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NVA puts pedal to critical metal
NVA puts pedal to critical metal

The Australian

time05-07-2025

  • Business
  • The Australian

NVA puts pedal to critical metal

Antimony prices have jumped from US$12,000/t early last year to more than US$60,000/t, with forecasts above US$100,000/t caused by severe supply constraints At its Estelle Project in Alaska Nova Minerals is drilling aggressively following early high-grade results Nova is targeting military-grade antimony production by 2026 with the ultimate aim of establishing a secure, US-based antimony supply Special Report: As the US Government starts to ramp up support for domestic antimony supply, Nova Minerals' Estelle Project in Alaska is shaping up as a strategic solution and with potential to fast-track production. While a lot of commentary about antimony since the Chinese export ban has focused on its defence uses, another sector has stressed just how critical the mineral is for everyday life. US-based Responsible Battery Coalition executive director Steve Christensen said just ahead of America's summer driving season that the industry group considered its current supply squeeze a 'national emergency'. Christensen said American companies were increasingly having to procure their supply from an emerging "grey market", where sellers that had stocked up on the material were charging extremely high prices. The main applications of antimony are in lead-acid batteries used to start vehicles, as well as the military's explosive formulations - flares, night vision goggles and infrared sensors. Prices for the critical mineral have skyrocketed more than 500 per cent since dominant supplier China restricted imports into the US last September, then followed that up with a complete ban in December. From US$12,000/t at the beginning of 2024 antimony is now US$60,100/t, with some analysts forecasting prices to reach at least US$100,000. One of the key drivers of demand - US defence spending – is set to hit US$1.1 trillion for 2026, a 13 per cent increase on the previous year. In Europe defence budgets rose 17% year-over-year to $693 billion in 2024. And that was before the 5 per cent of GDP target agreed to during last month's NATO meeting of the 32 alliance leaders. Despite this, there are currently no viable domestic antimony mining operations in the US. Demand pull, supply push The Trump administration has recently made a start to rev up American production, seeing the erosion of American supply chains - and the mining industry that supports them - as a major national security concern. As part of that push, US-based company Perpetua Resources was awarded US$59.2 million in Defense Production Act Title III (DPA) funding to advance its Stibnite antimony project in Idaho. Also in May this year it received up to US$6.9 million from the US Army for Stibnite. The Department of Defense (DoD) has invested more than US$870 million over the past four years through DPA grants to bolster the supply of minerals critical to America's economy and defence, and this is expected to accelerate under the current administration. But even with its jump-start cash, Stibnite is estimated to meet only 35 per cent of US antimony demand from its initial six years of production - and that won't begin for at least three years. Nova in a pole position RFC Ambrian said earlier this year that as the antimony market faced 'severe stress', it could identify only nine projects globally that had the potential for near-term antimony production. One of these is Australian explorer and developer Nova Minerals' (ASX:NVA) Estelle Project in Alaska's prolific Tintina belt. While Nova is aiming to upgrade the JORC resource of 9.9Moz gold to the 10Moz milestone, it's also well into a 3000m diamond drill program at Estelle's Stibium prospect. The goal at Stibium is to deliver a maiden mineral resource estimate (MRE) for gold and antimony this year. The first drill hole was designed to test a potential high-grade gold-antimony zone, which was delineated through extensive surface sampling. This confirmed a significant mineralised footprint of about 800 metres by 400 metres. Standout results included 12 rock samples of at least 30 per cent antimony with a high of 60.5 per cent, and 16 samples of more than 5 grams per tonne (g/t) gold with a standout of 141 g/t. Nova is making the most of the near 24-hour daylight during Alaska's summer with round-the-clock drilling on a rotational basis, seven days a week. In other efforts to be a frontrunner in the antimony race, the company has applied for its own DoD funding which is now well advanced through the approvals process. Nova believes that, pending its successful application, it could fast track its assets through to initial production of antimony for military-grade applications by 2026. This would form a key part of its strategy to create a fully secure and integrated US domestic antimony supply chain based in Alaska. Drilling at the Styx prospect is also on this northern summer's schedule after results including up to 54.1% antimony and other high-grade intercepts. Nova CEO Mr Christopher Gerteisen said the campaign's focus was on initiating a maiden resource at the Stibium prospect for both gold and antimony, while also advancing the RPM and Korbel gold deposits toward feasibility and permitting. 'With both antimony and gold trading near historic highs, the strategic significance and potential economic return of these near-surface assets underscore Nova's strong growth trajectory and long-term value proposition.' 'Nova is well advanced in identifying a potential US-based metallurgical refining site and, with potential DoD funding, has the ability to rapidly expand drilling at the site. 'Through our Estelle Project and potential partnerships with other regional sources, we believe Nova is well placed to help re-establish Alaska as a strategic supplier of antimony to the US. This would reinforce supply chain resilience and national security.' This article was developed in collaboration with Nova Minerals, a Stockhead advertiser at the time of publishing. This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

