Stock Track | Perpetua Resources Drops on Concerns over China's Antimony Export Restrictions

Stock Track08-29

Shares of Perpetua Resources Corp. (PPTA), a U.S.-based antimony mining company, plunged 5.24% in intraday trading on August 28, 2024, as investors reacted to news of China's announcement of export restrictions on antimony, a critical mineral with multiple applications, including defense and technology industries.

According to Reuters columnist Andy Home, China's move to require exporters to obtain licenses for dual-use civilian and military materials, including antimony, has added fuel to an already red-hot antimony market. The restrictions, effective from September 15, are expected to limit global supply and further drive up prices for the metal, which have nearly doubled since the start of 2024.

Perpetua Resources is seeking to reopen the Stibnite antimony mine in Idaho, with backing from the Pentagon and the U.S. Export-Import Bank. However, the company faces environmental opposition and is not expected to commence production until 2028, assuming it can navigate the permitting process. As a potential domestic producer, Perpetua Resources could be impacted by China's tightening grip on antimony exports, which may disrupt supply chains and increase costs.

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