Perpetua Resources Corp (TSE: PPTA) (NASDAQ: PPTA) has finally broken ground at its antimony and gold project after years of permitting and regulatory hurdles.
Despite receiving millions in backing from the Department of Defense and fast tracking from the federal government, the commencement of construction at the operation is an achievement that was not met without difficulties.
CEO Jon Cherry described the start of early works construction on Wednesday as one of the most important days in the company’s history. Its antimony resources will be a major contributor for solving supply and national security issues brought about by Chinese export restrictions.
“For many on our team, this moment has been more than a decade in the making,” Cherry said. “Their perseverance, dedication and belief in our project brought us here, and I could not be prouder to stand alongside each and every one of them.”
Cherry’s enthusiasm was shared by Idaho Senator Jim Risch. He described the milestone as big win for the state.
“After years of bureaucratic permitting delays, the Stibnite Gold Project has finally broken ground,” the government official stated. “This project will provide our nation with a strong domestic supply of antimony and gold, bolstering our economy and national security.”
The site is projected to cater to approximately one third of American antimony demand. It has 148 million proven and probable pounds of the metalloid element and holds about 4.8 million ounces of gold.
The past-producing operation was a key antimony supplier for the Allies during the Second World War. Production ceased at the site in the late 1990s, leaving behind an environmental mess that Perpetua has been working to resolve with various reclamation activities.
In the United States, the Stibnite project is the number one undeveloped antimony resource nationwide. Smaller sites, such as the Limo Butte project under development by NevGold Corp (CVE: NAU) (OTCMKTS: NAUFF) (FRA: 5E50) and the Nova Minerals Ltd (OTCMKTS: NVAAF) (FRA: QM3) (ASX: NVA) Estelle operation, are also promising.
Although there are many sizeable gold projects in the country, Stibnite is special because of its proven antimony mineralization. The commodity is essential for military technologies, semiconductors, flame retardants, alloys, lead-acid batteries, electronics, photovoltaic solar panel cells and energy storage systems.
Read more: NevGold targets U.S. critical mineral supply chain with new antimony-gold find
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