Antimony surge highlights North American supply gap

Core Insights - Antimony has become a strategically important and volatile mineral in 2025, used in various applications including flame retardants, military equipment, and electric vehicle batteries, amid a global supply crisis driving prices to historic highs [1] Supply and Demand Dynamics - Antimony prices have surged over 800% compared to 2020, driven by supply shocks, rising demand, and geopolitical tensions, particularly due to China's export controls [2] - China accounts for over 70% of global antimony production and refining capacity, and its export halt in March 2025 led to immediate price spikes of 50% or more, creating a two-tiered pricing system [2] - Global antimony output dropped more than 21% in June 2025, exacerbating supply shortages in the US, Japan, and Europe [3] Industry Demand and Alternatives - Annual antimony demand is estimated at 230,000 to 240,000 tonnes, with a significant portion needed for high-purity applications, which are difficult to source outside of China [4] - The antimony crisis reflects previous disruptions in rare earth elements, prompting governments and companies to seek alternative sources [5] New Projects and Initiatives - Canagold Resources Ltd's New Polaris project in British Columbia contains over 5,000 tonnes of antimony alongside gold, with potential additional value estimated at $200 to $300 million [7] - The company is conducting metallurgical tests to produce a gold-antimony concentrate, aiming to create a new revenue stream [8] - Strong support from Canadian and US governments is noted for developing domestic antimony sources to address supply gaps [9] Future Outlook - Supply volatility and price pressure are expected to persist, particularly affecting industries reliant on antimony, such as battery manufacturing and defense [10] - The effectiveness of projects like New Polaris in closing the antimony supply gap remains uncertain, but ongoing price surges and demand suggest a need for investment in a more resilient supply chain [11]