US Approves Perpetua’s Stibnite Gold-Antimony Mine, Boosting Domestic Supply

USAC

The U.S. Forest Service has issued its final Record of Decision for Perpetua Resources’ Stibnite gold-antimony project in Idaho, marking the end of an extensive permitting process that began in 2016. This milestone paves the way for the mine’s development, a critical step toward securing domestic antimony supplies amid China’s recent export ban on the metal.

Perpetua Moves Toward Financing and Construction

With the federal approval secured, Perpetua Resources will now focus on obtaining additional state and federal authorizations while securing financing. The project, estimated to cost $1.3 billion as of 2020, has received financial support from the U.S. Department of Defense. Additionally, Perpetua launched an equity sale in November to further fund the mine’s development. The company plans to make a construction decision later this year, aiming for a 2028 production start date following a three-year build period.

Strategic Importance of the Stibnite Mine

The Stibnite project, located near Yellow Pine, Idaho, holds an estimated 148 million pounds of antimony, which will be extracted over a 15-year mine lifespan. Antimony is a critical mineral used in electric vehicle batteries, ammunition, and renewable energy technologies. China’s December 2024 decision to ban antimony exports to the U.S. has heightened the urgency for a domestic supply chain, making Stibnite a key strategic asset.

Partnerships and Market Impact

To bolster domestic processing capacity, Perpetua has entered into agreements with U.S. Antimony (USAC) and Sunshine Silver Mining & Refining to explore options for refining ore from Stibnite into antimony products. USAC is also restarting operations at its Madero smelter in Mexico this year after securing antimony ore supplies from Australia and Thailand.

Since China restricted antimony exports in mid-August, global antimony prices have surged, with U.S. and European consumers seeking alternative supply sources. As the U.S. works to reduce reliance on Chinese-controlled critical minerals, Perpetua’s Stibnite project is expected to play a vital role in strengthening supply chain resilience.