(Reuters) – Perpetua Resources said on Thursday a final environmental impact statement on its Stibnite mine in Idaho would be released by the U.S. Forest Service on Friday, ahead of a final approval likely by 2024 end.
Shares of the company were up 17.3% at $9.49.
The Pentagon-backed mine, which would be the country’s first antimony project, has an estimated reserve of 148 million pounds of the metal used in bullets and tanks, as well as in flame retardants and alloys for electric vehicle batteries.
The move comes against the backdrop of China, the world’s largest antimony producer with about 50% market share, planning to restrict exports of the metal and related elements from Sept. 15, citing national security reasons.
Earlier this year, Perpetua had received a letter of interest from the U.S. Export-Import Bank, the government’s export credit agency, for a loan worth up to $1.8 billion.
The Stibnite mine also has 4.8 million ounces of gold reserves.
(Reporting by Sourasis Bose in Bengaluru; Editing by Shreya Biswas)
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