Helman has covered the energy sector at Forbes for 20 years, profiling entrepreneurs and billionaires such as Aubrey McClendon, Harold Hamm and Ross Perot.
The mothballed Stibnite mine in Yellow Pine, Idaho helped win World War II. New plans will reopen, unblock and clean up salmon streams.
Why care so much? The mine, in the Payette National Forest, could not be in a more remote or rugged location. But its contents are unique to North America, and uniquely vital for national security. That’s because in recent decades China has cornered the antimony market, controlling some 90% of global supplies with mines in China and Tajikistan.“When we don’t control the resource, they can manipulate the price,” says Sayer, 67.
In 2020 the Forest Service released a draft environmental statement for the project, which inspired more than 8,000 public comments, inspiring Perpetua to re-engineer for lower arsenic levels and cooler salmon-friendly temperatures in the river. That led to a supplemental environmental statement in 2022, and another couple years of comments and reconsiderations. This September, Perpetua celebrated receipt of a final environmental statement.
Another force propelling Perpetua is the surge in the price of gold since the pandemic. Even at a record $2,660 per ounce, demand is strong. Costco, which sells 1 oz gold bars via its website, reports that customers have been buying the bars at a rate of $100 million per month. “Antimony is the enabler, but gold drives the economics,”says Saylor.
Antimony China Perpetua Mine Strategic Green Minerals
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