a material central to both defense and energy resilience.

The Metalnomist Commentary

Perpetua’s $425mn financing underscores investor and government recognition of antimony’s strategic importance. With the US currently reliant on imports, the Stibnite project could emerge as a cornerstone of reshoring efforts in critical minerals. However, success will depend on balancing environmental concerns with the urgency of strengthening national supply chains.

Perpetua Resources antimony project funding surges to $474mn

Perpetua Resources

Perpetua Resources antimony project secured an extra $49mn in July. After June financings, Perpetua Resources antimony project totals $474mn. The fresh capital supports construction of Idaho’s Stibnite project.

Financing details and permitting momentum

National Bank of Canada and BMO bought 3.7mn shares for $49mn. Earlier, they purchased 24.6mn shares for $325mn. Paulson & Co. added a $100mn private placement. The company also secured its final federal permit in April. Therefore, capital and permitting now align for execution.

Strategic supply implications and next steps

Stibnite contains 148mn pounds of antimony reserves. China suspended antimony exports to the United States in December. The United States produced no marketable antimony in 2024. As a result, the Perpetua Resources antimony project can cut import dependence. Antimony supports defense, flame retardants, and lead-alloy batteries. Perpetua will deploy proceeds to early works and procurement. Meanwhile, pacing will track prices, logistics, and workforce availability. Therefore, disciplined spend and clear milestones will sustain momentum.

The Metalnomist Commentary

This raise narrows America’s antimony gap as geopolitics tighten supply. Watch offtake timing, early-works progress, and cost control through 2026.

Idaho Antimony Project Receives Final Federal Permit for 148 Million Pound Reserve

Idaho Antimony Project

Idaho antimony project development reached a critical milestone as Perpetua Resources secured final federal permits for the Stibnite Gold project. The Idaho antimony project contains estimated reserves of 148 million pounds of antimony, addressing critical supply chain vulnerabilities as the US produced no marketable antimony in 2024 according to the US Geological Survey, making the Idaho antimony project essential for domestic critical minerals security.

Critical Minerals Initiative Accelerates Strategic Project Development

Idaho antimony project advancement benefits from federal critical minerals initiatives designed to strengthen domestic supply chains. The Stibnite project was selected in the first wave of a federal initiative launched in April to expedite permitting for critical mineral projects. This selection demonstrates government recognition of antimony's strategic importance for flame retardants, military applications, and lead-antimony alloys used in batteries and cables.

Meanwhile, the project began its permitting journey in 2016, reflecting the complex regulatory environment surrounding large-scale mining operations. The eight-year federal permitting timeline highlights challenges facing domestic critical minerals development despite government support for supply chain resilience. Idaho Governor Brad Little signed an executive order in January aimed at simplifying state-level mining permit processes.

State Permits and Financing Requirements Remain Outstanding

However, construction cannot commence until state permitting completion and additional financing arrangements. Idaho's regulatory approval remains pending despite the federal permit milestone, creating continued uncertainty for project timelines. The dual permitting structure demonstrates coordination challenges between federal and state authorities for critical minerals projects.

Therefore, Perpetua requires substantial additional financing beyond current funding commitments to begin construction activities. The company secured approximately $75 million from the US Department of Defense, $12.5 million in equity financing, and $8.5 million from silver production royalties. The US Export-Import Bank indicated potential provision of up to $1.8 billion in debt financing, representing the largest component of the financing package.

Domestic Supply Chain Partnerships Support Project Viability

Furthermore, Perpetua established strategic partnerships to develop comprehensive antimony processing capabilities within the United States. The company signed initial agreements with Sunshine Silver Mining and Refining and US Antimony in December to explore processing and testing opportunities. These partnerships address downstream processing requirements essential for complete supply chain integration.

As a result, the domestic partnership approach creates vertically integrated antimony production capabilities from mining through refining. This comprehensive strategy aligns with government objectives to reduce dependence on foreign antimony sources while supporting defense and industrial applications requiring reliable domestic supply. The partnerships also provide technical expertise and market access for Perpetua's antimony concentrate production.

The Metalnomist Commentary

The Idaho antimony project's federal permit approval represents a crucial step toward establishing domestic antimony production capability, addressing a critical gap in US strategic minerals supply where the nation currently produces zero marketable antimony despite significant defense and industrial demand. While state permits and financing challenges remain, the project's advancement through federal critical minerals initiatives demonstrates how government support can accelerate strategic resource development for national security priorities.

ReElement South African Antimony Contract Extension Strengthens Defense Supply Chain

ReElement

ReElement South African antimony contract received a significant extension as American Resources and its subsidiary ReElement Technologies expanded their existing five-year antimony agreement to ten years with an undisclosed South African mineral supplier. The ReElement South African antimony contract extension positions the US company to process 500 metric tonnes monthly of stibnite ore initially, with expected revenues of at least $29 million annually from contracted volumes, addressing critical supply chain vulnerabilities following China's antimony export restrictions.

