US approves Idaho antimony mine a month after China blocked exports of vital mineral

The White House on Friday issued the final mining permit for Perpetua Resources’s Idaho antimony and gold project, a move aimed at spurring US production of a critical mineral at the centre of a widening trade war between Washington and Beijing.

Permission for the mine, backed by billionaire investor John Paulson, comes after Beijing last month blocked exports to the United States of antimony – a metal used to make weapons, solar panels, flame retardants and other goods – for which there are no current American sources.

The US Forest Service released the final record of decision for Perpetua’s Stibnite project – essentially the mine’s permit – after an eight-year review process, according to documents published on the agency’s website.

Perpetua’s mine will supply more than 35 per cent of America’s annual antimony needs once it opens by 2028 and produce 12,800kg (450,000 ounces) of gold each year, a dual revenue stream expected to keep the project financially afloat regardless of any steps Beijing may take to sway markets.

For example, Jervois Global, the owner of an Idaho mine that produces only cobalt, declared bankruptcy on Thursday after Chinese miners aggressively boosted production of that metal in a bid for market share.

Shares in Idaho-based Perpetua gained 9.1 per cent in after-hours trading after Reuters reported the permit decision earlier on Friday.

  

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