AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
China’s export ban on antimony fuels a surge in international prices
Dart Mining and Zeus Resources expand projects amid structural supply constraints
Global focus intensifies on antimony’s strategic use across defence and energy sectors
Exploration and production activity within the antimony segment of the All Ordinaries has gained attention in recent months, as companies such as Dart Mining (ASX:DTM) and Zeus Resources (ASX:ZEU) respond to shifting global supply dynamics. With China’s dominance in the space facing growing trade scrutiny and tightened export policies, international markets are facing persistent supply challenges.
Antimony’s usage spans diverse industries including ammunition, flame retardants, energy storage, and electronics. The strategic importance of the metal has led to its inclusion in critical mineral lists across multiple jurisdictions.
China's Policy Moves Spark Price Escalation and Market Imbalance
The second quarter of 2025 saw renewed price escalation after China imposed a complete halt on antimony exports. This policy shift created a notable disparity between domestic pricing for Chinese buyers and sharply elevated costs in international markets.
China's market share, exceeding three-quarters of global production, has positioned the nation with substantial influence over antimony flows. With limited operational mines where antimony is the primary output, global supply remains constrained. In Australia, Mandalay Resources’ Costerfield Mine in Victoria remains the sole producer of the metal.
Environmental inspections and internal policy shifts in China are further limiting production, while simultaneous efforts by governments such as the United States to secure stockpiles have added to supply pressures.
Exploration Firms Accelerate Project Development
Zeus Resources recently acquired the Casablanca Antimony Project in Morocco, a site spanning multiple exploration licences. The project’s surface mineralisation, particularly its high-grade stibnite zones, has attracted attention due to its rarity and concentration.
Dart Mining has made parallel advancements through a staged farm-in agreement over the Coonambula Antimony-Gold Project in Queensland, a region home to historical mining activity and strong grade indicators. Additional exposure comes from Dart’s Triumph and Rushworth projects, which are under evaluation for their antimony-bearing prospects.
These developments reflect growing momentum among smaller cap explorers responding to widening demand signals and evolving geopolitical factors.
Strategic Demand from Defence and Industry Deepens Interest
Historically, spikes in antimony prices have aligned with periods of military conflict, as the metal plays a vital role in hardening lead for munitions. From past world wars to more recent conflict zones, demand for ammunition-related materials has created significant drawdowns in supply.
Current geopolitical tensions and strategic initiatives such as the US Department of Defense’s procurement moves under production acts are reinforcing long-term consumption forecasts. This has added complexity to an already undersupplied market.
Outlook Remains Tightly Balanced as Awareness Grows
While investor recognition of antimony’s role has traditionally lagged behind higher-profile commodities like lithium or rare earths, that gap is beginning to narrow. With ongoing demand from energy storage technologies and continued classification as a critical mineral, exploration companies are positioning for an extended supply-demand imbalance.
