China tightens grip on critical minerals with new antimony export restrictions

The price of antimony is expected to surge following news that the Chinese government is set to further restrict exports of the critical mineral.

According to Statista, China – with 40,000 tonnes of production in 2023 – has nearly double the output of its nearest rival.

Now, China’s Ministry of Commerce and the General Administration of Customs have announced a joint decision to impose export controls on antimony and related items.

Defence industry usage

A key component of the defence industry, where it is used alongside tungsten to harden bullets, antimony has applications across numerous industrial sectors, resulting in more diverse consumption than some other critical materials.

Due to its flame-retardant and anti-corrosive properties, antimony’s use is increasing as a key component of lithium-ion batteries, solar panels and wind turbines.

With Chinese supply dwindling and Russian supply volatile, there is considerable uncertainty over the future of antimony production.

The Costerfield mine in Victoria, accounting for around 2% to 4% of global supply, is the only antimony mine currently operating in Australia.

Growing demand

Once described by the US International Trade Commission as the “critical mineral you have never heard of”, antimony is often found in association with other precious metals.

Its discovery has increased recently, driven by the surge in gold and silver exploration and miners’ decisions to test for antimony in their assays, as has its demand as a critical mineral.

China’s move to restrict exports comes as it continues to reinforce its control over the rare earth industry with the approval of its first comprehensive regulation covering the mining, smelting and distribution of these critical minerals.

Government agencies will now oversee the total volumes of rare earth mining and smelting and implement a product traceability system to monitor their movement from extraction to end-use.