Country state members of the North Atlantic Treaty Organization (NATO) have pledged to boost military related expenditure to secure key critical minerals, spending up to 5% of GDP.
NATO capability targets and resource core defence requirements require a minimum of 3.5% of annual GDP.
This commitment is bolstering global demand for antimony, with the price jumping from US$5,500 ($8,546) per tonne in 2019 up between US$57,000 to US$60,000 per tonne this year, as reported by Mining.com.au.
Discovery Alert points out that while the price is up, antimony production has dropped around 21.5% in June alone, just six months after China bans exports to the US.
China accounts for 48% of the total global production of the commodity, as well as 63% of imports to the US, according to the Center for Strategic and International Studies.
Military’s Last Chance
Antimony-focused Military Metals Corp (CSE:MILI) is actively cashing in to meet US demand at the Last Chance Antimony Project in Nevada.
CEO Scott Eldridge says the demand for antimony is a reflection of its strategic importance in the defense and renewable energy sector.
“The US will require multiple antimony projects to satisfy its domestic consumption demands to become self-reliant,” Eldridge says.
“We are very excited about the potential of the Last Chance property as illustrated by samples of up to 11.61% antimony, and its historical production. The discovery of additional locations where the presence of antimony mineralisation is suggested beyond those historically documented further emphasises the blue-sky potential.”
Following the initial field program at the project, the company is expected to return structural mapping for its next phase of fieldwork due in the coming weeks, as reported by Mining.com.au.
Historical work at the project returned an average grade of 29% antimony sorted ore for a recovery of 1,782.7 tons between 1917-1965.
Antimony is classified as a critical mineral as it is essential for various industrial and defence applications, and there are concerns about supply chain security.
While the metalloid iis crucial in the production of flame retardants, alloys, and semiconductors, antimony’s role in military technology, such as in ammunition and electronic devices, is vital.
It is used to harden lead in bullets and other projectiles, enhancing their performance and durability. The addition of antimony to alloys improves the penetration capabilities of armour-piercing rounds, making them more effective against fortified targets.
Antimony has a raft of other uses including, but not limited to, battery technology and solar panels.
Write to Maddison Elliott at Mining.com.au
Images: Military Metals