Battery makers sweat as antimony shortage hits
Battery makers sweat as antimony shortage hits

The Star

time20-06-2025

  • Business
  • The Star

Battery makers sweat as antimony shortage hits

WHEN China restricts exports of a key mineral, sometimes the pain is sudden and even crippling – enough to spur a major outcry almost immediately. Other times, it takes longer to be felt. For the world's makers of lead-acid batteries, China's restrictions on critical mineral antimony that were put in place late last year have become a major headache – one that their customers also now have as sky-high procurement costs are passed on. 'We consider it a national emergency,' said Steve Christensen, executive director at the US-based Responsible Battery Coalition, whose members include battery maker Clarios, Honda and FedEx. He noted the key role batteries play in industry and civilian life, how antimony is used in military equipment, as well as the surge in spot prices. Antimony now costs more than US$60,000 per tonne, having more than quadrupled over the past year. 'There are no quick solutions... We were completely caught off guard collectively, as an industry,' he said. China likely produced 60% of all antimony supply in 2024, according to the United States Geological Survey. Much of antimony mined in other countries is also sent to China for processing. Beijing added the mineral to its export control list last September, requiring companies to gain licences for each overseas antimony deal. It then followed up in December with an outright ban on shipments to the United States – an action seen as retaliatory after Washington further restricted exports of advanced semiconductors to Chinese companies. China's global exports of antimony are now just a third of levels seen this time last year. Christensen said US companies are hugely reliant on China for their supply of antimony and buyers are increasingly having to procure from an emerging 'grey market', where sellers that have stocked up on the material are charging extremely high prices. China's restrictions on antimony precede its controls on rare earths and rare earth magnets that were imposed in response to US President Donald Trump's tariffs and do not appear to have been discussed in last week's efforts to stabilise a truce in trade tensions between the two countries. Last week's talks between China and the United States also did not include any agreement on specialised rare earths such as samarium needed for military applications. Vulnerable Lead-acid batteries, commonly found in gasoline-engine vehicles, are mostly used to start the engine and to power low-voltage instruments. They are also used as sources of backup power in various industries and to store excess energy generated by solar and wind systems. In addition to batteries, antimony is also essential to military equipment such as night vision goggles, navigation systems and ammunition. Overall antimony demand is some 230,000 to 240,000 tonnes a year with lead-acid batteries accounting for about a third of that, according to consultancy Project Blue. While many battery makers may have access to antimony-lead alloy from recycled materials, Project Blue estimates they collectively need around 10,000 tonnes a year of higher purity antimony to top up the alloy to reach the right battery properties. Securing that additional portion could be challenging. Project Blue director Nils Backeberg said there is enough antimony outside China to satisfy non-Chinese demand but buyers need to compete with Chinese purchasers such as the country's huge solar industry, and China's smelters are able to offer better terms. 'With antimony prices at nearly five times normal market conditions, the cost becomes a factor and with supply limited on the Western market, a shortage is being felt,' he said. For now, it seems that battery makers' antimony woes have not yet led to cuts in output, with companies like Germany's Hoppecke saying they have managed to pass on higher costs. Japan's GS Yuasa said it has passed on costs to some customers and is negotiating with more of its customers to do so. Price rises One source at an Indian battery maker said antimony represented only a small cost of a battery and price increases were being passed onto customers, but any more price rises could spell trouble. 'If the price does increase further, everyone (in the industry) will be vulnerable,' said the source who was not authorised to speak to the media and declined to be identified. The companies and the source at the Indian battery maker declined to disclose the size of their product price hikes. In a sign that profits are being affected, India's Exide Industries blamed high prices for antimony when it logged smaller-than-expected income for its fourth quarter. National security issue Christensen of the Responsible Battery Coalition said policymakers should treat the issue as one of national security, arguing that Western countries had become 'overly reliant on a single geopolitical adversary for minerals foundational to both national defense and civilian life.' 'For the United States, the path forward must include onshoring processing capacity, scaling domestic recycling, and building strategic mineral alliances with trusted partners. Otherwise, this crisis will repeat itself again and again,' he added. Some baby steps towards building an antimony supply chain outside of China are being taken. — Reuters Melanie Burton writes for Reuters. The views expressed here are the writer's own.

