Antimony

Antimony Overview

Antimony is recognized as a critical mineral by the U.S. Geological Survey (USGS), the European Union, and other global authorities due to its indispensable role in energy storage, military applications, electronics, and fire-resistant materials. As demand surges with the global shift toward renewable energy, advanced manufacturing, and defense modernisation, supply constraints are driving price volatility and market uncertainty. The global antimony market is projected to experience substantial growth, with estimates suggesting an increase from USD 1.08 billion in 2024 to USD 1.78 billion by 2032, reflecting a compound annual growth rate (CAGR) of 6.5% during this period. This surge is driven by heightened demand in strategic industries (​Fortune Business InsightsGrand View Research)

Signs of distress in the antimony market have been evident not only in sharp price rises, but even in reported difficulties of some customers in sourcing any antimony and being obliged to declare force majeure to their customers. The number of defence related applications for antimony comes at a time of depleted military inventories, increasing spending, and indications of government funding for minerals with defence related markets. “Additionally, antimony is used as a hardening agent for lead and its use in lead storage batteries accounts for around one third of global use. Antimony alloys are also used for manufacturing solder, sheet and pipe metal, ammunition, bearings, castings” (GA.GOV)

Applications of Antimony:

• Energy Storage: Antimony is a key component in lead-acid batteries and emerging liquid metal battery technologies, essential for efficient energy storage solutions
• Flame Retardants: Used extensively in flame-proofing materials, enhancing safety in various consumer and industrial products.​
• Semiconductors and Electronics: Integral in manufacturing semiconductors, diodes, and infrared detectors, contributing to advancements in electronics.​
• Defense Industry: Critical for producing munitions, night-vision equipment, and other military technologies, underscoring its strategic importance.

Supply Chain Constraints – China

China dominates over 70% of global antimony production and continues to tighten export controls and production quotas. Meanwhile, alternative supply sources in Russia, Bolivia, Myanmar, and Tajikistan face geopolitical, economic, and logistical challenges, further exacerbating the supply imbalance.

Recently, China has also imposed “export controls on some antimony products from Sept. 15, it said on Thursday, citing national security, adding to measures imposed by Beijing since last year to curb shipments of strategic minerals.” (Reuters). “Challenges of balancing supply and demand are intensifying, raising concerns over supply chain vulnerabilities and fuelling a new form of competition among great powers” (Lowy Institute)

Our Approach to Antimony

Our driving philosophy is to look at markets and projects with strong fundamentals that are not based on new single use markets, or any new and not yet established technology or on applications dependent upon government policy which seldom proves either wise or enduring.

It is left to the junior mining sector to find and develop antimony projects to fill the growing market deficit. We are satisfied that antimony has the characteristics of a real, and sustainable market, and we are equally convinced that low-cost jurisdictions with skills for mining on a relatively small scale, such as in Mexico, are essential.