Latest news with #Stibnite
Yahoo
28-05-2025
- Business
- Yahoo
Perpetua Resources receives additional funding for Stibnite project from US Army Corps
(Reuters) - Mining company Perpetua Resources on Wednesday said it has been awarded up to $6.9 million in additional funding from the U.S. Army Corps of Engineers for its Idaho antimony and gold Stibnite project. 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 alloys for electric-vehicle batteries. China, responsible for nearly 60% of globally mined antimony in 2024, banned exports of the metal to the United States in December last year, prompting efforts to increase production within the U.S. This supplemental award will allow Perpetua to expand the research and support the U.S. Army's objective of establishing a fully domestic "ground-to-round" antimony trisulfide supply chain. "Advancing America's capabilities to process minerals critical to national defense is essential for our long-term mineral independence and resilience," said CEO Jon Cherry. The company said that with the receipt of this additional funding, its total awards from the Department of Defense exceed $80 million, including the $15.5 million received under an Ordnance Technology Initiative Agreement in August 2023. Last week, the company received the final federal permit, the Clean Water Act Section 404, from the U.S. Army Corps for the project. Sign in to access your portfolio
Yahoo
23-05-2025
- Business
- Yahoo
Perpetua submits application for up to $2 billion loan to US EXIM for antimony project
(Reuters) - Perpetua Resources said on Friday it had submitted a formal application to the U.S. Export-Import Bank for potential debt financing of up to $2 billion to construct its Idaho antimony and gold Stibnite project. The company had received a letter of interest from the EXIM Bank in 2024 for an up to $1.8 billion loan for the project. Perpetua said the increase in the application amount reflects a rise in the estimated number of job-years indicated by the financial update and basic engineering work completed in the first quarter. The company's shares were up nearly 4% in afternoon trading. 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 alloys for electric-vehicle batteries. President Donald Trump's administration has stepped up efforts to boost domestic production of critical minerals and raise government financing as part of a broad effort to offset China's near-total control of the sector. Earlier this week, Perpetua received the final federal permit, the Clean Water Act Section 404, from the U.S. Army Corps of Engineers for the project.
Yahoo
21-05-2025
- Business
- Yahoo
Central Idaho gold mine one permit closer to final approval
May 21—The company pursuing a controversial open pit gold and antimony mine in the remote heart of central Idaho secured a key permit from the Army Corps of Engineers. Required by the Clean Water Act, it allows Perpetua Resources to discharge dredged materials and fill into streams as it builds its Stibnite project east of Cascade and near the tiny town of Yellow Pine. "We arrived at our decision after an extensive, multi-year review of the proposed project, including thorough evaluation of the environmental impact studies, and its effects to waters of the United States," said Lt. Col. Kathryn Werback, commander of the corps' Walla Walla District in a news release. "(Corps) staff collaborated closely with federal and state officials and consulted with Tribal governments throughout the process." It is the final federal permit Perpetua has to secure. However, important state permits remain. "We are immensely proud to achieve this milestone. It's time to move forward and take the Stibnite Gold Project into a new and exciting phase of development," said Jon Cherry, President and CEO of Perpetua Resources in a news release. The open-pit cyanide leach mine lies within the historic Stibnite Mining District in the South Fork of the Salmon River drainage and adjacent to the Frank Church-River of No Return Wilderness Area. The South Fork of the Salmon and its tributaries are home to chinook salmon, steelhead and bull trout — all listed as threatened under the Endangered Species Act.
Yahoo
20-05-2025
- Business
- Yahoo
Perpetua Resources' Stibnite gold project secures final US permit
Perpetua Resources has received a Clean Water Act Section 404 permit from the US Army Corps of Engineers for the Stibnite gold project in Valley County, Idaho, US. This permit marks the culmination of an eight-year federal permitting process and is the last federal approval needed before construction can begin. With the issuance of the Section 404 permit, Perpetua Resources is now concentrating on finalising the remaining state permits and securing the necessary financing to initiate construction. The formal permitting process under the National Environmental Policy Act (NEPA) began in 2016, with the US Forest Service leading the effort and issuing various environmental statements and decisions between 2020 and 2025. In April 2025, the project gained further recognition when the Trump Administration selected it as a Transparency Project in line with President Donald Trump's executive order to boost US mineral production. This inclusion on the Federal Permitting Improvement Steering Council's FAST-41 dashboard aims to improve interagency accountability and transparency in project reviews. Perpetua Resources president and CEO Jon Cherry said: 'As we celebrate receiving the final federal permit for the Stibnite gold project, we applaud the National Energy Dominance Council and the Permitting Council's efforts to streamline permitting and propel critical mining projects nationwide. 'We believe this administration's commitment to boosting efficiency without compromising rigorous environmental standards can have a transformational impact on American mining." The Stibnite gold project is expected to be one of the highest-grade open-pit gold mines in the US, having gold reserves of approximately 4.8 million ounces (moz). It is expected to produce around 450,000oz of gold annually in its first four years. Moreover, the site contains an estimated 148 million pounds of antimony reserves, the only known reserves in the US and some of the largest outside China's influence. These reserves could satisfy around 35% of US antimony demand in its first six years, according to the US Geological Survey's 2023 antimony commodity summary. Furthermore, the project is set to deliver environmental improvements and economic opportunities including the creation of an average of 550 jobs during its operational phase. "Perpetua Resources' Stibnite gold project secures final US permit" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Bloomberg
20-05-2025
- Business
- Bloomberg
Trump Approves Final Permit for Perpetua's US Gold-Antimony Mine
The Trump administration has granted the final federal permit for a gold mine being developed by Perpetua Resources Corp., which also has a reserve of antimony, a critical mineral used in munitions. The US Army Corps of Engineers issued the Clean Water Act permit needed for the Stibnite project in Idaho, which was facilitated by Interior Secretary Doug Burgum, the chair of the National Energy Dominance Council, according to a statement from his department. Perpetua is now focused on securing state permits and financing, the company said separately.