Antimony shortage after China's export curbs leaves battery makers sweating
Antimony shortage after China's export curbs leaves battery makers sweating

New Straits Times

time19-06-2025

  • Business
  • New Straits Times

Antimony shortage after China's export curbs leaves battery makers sweating

When China restricts exports of a key mineral, sometimes the pain is sudden and even crippling — enough to spur a major outcry almost immediately. Other times, it takes longer to be felt. For the world's makers of lead-acid batteries, China's restrictions on critical mineral antimony that were put in place late last year have become a major headache — one that their customers also now have as sky-high procurement costs are passed on. "We consider it a national emergency," said Steve Christensen, executive director at the United States-based Responsible Battery Coalition, whose members include battery maker Clarios, Honda and FedEx. He noted the key role batteries played in industry and civilian life, how antimony was used in military equipment, as well as the surge in spot prices. Antimony now costs more than US$60,000 per tonne, having more than quadrupled over the past year. "There are no quick solutions... We were completely caught off guard collectively, as an industry," he said. China likely produced 60 per cent of all antimony supply in 2024, according to the US Geological Survey. Much of antimony mined in other countries is also sent to China for processing. Beijing added the mineral to its export control list last September, requiring companies to gain licences for each overseas antimony deal. It then followed up in December with an outright ban on shipments to the US — an action seen as retaliatory after Washington further restricted exports of advanced semiconductors to Chinese companies. China's global exports of antimony are now just a third of levels seen this time last year. Christensen said US companies were hugely reliant on China for their supply of antimony and buyers were increasingly having to procure from an emerging "grey market", where sellers that had stocked up on the material were charging extremely high prices. China's restrictions on antimony precede its controls on rare earths and rare earth magnets that were imposed in response to US President Donald Trump's tariffs and do not appear to have been discussed in last week's efforts to stabilise a truce in trade tensions between the two countries. Last week's talks between China and the US also did not include any agreement on specialised rare earths such as samarium needed for military applications. Lead-acid batteries, commonly found in petrol-engine vehicles, are mostly used to start the engine and to power low-voltage instruments. They are also used as sources of backup power in various industries and to store excess energy generated by solar and wind systems. Antimony is also essential to military equipment such as night vision goggles, navigation systems and ammunition. Overall antimony demand is some 230,000 to 240,000 tonnes a year with lead-acid batteries accounting for about a third of that, according to consultancy Project Blue. While many battery makers may have access to antimony-lead alloy from recycled materials, Project Blue estimates they collectively need around 10,000 tonnes a year of higher purity antimony to top up the alloy to reach the right battery properties. Securing that additional portion could be challenging. Project Blue director Nils Backeberg said there was enough antimony outside China to satisfy non-Chinese demand but buyers needed to compete with Chinese purchasers such as the country's huge solar industry, and China's smelters were able to offer better terms. "With antimony prices at nearly five times normal market conditions, the cost becomes a factor and with supply limited on the Western market, a shortage is being felt," he said. For now, it seems that battery makers' antimony woes have not yet led to cuts in output. One source at an Indian battery maker said antimony represented only a small cost of a battery and price increases were being passed onto customers, but any more price rises could spell trouble. "If the price does increase further, everyone (in the industry) will be vulnerable," said the source. In a sign that profits are being affected, India's Exide Industries blamed high prices for antimony when it logged smaller-than-expected income for its fourth quarter. Christensen said policymakers should treat the issue as one of national security, arguing that Western countries had become "overly reliant on a single geopolitical adversary for minerals foundational to both national defence and civilian life".

