Antimony and US Defense: Investing in a Critical Mineral for National Security

The U.S. defense sector’s reliance on critical minerals is under increasing scrutiny, and antimony is at the forefront of these concerns. With geopolitical tensions rising and supply chains becoming more vulnerable, securing a stable antimony supply has become a matter of national security. As of 2023, the United States imported over 90% of its antimony, exposing a critical vulnerability. This blog post will explore the strategic importance of antimony in US defense, the risks associated with its supply chain, and the investment opportunities emerging as the US aims to secure its access to this vital mineral.

What is Antimony and Why is it Critical?

Antimony (Sb) is a silvery-white metalloid with unique properties that make it essential for various industrial and military applications. Its ability to harden alloys, act as a flame retardant, and enhance semiconductor performance makes it irreplaceable in many defense technologies.

Key Uses of Antimony in Defense:

Ammunition: Antimony hardens lead in bullets and projectiles, improving their performance and durability. It is also a key component in primers, ensuring reliable detonation.
Flame Retardants: Antimony trioxide is a crucial component in flame retardants used in military uniforms, equipment, and vehicles, providing essential protection in combat situations.
Military Electronics: Antimony-based semiconductors are critical in producing infrared detectors, diodes, and other electronic components used in military hardware, including night vision goggles and targeting systems.
Batteries: Lead-antimony alloys are used in batteries that power various military equipment and vehicles, ensuring reliable performance under extreme conditions.
Armor: Antimony alloys are incorporated into the armor of military vehicles like the M1 Abrams tank, enhancing ballistic protection.

The Geopolitical Risks of Antimony Supply

The global antimony supply is highly concentrated, with China, Russia, and Tajikistan controlling approximately 90% of mined antimony. China’s dominance is particularly concerning, as it accounts for a significant portion of both global production and U.S. imports. In recent years, China has imposed export restrictions on antimony, raising serious concerns for countries like the United States that rely heavily on Chinese supply.

The Implications of China’s Export Restrictions:

National Security Risks: The U.S. military depends on antimony for ammunition, flame-retardant materials, and electronics. A supply disruption could create vulnerabilities in defense readiness.
Supply Chain Disruptions: Industries relying on antimony-based materials, such as batteries and electronics, could face shortages and increased production costs.
Price Volatility: Constrained supply could cause antimony prices to surge, impacting manufacturers and end-users. By mid-2025, U.S. prices were averaging around US$55,000 to US$60,000 per metric ton.

The U.S. Response: Securing Domestic Antimony Supply

Recognizing the strategic importance of antimony and the risks associated with its supply chain, the U.S. government has taken steps to secure domestic sources of this critical mineral.

Key Initiatives:

Critical Mineral Designation: The U.S. Geological Survey (USGS) includes antimony on its list of critical minerals, highlighting its essential role in defense and industrial applications.
Defense Production Act (DPA): The DPA provides the Department of Defense (DOD) with the authority to financially support domestic critical material production.
Government Funding: The U.S. government has awarded contracts and grants to companies developing antimony mines and processing facilities in the United States. For example, the United States Antimony Corporation (USAC) was awarded a contract worth up to $245 million by the U.S. Defense Logistics Agency (DLA) to supply antimony metal ingots for the national defense stockpile.
Strategic Partnerships: The U.S. is also working with allies like Australia and Canada to diversify its antimony supply and reduce reliance on China.

Investment Opportunities in Antimony

The U.S. government’s efforts to secure domestic antimony supply have created investment opportunities in mining and processing companies.

Companies to Watch:

United States Antimony Corporation (USAC): USAC operates the only two antimony smelters in North America and has a contract with the DLA to supply antimony for the national defense stockpile.
Perpetua Resources: Perpetua is developing the Stibnite Gold Project in Idaho, which contains one of the largest antimony resources in the United States.
Locksley Resources Ltd: Locksley has produced a 100% American made antimony ingot from its Mojave Desert Antimony Mine in California.
Nova Minerals Limited: Nova’s US subsidiary, Alaska Range Resources, LLC (ARR), has been awarded funding by the US Department of War to produce antimony trisulfide at its Estelle Gold and Critical Minerals Project in Alaska.

Factors Driving Investment:

Rising Antimony Prices: Antimony prices have climbed due to tightening supply and increasing demand, creating a favorable environment for antimony producers.
Government Support: Government funding and contracts provide financial support and reduce the risk for companies developing domestic antimony sources.
Strategic Importance: Antimony’s critical role in defense and clean energy makes it a strategic asset, attracting investors looking to capitalize on the growing demand for this mineral.

The Path Forward

Securing a stable antimony supply is crucial for the U.S. defense sector and the broader economy. By investing in domestic mining and processing capabilities, fostering strategic partnerships with allies, and implementing policies that support critical mineral development, the U.S. can reduce its reliance on foreign sources and ensure access to this vital mineral for years to come. The recent moves by companies like Locksley Resources, producing the first American-made antimony ingot in decades, signal a promising shift towards domestic self-sufficiency.

The information provided in this blog post is for informational purposes only and does not constitute investment advice. Consult with a qualified financial advisor before making any investment decisions.