Perpetua Resources Seeks Partners for US Antimony Refinery

Perpetua Resources, a company backed by billionaire John Paulson, is in discussions with several firms, including Glencore and Tok, to establish an antimony refinery in the United States. This initiative is part of a broader effort to increase the supply of antimony in the Western world. The company recently received approval from the U.S. government to begin construction of its antimony mine in Idaho, approximately 138 miles north of Boise. This mine is expected to become the largest source of antimony in the United States, a critical mineral used in the production of bullets, solar panels, and other products. Currently, the U.S. does not have any domestic antimony resources.

Perpetua Resources' mining area is estimated to contain 148 million pounds of antimony and 6 million ounces of gold. However, the project has faced legal opposition from the Nez Perce Tribe in Idaho, which is concerned about the potential impact on the state's salmon population. The company plans to extract the metal but not refine it, prompting the search for partners to complete this essential step.

Perpetua Resources is in negotiations with Glencore, Tok, Clarios, and Sunshine Silver to establish a refining partnership. The company aims to seek relevant proposals in the coming weeks and expects to make a decision by the end of the year. Jon Cherry, the CEO of Perpetua Resources, expressed enthusiasm about the new opportunities to expand domestic mineral processing capabilities in the U.S. and emphasized the company's commitment to making market-based decisions when selecting partners.

The discussions with Glencore and other firms highlight the strategic importance of securing a stable supply of antimony, a mineral crucial for various industrial applications. The U.S. government's approval for the construction of the antimony mine in Idaho underscores the nation's efforts to reduce its dependence on foreign sources for critical minerals. The potential establishment of an antimony refinery in the U.S. could significantly enhance the country's self-sufficiency in this vital resource, supporting both national security and economic stability.