How China Is Sparking a Battery Crisis
How China Is Sparking a Battery Crisis

Miami Herald

time19-06-2025

  • Automotive
  • Miami Herald

How China Is Sparking a Battery Crisis

Antimony is a material critical to lead-acid battery manufacturing, and China's export restrictions on this critical mineral, implemented last summer, have battery makers under pressure. Lead-acid batteries in the automotive industry are most commonly found in gas-powered vehicles and are used for functions like engine starts and powering low-voltage instruments such as dashboard displays. Antimony is also used in EV lead-acid batteries and flame-retardant materials. According to Reuters, Antimony now costs more than $60,000 per metric ton, which is more than quadruple its year-over-year price. In 2024, China produced 60% of the world's antimony supply, and several countries that mine the mineral process it in China. Beijing added antimony to its export control list last September, and companies now need a license for overseas deals. Additionally, China banned U.S. antimony exports in December, which remains in effect. China's global antimony exports are now a third of last year's. U.S. companies are responding with gray market antimony purchases or buying at elevated prices from sellers who pre-accumulated stockpiles. Last week, China and the U.S. reached a deal on rare earth exports, which the automotive industry heavily relies on for magnets used in several vehicle parts, but antimony doesn't appear to have been discussed between the two countries. Like antimony, China has a monopoly on rare earths, but at a higher percentage than antimony, with 70% of mining and 90% of processing occurring domestically. Steve Christensen, executive director of the U.S.-based Responsible Battery Coalition, labeled the antimony situation a national emergency and said Western countries have become "Overly reliant on a single geopolitical adversary for minerals foundational to both national defense and civilian life," Reuters reports. Christensen added: "For the U.S., the path forward must include onshoring processing capacity, scaling domestic recycling, and building strategic mineral alliances with trusted partners. Otherwise, this crisis will repeat itself again and again." Clarios, a U.S.-based global leader in battery manufacturing, disclosed last month that it was considering locations for a critical minerals processing and recovery plant in the U.S. that would extract antimony, among other minerals. The facility would cost up to $1.9 billion, and Indiana, Texas, and Utah are emerging as potential locations. Antimony is listed by the U.S. Department of the Interior as a mineral critical to the U.S. economy and national security. The U.S. Antimony market size is expected to rise from $270 million in 2024 to $550 million by 2035, with a 6.82% growth rate, according to Market Research Future. Overall, antimony demand is around 230,000-240,000 tons a year, with lead-acid batteries accounting for about a third of that, Reuters reports using data from consultancy Project Blue. Antimony remains essential in the automotive industry as more car manufacturers extend timelines for gas-powered vehicle production and use the critical mineral in the growing EV segment. Securing a stable supply of antimony and rare earths for magnets is vital in avoiding future bottlenecks from countries like China. If the U.S. doesn't diversify its antimony supply chains and help facilitate competition within the market, production costs could continue to increase at a time when car prices are already high, and segments like EVs could experience slowed growth. Copyright 2025 The Arena Group, Inc. All Rights Reserved.

