Antimony: Extraction
Why most antimony rides along with gold and lead
What this tab covers How it is mined, drilled or grown, and processed into a tradeable form: the main methods compared, their unit economics, by-products, and the companies that do this work globally and in India.Antimony's main ore mineral is stibnite, antimony sulphide, found in vein deposits that often also carry gold or tungsten. Some mines target antimony, while elsewhere it comes from gold or lead ores, and companionality is about 85%. Ore is concentrated by flotation, then roasted to antimony trioxide or reduced to metal. Secondary supply is mostly antimonial lead from spent batteries. Mining can release arsenic and antimony into water, as the legacy of Idaho's wartime Stibnite mine shows (Scheyder, pdf p. 161).
Most antimony comes from stibnite ore, either from mines where antimony is the main product, as in Hunan in China and in Tajikistan, or as a by-product of gold and lead mining in Russia, Australia and Bolivia. Concentrates are smelted to trioxide or metal, a step China dominates. The main secondary source is lead-acid battery scrap, recycled within the lead industry. China's 2024 export controls have pushed the US and Europe to fund new mines and smelters, but these take years.
Methods compared
| Method | Share of supply | Typical scale | Recovery / efficiency | By-products | Unit cost |
|---|---|---|---|---|---|
| Primary stibnite mining and smelting | China 40 kt, Tajikistan 22 kt, Bolivia 5 kt, Burma 4.5 kt in 2025 (USGS), together about 65% of world mine output; companionality 85% means most metal is co-produced | Hsikwangshan Twinkling Star is described as the world's largest antimony producer (Fastmarkets) | n/a | gold, tungsten, lead in some ores; arsenic in residues | n/a |
| By-product of gold and lead mining | not published; companionality about 85%, with gold and lead as hosts (Nassar et al. 2015) | Perpetua's Stibnite Gold Project (Idaho) has 60,000 t of probable antimony reserves and about 6 million oz of gold, and is expected to supply about 35% of US consumption from late 2028 | n/a | gold is often the main revenue; antimony is the by-product | Indicative: Stibnite project expected to cost about $1.3 billion, including site clean-up of about $100 million (Scheyder 2024) |
| Secondary antimony from lead-acid battery scrap | US secondary output 3,500 t in 2025, 12% of apparent consumption (USGS); EU end-of-life recycling input rate 28% (EU CRM 2023) | US secondary antimony worth about $190 million in 2025 (USGS) | n/a | lead | n/a |
How each method works
Primary stibnite mining and smeltingUnderground and open-pit mines work stibnite veins; ore is hand-sorted and floated to concentrate, then roasted to volatile antimony trioxide or reduced to metal. The Xikuangshan district in Hunan is the classic example.
Established Chinese capacity; depleting high-grade ores, pollution and export controls.
USGS MCS 2026; Fastmarkets; Scheyder (2024) By-product of gold and lead miningGold-antimony ores are floated to separate stibnite and gold concentrates. Lead smelting and refining also yield antimony in drosses and residues.
Gold revenue pays for the mine; antimony supply then depends on gold economics.
USGS MCS 2026; Scheyder (2024); Skillings Mining Review (2026) Secondary antimony from lead-acid battery scrapSpent batteries are broken and the lead plates smelted; antimony reports to antimonial lead, which is refined and sold back to battery makers.
High recycling rate for the battery loop; declining as calcium-alloy and lithium batteries reduce antimony content.
USGS MCS 2026; EU CRM study 2023 Unit economics are indicative ranges from the sources named; costs vary widely by deposit, region and year.By-product supply
Companionality is about 85%: much antimony is co-produced with gold and lead, so supply depends partly on those metals' economics. Gold-antimony deposits such as Costerfield in Australia and Stibnite in Idaho yield antimony alongside gold. New Western supply such as Stibnite in Idaho is viable mainly because of its gold. Primary antimony mines in China and Tajikistan respond to price but are constrained by depletion, environmental rules and state policy.
Share produced as a by-product
About 85% of primary supply comes as a by-product of gold, lead (Nassar, Graedel & Harper 2015, approximate).Who does it: global
| Company | Country | Activity | Volume | Year | Source |
|---|---|---|---|---|---|
| Hsikwangshan Twinkling Star (China Minmetals) Volume not published; Minmetals once bought up to 6,000 t of metal to support prices. | China | antimony mining and smelting in Hunan | not published | 2025 | Fastmarkets (described as the world's largest antimony producer) |
| Perpetua Resources (Stibnite Gold Project) Conditionally awarded $80 million by the US Department of War; broke ground October 2025. | US | gold-antimony mine under construction in Idaho | 60,000 t Sb probable reserves (production from late 2028) | 2025 | USGS MCS 2026; Skillings Mining Review (2026) |
| United States Antimony Corporation | US | the only US primary antimony smelter (Montana), using imported feed; began mining in Montana in 2025 | 700 t Sb primary smelter output (US total) | 2025 | USGS MCS 2026 |
| Russian gold-antimony producers Company split not published. | Russia | gold-antimony mining | 32,000 t Sb (Russia total) | 2025 | USGS MCS 2026 |
| Tajik antimony producers (Anzob and others) Company split not published. | Tajikistan | antimony mining and concentrate | 22,000 t Sb (Tajikistan total) | 2025 | USGS MCS 2026 |
| Mandalay Resources (Costerfield) Company volume not published in the sources used. | Australia | underground gold-antimony mine in Victoria | not published | 2025 | USGS MCS 2026 (Australia 1,300 t) |
Who does it: India
India has no antimony mine output (USGS) but runs a two-way trade in metal and oxide: in 2024 it imported 1,855 t gross worth $29.8 million and exported 1,244 t worth $22.8 million (Comtrade, HS 8110), and supplied 22% of US unwrought antimony imports in 2021-24 (USGS). Processor names and volumes are not published. Antimony is on India's 2023 critical list.