Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
United States Antimony Corp., the only smelter of antimony in North America, said on Tuesday it was looking to increase its supply of the minor metal, which would then allow it to ramp up its facility.
Antimony, a strategic minor metal used in flame-retardants, batteries and munitions, was added to China’s export restriction list in August, as it aimed to shore up the material in the name of national security.
Last year, China accounted for 48% of global mined output of antimony, according to the US Geological Survey (USGS).
Gary Evans, the co-chief executive officer of United States Antimony, said that its smelting facility at Thompson Falls was only running at 50% of its capacity due to a lack of supply.
“We’re working on changing that, and it’ll probably happen over the next 30 to 60 days. Those additional supplies will probably come from foreign sources – we’re talking to 12 different countries,” Evans said at the H.C. Wainwright 26th Annual Global Investment Conference.
The company has also leased a flotation facility in Philipsburg, Montana, that would help refine sub-par antimony and “bring it up to the levels it needs to be to make munitions-grade antimony,” Evans added.
(By Seher Dareen; Editing by Alan Barona)
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