Strategic Timing Capitalizes on Chinese Export Restrictions

ReElement South African antimony contract expansion comes at a critical juncture following China's December 2024 ban on antimony exports to the United States, alongside germanium and gallium restrictions. The partnership initially targets 1,000 metric tonnes per month of antimony-bearing ore with potential for significant volume expansion based on market demand and offtake agreements. ReElement confirmed the ore quality exceeds 50% antimony concentration, indicating high-grade material suitable for defense and commercial applications.

Meanwhile, ReElement demonstrated advanced refining capabilities achieving greater than 99.7% pure antimony(III) sulfide from antimony ore at its central Indiana facilities. The company will process stibnite ore into ultra-pure antimony(III) sulfide or antimony(III) oxide using proprietary refining technology. These compounds serve critical applications in ammunition production, missile manufacturing, flame retardants, batteries, and solar panels across defense and commercial sectors.

Market Fundamentals Support Long-Term Growth Strategy

However, the global antimony(III) oxide market provides substantial growth opportunities with 2023 valuations reaching approximately $852 million. Market analysts project compound annual growth rates of 4.9% through 2034, potentially reaching $1.43 billion total market value. Antimony trisulfide applications in military ammunition and antimony trioxide usage in flame retardants drive sustained demand across defense and commercial markets.

Therefore, the ten-year agreement with automatic renewal provisions supports long-term supply agreements while generating stable revenue streams for ReElement's operations. Initial tolling revenues from the first phase are projected to exceed $29 million annually, with substantial growth potential aligned with rising domestic demand for critical minerals. The extended contract duration delivers enhanced value for all stakeholders including commercial and defense customers requiring secure antimony supplies.

Domestic Processing Capabilities Address National Security Priorities

Furthermore, ReElement's antimony refining expansion aligns with broader US critical minerals supply chain security initiatives. The company operates as part of American Resources Corporation's integrated approach to critical mineral processing, focusing on rare earth elements, lithium, and now antimony refining capabilities. ReElement's Marion, Indiana facility provides the foundation for scaling antimony operations while evaluating additional domestic and international processing sites.

As a result, the partnership addresses urgent national security requirements for domestically produced antimony compounds essential to defense applications. Mark Jensen, CEO of American Resources and ReElement, emphasized the strategic importance: "China's recent ban on exports of antimony, germanium and gallium accelerated this opportunity, allowing us to showcase the versatility, scalability and flexibility of our technology on a global scale - filling the supply gap now present in the United States and other allied nations."

The Metalnomist Commentary

ReElement's antimony contract extension exemplifies how US critical minerals companies capitalize on Chinese export restrictions to establish alternative supply chains, particularly important given antimony's essential role in defense applications where supply security outweighs cost considerations. The partnership's focus on high-grade South African ore combined with domestic processing capabilities creates a vertically integrated approach that addresses both economic and national security objectives in the evolving critical minerals landscape.

US Antimony Montana mining advances with new claims and smelter expansion

US Antimony Montana Mining

US Antimony Montana mining accelerates as the company reacquires claims near its Montana smelter. It will start mining immediately on five acres. It will seek federal and state permits to expand exploration. The move aligns mining with adjacent midstream capacity.

Permits, smelters, and production scale

The company operates North America’s only two antimony smelters. It restarted the Madero smelter in April. It plans to expand the Montana smelter six-fold to 300 t per month. These steps strengthen feed-to-smelter integration.

Supply security and market backdrop

US Antimony aims to secure domestic stibnite ore and reduce import risk. China recently blocked a stibnite shipment from Australia. Therefore, the firm is reshoring supply to support its Mexican and US smelters. This strategy improves control across midstream and downstream steps.

Meanwhile, new Montana claims complement operations in Alaska acquired in February. The portfolio now spans mining, smelting, and processing. US Antimony Montana mining thus underpins a broader North American network. That network targets defense, flame retardants, and lead-acid batteries.

The Metalnomist Commentary

If the Montana expansion delivers, domestic supply security will improve across North America. Watch permit timing, mine productivity, and smelter bottlenecks as capacity scales.

Minimal Impact on US Antimony Prices Following China's Export Ban

Wogen Resources

China's recent decision to halt antimony exports to the US is expected to have a minimal effect on US antimony prices, despite the ongoing supply constraints from the Asian giant. This move comes as part of a broader export ban on "dual-use" items, including germanium and gallium, which the Chinese Ministry of Commerce announced will be effective immediately.

Market Response and Analysis

US market participants had largely anticipated the export ban, suggesting that the initial impact on antimony prices might be subdued. "The question now is where we go from here," a European trader explained to Metalnomist. He noted the need for the market to find stability in terms of price ceilings and floors.

Prior to the announcement, US traders had already begun testing lower price offers, ranging from $38,500 to $39,000 per ton on a cif basis. This adjustment came after a period of resistance to higher prices spurred by panic buying in the preceding months. According to another trader, while it's unlikely that prices will decrease significantly from current levels due to supply-side constraints, the market might see even fewer offers moving forward.