Battery makers sweat as antimony shortage hits after China's export curbs
Battery makers sweat as antimony shortage hits after China's export curbs

Time of India

time18-06-2025

  • Business
  • Time of India

Battery makers sweat as antimony shortage hits after China's export curbs

When China restricts exports of a key mineral, sometimes the pain is sudden and even crippling - enough to spur a major outcry almost immediately. Other times, it takes longer to be felt. For the world's makers of lead-acid batteries, China's restrictions on critical mineral antimony that were put in place late last year have become a major headache - one that their customers also now have as sky-high procurement costs are passed on. "We consider it a national emergency," said Steve Christensen , executive director at the US-based Responsible Battery Coalition, whose members include battery maker Clarios, Honda and FedEx. He noted the key role batteries play in industry and civilian life, how antimony is used in military equipment, as well as the surge in spot prices. Antimony now costs more than $60,000 per metric ton, having more than quadrupled over the past year. "There are no quick solutions... We were completely caught off guard collectively, as an industry," he said. China likely produced 60 per cent of all antimony supply in 2024, according to the United States Geological Survey. Much of antimony mined in other countries is also sent to China for processing. Beijing added the mineral to its export control list last September, requiring companies to gain licences for each overseas antimony deal. It then followed up in December with an outright ban on shipments to the US - an action seen as retaliatory after Washington further restricted exports of advanced semiconductors to Chinese companies. China's global exports of antimony are now just a third of levels seen this time last year. Christensen said US companies are hugely reliant on China for their supply of antimony and buyers are increasingly having to procure from an emerging "grey market", where sellers that have stocked up on the material are charging extremely high prices. China's restrictions on antimony precede its controls on rare earths and rare earth magnets that were imposed in response to US President Donald Trump's tariffs and do not appear to have been discussed in last week's efforts to stabilise a truce in trade tensions between the two countries. Last week's talks between China and the US also did not include any agreement on specialised rare earths such as samarium needed for military applications. Vulnerable Lead-acid batteries, commonly found in gasoline-engine vehicles, are mostly used to start the engine and to power low-voltage instruments. They are also used as sources of backup power in various industries and to store excess energy generated by solar and wind systems. In addition to batteries, antimony is also essential to military equipment such as night vision goggles, navigation systems and ammunition. Overall antimony demand is some 230,000-240,000 tonnes a year with lead-acid batteries accounting for about a third of that, according to consultancy Project Blue. While many battery makers may have access to antimony-lead alloy from recycled materials, Project Blue estimates they collectively need around 10,000 tonnes a year of higher purity antimony to top up the alloy to reach the right battery properties. Securing that additional portion could be challenging. Project Blue director Nils Backeberg said there is enough antimony outside China to satisfy non-Chinese demand but buyers need to compete with Chinese purchasers such as the country's huge solar industry, and China's smelters are able to offer better terms. "With antimony prices at nearly 5x normal market conditions, the cost becomes a factor and with supply limited on the Western market, a shortage is being felt," he said. For now, it seems that battery makers' antimony woes have not yet led to cuts in output, with companies like Germany's Hoppecke saying they have managed to pass on higher costs. Japan's GS Yuasa said it has passed on costs to some customers and is negotiating with more of its customers to do so. One source at an Indian battery maker said antimony represented only a small cost of a battery and price increases were being passed onto customers, but any more price rises could spell trouble. "If the price does increase further, everyone (in the industry) will be vulnerable," said the source who was not authorised to speak to the media and declined to be identified. The companies and the source at the Indian battery maker declined to disclose the size of their product price hikes. In a sign that profits are being affected, India's Exide Industries blamed high prices for antimony when it logged smaller-than-expected income for its fourth quarter. Christensen of the Responsible Battery Coalition said policymakers should treat the issue as one of national security, arguing that Western countries had become "overly reliant on a single geopolitical adversary for minerals foundational to both national defense and civilian life." "For the US, the path forward must include onshoring processing capacity, scaling domestic recycling, and building strategic mineral alliances with trusted partners. Otherwise, this crisis will repeat itself again and again," he added. Some baby steps towards building an antimony supply chain outside of China are being taken. Clarios, owned by global investment firm Brookfield, said last month it was scouting locations for an up to $1 billion critical minerals processing and recovery plant in the US that will extract antimony among other minerals. Nyrstar, owned by global commodity trader Trafigura, also said last month it could produce antimony at its South Australian metals processing plant but would need government support to do so.

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