Idaho Project Gains Key Approval as U.S. Moves to Secure Critical Minerals

Antimony, a lesser-known but critical mineral, has gained increasing attention due to its applications in defense, energy storage, and fire safety technologies. According to Investing News Network on January 2, demand for antimony remained strong in 2024, with the price reaching a high of US$34,200 per metric ton in mid-December. This marked a significant increase from 2020 when the price averaged around US$7,000 per metric ton. The rise was attributed to tightening supply and heightened demand across multiple sectors, including clean energy technologies, lead-acid batteries, military applications, and flame retardants.

H.C. Wainwright raised its price target to US$25 per share from US$22.

The critical role of antimony in fire retardants accounted for approximately 60% of annual demand, while its use in lead-acid batteries, solar panels, wind turbines, and ammunition further strengthened its market position.

The U.S. Geological Survey (USGS) 2024 Mineral Commodity Summary reported that China remained the leading global producer, contributing 48% of total mine production in 2023, although its output had declined significantly compared to previous years. Other notable producers included Tajikistan, Turkey, Burma, and Russia. The world’s largest antimony-producing mine, located in Russia, operated at a reduced capacity between 2021 and 2023 due to gold production being prioritized over antimony extraction.

Recent geopolitical tensions also impacted the market, as China, the dominant supplier of antimony, imposed a complete export ban on the mineral in late 2024 in response to US trade restrictions on advanced semiconductor technology. The ban, which followed a partial restriction enacted in August, heightened concerns about supply chain security for Western manufacturers and defense contractors. Christopher Ecclestone, a principal and mining strategist at Hallgarten & Company, noted that “the military uses of Sb (antimony) are now the tail that wags the dog. Everyone needs it for armaments, so it is better to hang onto it than sell it. This will put a real squeeze on the U.S. and European militaries.”

In addition to national security concerns, the Business Research Company on January 29, projected that the global antimony market would grow from US$4.69 billion in 2024 to US$5.01 billion in 2025, reflecting a 6.9% compound annual growth rate (CAGR). This expansion was attributed to increased regulatory requirements for fire safety compliance, advancements in electronics, and growing demand in the electric vehicle (EV) sector. The report also highlighted supply chain disruptions and price volatility as persistent challenges.

The gold market has also experienced fluctuations amid macroeconomic factors. According to 321 Gold on January 28, gold prices peaked at US$2,790 per ounce in early 2025 before experiencing expected corrections due to market movements. The report noted that investor sentiment remained strong despite short-term volatility, with analysts anticipating continued central bank demand and increased investment in precious metals.