Global Search for New Suppliers

This ban underscores the growing urgency among global antimony consumers to find new supply sources. With a significant portion of the US antimony supply traditionally sourced from China, countries like India, Bolivia, Myanmar, and Vietnam may become alternative routes for this critical metal.

Potential Opportunities and Developments

In light of these supply challenges, Turkey could emerge as a beneficiary, given its substantial antimony production capacity. Additionally, new developments in Australia, such as the Hillgrove project in New South Wales, promise future relief, with plans to produce a notable portion of global antimony output starting in 2026.

In the US, Perpetua Resources is advancing its Stibnite gold-antimony project in Idaho, which is set to significantly contribute to the domestic supply once operational.

Idaho Moves to Accelerate Mine Permitting with New Executive Order

Perpetua Resources

Governor Brad Little Signs Speed Act to Streamline Mining Approvals

Idaho Governor Brad Little has signed an executive order to expedite the permitting process for mining projects and other large-scale developments. The Strategic Permitting, Efficiency and Economic Development (Speed) Act, signed on January 24, establishes a council to accelerate permit reviews and eliminate redundant regulations across state agencies.

Funding and Key Projects Under Review

The Speed Act’s $480,000 funding comes from Little’s Keeping Promises plan, aimed at reforming energy and mining permitting. Richard Stover, Idaho’s energy and mineral resources administrator, will chair the council, overseeing efforts to cut bureaucratic delays.

One major project expected to benefit is Perpetua Resources Stibnite gold-antimony mine near Yellow Pine, Idaho. The site holds 148 million pounds of antimony and still requires over 50 federal and state authorizations before construction can begin. Perpetua Resources has welcomed the Speed Act, aligning it with its vision for streamlined development.

US Antimony feedstock sourcing expands to secure smelter supply

US Antimony feedstock

US Antimony feedstock sourcing broadened across the US and overseas to stabilize operations. The company moved to secure inputs for its Montana and Mexico smelters. As a result, it advanced domestic mining claims and lined up new international suppliers. However, it also flagged issues with Australian material quality and logistics.

Domestic expansion: Alaska and Montana

US Antimony feedstock sourcing grew with new Alaska claims, including a 150-acre site near Fairbanks. The firm expects faster permitting since the land is neither federal nor state. Meanwhile, reacquired claims beside its Montana smelter should deliver stibnite within months. Therefore, domestic ore should lower supply risk and trucking distances.

International diversification: Bolivia and Chad

Bolivia will supply up to 150 t/month of antimony flake starting in early 2026. A 10 t pilot shipment arrives at the Montana smelter in August. Additionally, two sources in Chad will feed the Madero smelter, starting with 80 t. Subsequent deliveries should reach 100 t/month to support steady throughput. Canada also lifted feedstock to 857 t year-to-date, up 121 percent.

Australian sourcing faces setbacks following a 50 t shipment held 82 days by Chinese customs. Concurrently, incoming ore showed elevated arsenic and iron, pressuring processing costs. However, broader sourcing and scrap blending can offset penalties and maintain recoveries. Therefore, the portfolio approach underpins more reliable antimony supply for strategic markets.

The Metalnomist Commentary

Diversification is the right hedge as geopolitics and impurities raise feedstock risk. Watch ramp discipline in Bolivia and Chad and impurity management in Montana. If logistics hold, US Antimony can claw back margin despite uneven market conditions.

USAC Expands Antimony Operations in Alaska Amidst Global Supply Chain Shifts

Antimony

Texas-Based Miner Secures New Claims to Strengthen North American Antimony Supply

Texas-based US Antimony (USAC) has taken a significant step to bolster its operations by securing a new set of antimony mining claims in Alaska. This move, facilitated through a $5.25 million option agreement, is strategically aimed at diminishing the Western supply chains’ reliance on Chinese antimony sources.

USAC's recent agreement allows them to explore 120 new claims across approximately 17,900 acres in Alaska. This development is built on historical data indicating the presence of near-surface antimony with high values, promising substantial yields for the company.

The financial structure of this deal involves staged payments of $3 million and exploration commitments worth $2.25 million over five and a half years. Additional aspects of the agreement include a net smelter royalty and potential for third-party joint ventures, highlighting a comprehensive plan to maximize resource extraction.

Building on a Robust Foundation in Alaska

Prior to this agreement, USAC already held significant interests in Alaska, with 93 claims spanning 14,880 acres acquired in 2024. The company plans to extend its exploration efforts through a dedicated field program aimed at assessing the potential of these new claims.

Further solidifying its North American presence, USAC is also advancing its smelting operations. This includes securing ore for its Mexican smelter, which is slated for a restart, and a collaborative deal with Perpetua Resources to process concentrate from the Stibnite antimony-gold project in Idaho.

Responding to Global Market Dynamics

These expansions come in direct response to China’s tightened export controls on antimony, including a complete ban to the U.S. as of last December. These restrictions have significantly impacted global supplies and resulted in increased antimony prices, making USAC’s expansion a timely strategic move.