The antimony market is experiencing a significant squeeze, with prices surging from US$5,500 a tonne in 2019 to between US$57,000 and US$60,000 a tonne this year, according to Discovery Alert CEO John Zadeh. This dramatic increase comes as China, the dominant producer with over 75% market share, has halted antimony exports, creating a fragmented international market. With antimony prices lower for domestic Chinese buyers, international manufacturers face significant cost disadvantages.
The limited availability of antimony outside China, combined with rising demand, has placed the metal on critical minerals lists worldwide. Mandalay Resources’ Costerfield Mine in Victoria is currently the only operation in Australia producing antimony, supplying 1,282 tonnes in 2024. Other existing sources include mines in Russia, Tajikistan and Bolivia. Zeus Resources, an antimony explorer, highlights that environmental inspections in China have further reduced domestic output, exacerbating the supply shortage.
Dart Mining is actively pursuing antimony projects, including the Coonambula Antimony-Gold Project in Queensland, aiming to earn a 51% stake. Executive Chairman James Chirnside notes that antimony’s use in munitions contributes to its demand, especially during conflicts. Zeus Resources recently acquired the Casablanca Antimony Project in Morocco, with rock chip samples returning high-grade antimony values. Lara Smith from Core Consultants believes the antimony market will remain volatile until 2027, characterising it as a structural deficit rather than a bubble.
Terry Bates, Dart Mining non-executive director, emphasises that the market has not fully comprehended the value of antimony, with 1% antimony being equivalent to 9% copper price-wise. He suggests this undervaluation indicates further upside potential for antimony stocks and prices, unless China lifts its export restrictions. Zeus Resources is an exploration company focussed on critical minerals. Dart Mining is focussed on discovering and developing high-value gold, copper, and polymetalic projects.
