China announced that it will impose export limits on antimony and related elements in the name of national security. It is Beijing’s latest move to restrict shipments of critical minerals.

In 2023, China accounted for 48 percent of global mined output of antimony, a strategic metal used in military applications such as ammunition, infrared missiles, nuclear weapons and night-vision goggles, as well as in batteries and photovoltaic equipment.

The restrictions are being imposed “in order to safeguard national security and interests, and fulfill international obligations such as non-proliferation.” China’s commerce ministry said in a statement.

The ministry said the curbs were not directed at any specific country or region.
Reuters reported that the limits, effective from Sept. 15, apply to six kinds of antimony-related products, including antimony ore, antimony metals and antimony oxide.

The rules also ban the export of gold-antimony smelting and separation technology without permission.
Exporters of affected products must apply for export licenses for dual-use items and technologies ­— those with potential military as well as civil applications — the ministry said.

The United States and other countries are scrambling to ease their reliance on China for key materials, setting out policies and support packages for their critical minerals sectors, including rare earths.

In an April research note, analysts at China Securities said increasing demand for arms and ammunition due to wars and geopolitical tensions was likely to see tightening control and stockpiling of antimony ore.

Perpetua Resources, which is building a U.S. antimony and gold project with support from the Pentagon and the U.S. Export-Import Bank, had initially planned to begin production by 2028, should it obtain final permits this year. But China’s moves meant the company is studying ways to produce antimony faster.

“We are looking at things that we can do during construction to get antimony out the door sooner for some of these strategic needs,” Jon Cherry, Perpetua’s chief executive officer, told Reuters. “The (U.S.) Department of Defense is aware of the critical nature of antimony and the short supply available. We’ve been hearing from a lot of different sources about the lack of supply for antimony, that the market is very tight and getting tighter daily.”

Shares of Perpetua jumped as much as 19 percent to levels not seen in three years. China’s latest curbs follow a wave of such restrictions introduced since last year.

(Reporting by Qiaoyi Li, Amy Lv, Siyi Liu, Bernard Orr in Beijing, Polina Devitt in London, Seher Dareen in Bengaluru, and Ernest Scheyder in Houston; Editing by Christina Fincher, Tony Munroe and Jan Harvey)

(Reporting by Tony Munroe; editing by Barbara Lewis)