The Biden administration has issued the final mining permit for Perpetua Resources’ Stibnite project in Idaho, marking a significant step in increasing U.S. production of antimony, a critical mineral.
This comes amid a trade conflict with China, which recently halted antimony exports to the U.S. The project, which has been under review for eight years, will supply over 35% of America’s annual antimony needs and produce 450,000 ounces of gold annually once operational by 2028.
The Forest Service’s approval followed a thorough environmental review, consultation with Indigenous groups, and input from federal agencies.
Perpetua Resources has altered its mine design multiple times to address environmental concerns, although opposition remains from the Nez Perce tribe, who are concerned about the mine’s impact on local salmon populations.
The project, estimated at $1.3 billion in 2020, will require additional financing due to post-pandemic inflation. The Pentagon has contributed nearly $60 million for permitting, while the U.S. Export-Import Bank has shown interest in a loan of up to $1.8 billion to fund the mine.
The decision is seen as crucial to enhancing U.S. security and reducing reliance on foreign sources of strategic materials.