Price booms for little-known critical mineral needed for solar panels

Antimony production has resumed at the Hillgrove mine, a Northern Tablelands site outside Armidale, New South Wales, after an absence of over a decade. This revival marks a significant development in the global commodities market, which is currently in search of the critical mineral required for various products, including solar panels and ammunition.

Larvotto Resources, the entity that acquired the mine in 2023, anticipates supplying five thousand tonnes of antimony to the global market annually. The price of antimony has surged more than two-fold since then, currently standing at $US26,300 ($36,357) per tonne. This mine's reopening could potentially make Larvotto Resources the seventh largest supplier of antimony globally, excluding China, which currently dominates this market.

Antimony, a metalloid with silvery-grey appearance, has been classified as a critical mineral due to its increasing demand and shortage in the international market. Its price has improved significantly compared to five years ago, significantly benefiting Larvotto Resources. The mine's reopening promises to deliver substantial investment and employment opportunities to the local area, with over 180 miners already employed at the site.

The facility is projected to remain operational for a mine life of eight years, with plans for further development.