With the global push towards a zero-carbon future gaining momentum, the importance of critical minerals has risen significantly. Antimony has emerged as a key player on this stage, and as the world accelerates its efforts to shift to sustainable energy sources, antimony has proven indispensable in various technologies that are pivotal for the green transition.
From advanced energy storage systems to flame retardants in renewable energy infrastructure, antimony is essential in reducing our reliance on fossil fuels and is proving vital in the quest for a more sustainable planet.
Industrial applications
Antimony is a metalloid, meaning it exhibits properties of both a metal and non-metal. Primarily extracted from the mineral stibnite, antimony has a relatively low abundance in the Earth’s crust; however, this low supply is offset by increasing demand due to its diverse applications spanning a range of sectors. Antimony salts are used in medicine, paints and pigments, fireworks, glassmaking, and in the rubber and textile industries. However, its main applications are within the energy sector, such as lithium-ion and liquid metal batteries.
Antimony demonstrates a high charging capacity, high discharge voltage, and the ability to withstand extreme temperatures, making the mineral a positive anode material for high performance batteries. The speed at which liquid metal batteries recharge is faster than conventional solid-material battery systems, facilitating the potential for these to be used as part of large energy storage systems.
The proliferation of grid-scale battery storage systems is gaining traction due to the push away from fossil-fuel-derived energy sources. According to the International Energy Agency’s Net Zero Scenario, grid-scale storage capacity will need to increase from 86GW in 2023 to 970 GW by 2030, in order to keep up with demand. Unlike traditional batteries, liquid metal and lithium-ion batteries are designed for long-term, large-scale energy storage with a lifespan that extends over several decades. This makes them ideal for balancing the intermittent nature of renewable energy sources, such as solar and wind, by storing excess energy during periods of high generation and releasing it when demand exceeds supply. The cost to develop antimony-based liquid batteries is also significantly lower than other types, such as lithium-titanate and gel-batteries, due to lower material costs, a less complex manufacturing process, and a longer lifespan. This makes antimony-based batteries an affordable alternative.
Another critical application of antimony is its use in the production of flame retardants. As renewable energy infrastructure such as wind turbines, solar panels, and electric vehicles expands, the need for safety measures also increases. Antimony trioxide is widely used as a synergist in flame retardant formulations, particularly in plastics and textiles. This not only enhances the safety of renewable energy installations but also contributes to the longevity and reliability of these systems, ensuring they can operate safely under a wide range of conditions.
Mapping the antimony supply chain
Antimony’s crucial role in modern technology has earned it the title of a critical mineral in the US, Europe, Japan, and Australia, according to the International Antimony Association. However, its supply has become a strategic concern for many countries.
China currently dominates global antimony production and, according to critical materials intelligence firm, Project Blue, has accounted for over 70% of the world’s supply since 2022. As of 2023, the US Geological Survey reported that China had the world’s largest antimony reserves totalling 640 000 metric tons: about 30-55% of the world’s total deposits. Additionally, China’s resources accounted for 48% of antimony mine production in 2023 (S&P Global) – a concentration of supply which poses risks to the stability of global markets, particularly as demand is expected to continue to grow.
China’s recent decision to impose export restrictions on antimony is therefore poised to have significant international ramifications. The new legislation is expected to cause substantial disruptions in global supply chains, likely causing price surges and intensified competition for antimony sources. Global dependence on Chinese antimony has created vulnerabilities in the market, and these export restrictions underscore the risks associated with over-reliance on a single producer. Countries and companies that rely heavily on antimony for their manufacturing processes are now facing a pressing need to secure alternative supplies.
One such region is Africa – a continent rich in mineral resources yet underexplored for antimony. Whilst African countries are not currently major players in the global antimony market, the continent’s potential is significant.
South Africa has a history steeped in antimony production, with the 50 km Antimony Line hosted along the Murchison Greenstone Belt commencing operation during the 1930s. The orebody represents the second-largest deposit in the world, according to the Department of Mineral Resources, however, it is no longer in production. All major mines in the area were shut down in 2014, and most processing facilities closed in 2015 after they were acquired by Chinese investment firms from 2015-2017.
Known for its rich mineral wealth, Zimbabwe also has considerable antimony deposits, particularly in the Kadoma region. Small-scale mining has been ongoing, although significantly hindered by limited infrastructure and funding.
Morocco is another African nation with promising antimony resources. The country’s deposits, primarily located in the Anti-Atlas Mountains, have attracted attention from international investors such as Critical Mineral Resources, which acquired 26 permits in January 2024 for prospective areas thought to contain antimony.
Despite prospective mineral reserves, developing antimony mining in Africa faces several challenges. The continent’s mining sector is often hampered by inadequate infrastructure, political instability, and regulatory uncertainty.
These challenges also present opportunities. With proper investment in infrastructure, technology, and governance, Africa could position itself as a powerhouse in the global antimony market.
Larvotto Resources: strengthening global supply
Amidst this backdrop, Australian mining company Larvotto Resources emerges as a pivotal player in the antimony market. With its flagship project approaching near term production, Larvotto is poised to attract significant investment and become a new, low-cost global antimony producer that will supply about 7% of world production.
Amongst its portfolio is the Hillgrove Gold-Antimony Project – a world-class antimony deposit encompassing a significant area of historically productive mines. Being the largest antimony deposit in Australia and one of the top 10 in the world, the project has already demonstrated high-grade antimony reserves through extensive drilling and exploration activities. According to the updated Mineral Resource for the PFS Ore Reserve, Hillgrove boasts a deposit of 7 264kt at 4.4g/t gold and 1.3% antimony. Being a gold mine that produces antimony as a secondary product, Hillgrove’s operations provide a dual revenue stream for the company.
Only seven months after acquiring the project in December 2023, Larvotto Resources released a positive PFS at the start of August 2024. The results position Hillgrove as a technically and economically viable project, yielding low operating costs with a significantly high-margin production target profile.
On average, Larvotto is targeting 5.4kt base annual production of antimony, with an estimated 37.7kt to be recovered across the initial seven-year mine life. As more resources are converted to reserves, the potential exists to increase the mine life substantially. Given that Australia’s total antimony output in 2023 amounted to only 2.3kt, this highlights the significance of Hillgrove and demonstrates the company’s ability to contribute substantially to global supply chains. What’s more, the overall measured, indicated, and inferred resource totals 93kt antimony, and financial forecasts at a conservative antimony price of US$15 000/t confirm the high-margin potential of the project. Hillgrove’s pre-existing infrastructure requires far less funding than most new mining projects at an expected development cost of under $80 million. This makes it an attractive investment prospect at a time when uncertainty is rife, and many are looking for a diverse antimony supply chain to reestablish itself.
As the implications of China’s export ban continue to unfold, Hillgrove is well-placed to fill the void and offer a high-quality source of antimony that could redefine global supply chains. For investors, this presents an opportunity to participate in a project that is not only economically promising but also crucial to the future stability of critical industries worldwide.
Additionally, there is upside potential at the project with multiple exploration programmes underway as part of the DFS programme, which is targeted for completion by the end of 2024. This would see the project produce antimony well beyond the current seven-year mine life.
With production targeted for 2026, Hillgrove’s advanced stage of development and upside potential places Larvotto in a prime position to meet the growing demand that will arise from the widening global supply gap. As the world grapples with the implications of a reduced antimony supply, Larvotto’s strategic positioning and resource potential make it a critical alternative to Chinese dominance in the market.
