The antimony market
A critical mineral for defense and renewable energy — with supply concentrated in a single country.
Market overview
Global antimony market
- Global antimony market valued at ~US$1.5–2.2 billion in 2025, projected to reach US$3–4.9 billion by 2034–20352,3,4
- Classified as a critical mineral by the U.S., EU, Canada and Australia due to defense and energy applications1
- China controls ~48% of global mine production and ~80% of refining capacity, creating major supply chain risk1
- China imposed export controls on antimony products in September 2024, triggering a 40% one-day price spike3
- Spot prices surged past US$22,000–60,000 per tonne in 2024–2025 — one of the best-performing critical minerals2,3
- Flame retardants account for ~50% of demand, with rapidly growing use in solar glass, batteries and defense3,4
Thousand tonnes
- China
- 640
- Russia
- 350
- Bolivia
- 310
- Kyrgyzstan
- 260
- Australia
- 140
- Tajikistan
- 50
~48%1
China's share of global mine production
~83%1
Global mine output; ~25 yrs of reserves at current rates
Sources: 1USGS; 2Fortune Business Insights; 3Mordor Intelligence; 4Future Market Insights
Why it matters
Critical to defense & renewable energy
Antimony is indispensable to modern militaries and the clean-energy transition — yet supply is highly concentrated, making it one of the most strategically vulnerable critical minerals.
National Defense
Used in 200+ types of U.S. military munitions, including primers, stab detonators, tracer rounds and armor-piercing projectiles. Coats every U.S. military uniform for flame protection and infrared signature reduction. Military applications consume ~14–18% of global supply.1,2
Solar & Renewables
Sodium antimonate is a key glass clarifier in photovoltaic panels — currently no mature, cost-effective substitute. Antimony-based liquid-metal and lead-acid batteries support grid-scale storage as solar capacity expands toward 700 GW by 2050.5,6
Flame Retardants
Antimony trioxide accounts for ~50% of total antimony demand as a flame-retardant synergist in plastics, textiles, electronics, cabling and construction. Stringent global fire-safety codes continue to lift consumption — segment CAGR forecast near 6.6%.5
Supply Chain Risk
China controls ~48% of mining and ~80% of refining. The U.S. imports >80% of its antimony and has no operating domestic mine. China's September 2024 export controls drove prices up >200% and prompted U.S. Defense Production Act funding for domestic projects.1,2,4
80%
of U.S. antimony is imported. U.S. DoD has classified antimony as a Tier-1 critical mineral and is funding domestic production through the Defense Production Act.2,3
Sources: 1U.S. Geological Survey; 2U.S. Department of Defense; 3Perpetua Resources; 4Fastmarkets; 5Mordor Intelligence; 6Industrial Info Resources
Policy tailwind
U.S. government antimony funding
Washington is deploying a whole-of-government strategy to rebuild a domestic antimony supply chain — over US$129M in direct DPA awards plus a proposed US$2.7B EXIM loan.1,4
| Date | Recipient | Amount | Program | Purpose |
|---|---|---|---|---|
| Sep 2022 | Perpetua Resources | $0.2M1,2 | DoD SBIR (DLA) | Two grants to study domestic production of military-grade antimony trisulfide |
| Dec 2022 → Jul 2023 | Perpetua Resources (Stibnite, Idaho) | $24.8M (grew to $59M)1,2 | DPA Title III (Air Force Research Lab) | Environmental studies, permitting and construction readiness for the Stibnite Gold Project |
| Sep 2025 | Alaska Range Resources (Estelle, Alaska) | $43.4M1,3 | DPA Title III (Dept. of War) | Mine stibnite ore and refine antimony trisulfide for defense munitions |
| Oct–Nov 2025 | United States Antimony Corp (UAMY) | $27.0M1,3 | DPA Title III (Dept. of War) | Expand Montana smelter capacity; support Alaska extraction (35,000-acre land package) |
| Mar 2026 | Perpetua Resources (Stibnite, Idaho) | $2.7B*4,5 | U.S. EXIM Bank (proposed loan) | Senior secured 15-yr loan for capital costs — in Congressional notice / final approval stage |
* The $2.7B EXIM facility is a proposed long-term loan (not a grant) and remains subject to final Board approval following Congressional notice.
Sources: 1U.S. Dept. of War; 2Perpetua Resources; 3Mining.com; 4U.S. EXIM; 5U.S. Senate Banking testimony
Our antimony exposure
Golden Goose hosts a gold-antimony system carrying stibnite, beside one of North America's largest antimony mines.