What is Antimony?

Antimony (chemical symbol Sb, atomic number 51) is the 63rd most abundant element in the Earth’s crust. It is classified as a metalloid—not quite a metal, not quite a non-metal. Antimony exists in two forms: a metallic form, which is bright, silvery, hard, and brittle; and a non-metallic form, which appears as a dull grey powder. Although often grouped with metals, antimony is a poor conductor of electricity and is toxic to humans.

Uniquely, antimony expands when it solidifies, a rare trait that it shares with only a few elements like water.

Global Production and Supply Trends

Global antimony production has significantly declined over the last 15 years. In 2009, total production was around 160,000 metric tonnes (mt), with China alone producing up to 120,000 mt. By 2024, global output had fallen to 100,000 mt, of which China accounted for 60,000 mt, though it still processed roughly 70% of global production into its most usable form: antimony trioxide.

World reserves are estimated at 2 million mt, and recycling, particularly from spent lead-acid batteries, is becoming increasingly important.

Despite this declining output, demand and prices are rising, driven by new industrial applications. In 2021, the market entered a supply deficit, which continues today. In March 2024, antimony’s spot price hit a historic high of $51,500/tonne, though the average price remained around $22,000/tonne—a sharp rise from $12,000 in 2023.

Strategic and Military Applications

Antimony’s importance extends to military and defense sectors, where it is used in:

• Ammunition, including armor-piercing rounds, explosives, and shrapnel.
• Night vision systems, infrared sensors, and precision optics.

Military procurement is further contributing to rising demand and tightening global supply.

Why Has Production Fallen Despite Rising Demand?

This paradox—rising prices and demand alongside falling production—can be explained by environmental and geopolitical factors:

• Toxic by-products from mining and processing make antimony one of the more environmentally hazardous elements.
• Stringent environmental regulations justifiably restrict production, especially in regions with strong environmental protections.
• China, though dominant in processing, is scaling back production to prioritize its domestic industries.
• Tajikistan, now producing about 17% of the world’s supply, is increasing output, but not enough to offset global shortages.
• Russia, accounting for 13% (mostly as a gold-mining by-product), has little incentive to expand due to high gold prices and export restrictions.

Why Has Production Fallen Despite Rising Demand?

This paradox—rising prices and demand alongside falling production—can be explained by environmental and geopolitical factors:

• Toxic by-products from mining and processing make antimony one of the more environmentally hazardous elements.
• Stringent environmental regulations justifiably restrict production, especially in regions with strong environmental protections.
• China, though dominant in processing, is scaling back production to prioritize its domestic industries.
• Tajikistan, now producing about 17% of the world’s supply, is increasing output, but not enough to offset global shortages.
• Russia, accounting for 13% (mostly as a gold-mining by-product), has little incentive to expand due to high gold prices and export restrictions.

Geology and Extraction

Antimony is rarely found in native metallic form. It tends to form compounds—especially with sulfur. Of over 100 known antimony minerals, only stibnite (Sb₂S₃) is commercially viable as an ore.

It is also present in trace amounts in silver, gold, copper, and lead ores, and is often recovered as a by-product during smelting operations.

Conclusion: A Critical Mineral with a Complex Future

Antimony embodies the definition of a critical mineral:

• Rare, toxic, and technically complex to extract.
• A thinly traded, opaque market.
• Yet essential to solar energy, consumer electronics, plastics, and national defense.

Despite growing urgency, any scalable solutions to the global antimony shortage are likely to be slow, costly, and highly regulated. For those with antimony in their deposits, the opportunity is substantial—but so are the challenges. In the 21st century, antimony may well define the intersection of sustainability, strategy, and scarcity.

Sources:

Hallgarten and Company

Fastmarkets

Reuters

The Oregon Group

Minor Metals Trade Association

SFA Oxford

Carbon Credits.com

Minerals Educations Coalition

Written by Amanda van Dyke, Founder and CEO, Critical Minerals Hub