As antimony reaches new price highs, two mining projects have been snapped up. Mineral exploration company Military Metals of Vancouver, British Columbia, completed the final cash payment to take full ownership of the Last Chance Antimony-Gold Property in Nevada, US. Financial details were not disclosed.
Originally discovered in 1880, the Last Chance antimony-gold deposit had limited production until the early 1960s for US military use, it said. Historical infrastructure, including a shaft, remains on the property.
There was limited gold-focused exploration during the 1980s, but no further exploration. It is planning to advance modern geological programmes focused on antimony mineralisation.
Military’s CEO, Scott Eldridge, said on 19 February: “Last week we completed our initial site visit to the past producing Last Chance property and were very impressed by its past and future. Nevada is a top global mining jurisdiction that in addition to its notable precious metal mines hosts numerous historical antimony mines and prospects. The antimony spot price has yet again achieved a new all-time high, now trading at $51,500 per tonne.”
Antimony was trading at around $11,000 per tonne in November 2023 (MMTA standard grade II, in-whs Rotterdam).
On 21 February, another Vancouver company, Canagold Resources, provided a mineral resource update for its New Polaris Gold Project quantifying the antimony metal contained within the current gold resource.
It found 5,630 tonnes of antimony metal within the base case indicated gold resource, and 1,195 tonnes of antimony metal within the base case inferred gold resource. Catalin Kilofliski, CEO of Canagold, said: “Past metallurgical testing has shown excellent antimony recovery rates within the New Polaris concentrate, highlighting its potential to enhance future revenue streams.”
Scott Fink, president of Sorfin Yoshimura, which supplies equipment, raw materials and technical services to the lead-acid battery industry, said China’s restriction on antimony exports means the impact on the global battery industry is profound. He told BEST SY sees no major price changes over the next year, adding “these challenges are here to stay.”
It means increased volatility in the market and higher prices based on demand outpacing supply, he said. Alternatives to antimony are yet to be determined. It serves key performance-related purposes in lead alloys and decisions to modify antimony content “should not be taken lightly” and require significant testing, he said.
He added SY is working with its supply sources around the world to try to support customers access to the material their production requires.
Antimony is used in lead-acid batteries and in emerging technologies such as energy storage and lithium-ion battery enhancements. It is also used in ammunition, solar panels and flame-retardant materials.
Last August, we reported on China’s plans to introduce restrictions on antimony exports and this has in part led to the surge in prices and battle over control of critical minerals.
