Antimony Price Spike Revives Historic Mine near Armidale

A surge in the global price of antimony has breathed new life into the historic Hillgrove mine near Armidale, with trucks once again moving on site for the first time in over a decade.

The mine, known for its gold mining history in the 19th century, has seen a resurgence in activity due to growing worldwide demand for antimony, a critical mineral used in various products such as fire retardants, solar panel cells, storage batteries, and defence manufacturing.

Larvotto Resources, the company behind the mine's revival, reported that the price of antimony has more than doubled since it acquired the site in 2023, reaching $US26,300 ($36,357) per tonne.

The site is set to officially open, with work commencing in late August. Antimony is a critical mineral metalloid used for fire retardants, glass manufacturing, and defence manufacturing.

"Antimony has just been classified a critical mineral; there is a world shortage [and] the price is much better than what it was five years ago," said managing director Ron Heeks.

Earlier this year, the silvery-grey metalloid was one of the first minerals included in the federal government's $1.2 billion critical minerals strategic reserve, deemed crucial to Australia's economy and national security. Production of antimony has been historically dominated by China.

Ron Heeks says the mine could be at the forefront of a productivity boost for the area.

"It's just fundamental in so many things, and it's largely controlled by production through China," Mr Heeks said.

"The political reasons have really driven it in a way … The cost of the antimony is not that important; it's what it costs you if you don't have it."

Mr Heeks said the plan was for the new mine to supply around 5,000 tonnes of antimony each year, along with more than 40,000 ounces of gold.

"That makes us the seventh largest [supplier of antimony] in the world, including China," he said.

"Outside of China, we're probably more than 50 per cent of world supply."

Global market impact Global commodities expert Daniel Rosetto said the mine's reopening could be globally significant, but it depended on the ever-changing market.

"This is a very important mine, and the US has recognised that it has a need to diversify suppliers for antimony," Dr Rosetto said.

"Clearly a facility in Australia that has the ability to produce at scale like the one proposed in Armidale is actually a very significant opportunity."

However, Dr Rosetto noted that despite the recent boom in the market price of the metalloid, there was still risk from the global market conditions.

"We're dealing with a commodity which is quite illiquid, and it's not possible to secure the sale value of this product for many years into the future," he said.

Larvotto Resources said more than 180 miners were based at the Hillgrove mine, with 95 per cent of them living locally in the New England North West region.

"You can go home every day and see your family, not have to worry about FIFO; it's a good work-life balance," said Micaela Shum, a loader operator at the mine.

"It's quite good to have something local where people don't have to travel so far to work in the mining industry."

Dr Rosetto said reviving the mine could bring investment and opportunities for the local area.

"I think this'll come as a very significant benefit for the local area in particular because of the investment required in order to realise production," he said.

"That will involve a lot of employment and sundry industries as well, which will need to support the mine and its development."

"Overall, I think this will be a net positive for the local community."

Larvotto Resources hopes the mine's restart will bring new opportunities for local workers and generate money for the area.

"The mine has been here in one form or another for well over 100 years," Mr Heeks said.

"This is its most modern, environmentally friendly and world's best practice operation."