Not many people have heard of antimony. It’s an element on the periodic table — number 51, to be exact — abbreviation Sb.
It’s been known about for at least 3600 years, yet it seems no one ever really knew what to do with it.
The ancient Egyptians used it as mascara (which, in hindsight, was probably not the best idea — it’s poisonous). Pliny the Elder was deeply interested in it, and medieval monks used it in chemical experiments because of its fascinating qualities.
In other words, antimony has mainly been a scientific curiosity until recently.
In more recent times, antimony’s interesting properties suddenly became much more relevant alongside modern technology. The valuable mineral’s properties are required everywhere, including electronics, cars, alloys, TV screens, semiconductors, solar panels, wind turbines, smartphones, and electric vehicles.
It’s now considered a “critical mineral” by many countries, including the UK and the US. It’s becoming rapidly important. It was already worth US$8000 (NZ$12,000) a tonne just over a year ago. Today, it’s worth US$20,000 (NZ$32,500) a tonne.
Except there’s a problem. Almost all of the world’s supply comes from Russia, China, and Russia’s good friend Tajikistan. And, as we all know, the relationship between the West and China and Russia is deteriorating rather quickly.
To make matters worse, the West has practically none of the stuff. There’s a bit in the States and a bit in Australia.
Oh, and by the way, even the Chinese supply is supposedly running out.
But wait, there’s more.
Antimony was recently discovered near Reefton, a small town on the West Coast. Siren Gold, the crowd behind it, is new on the block —they listed on the ASX just four years ago. They are the plucky underdogs, if you will, of the heaving, gritty world of mining.
If you drive through Reefton, you’ll be pleasantly surprised by its bougie beauty, restored facades, and the quaint and delicate way in which the locals have managed to retain the nostalgia of yesteryear while zhuzhing it up with modern eateries, drinkeries, and sleepers.
It’s too soon to tell how much antimony there is in those hills. However, a figure that is being discussed more and more is an estimated 5% of the entire world’s supply. Five percent. That’s huge. Couple that with the fact that antimony’s best friend is gold – they occupy the same veins together – and you have a find worth untold riches.
Suddenly, Reefton, population 927, is sitting on a discovery that could easily rival and even surpass Central Auckland’s GDP. Imagine what that looks like.
Well, it’s not that far-fetched.
When miners discovered gold in Reefton in the 1870s, the town became so busy and important that it was one of the first places in the world to get electricity — about the same time as New York and London. Reeftonites remember this. They were once an economic powerhouse, and the idea that they could become one again is not fantastical.
Yet a gut feeling here makes you wonder: New Zealand may have just hit the jackpot during significant economic duress. But if so, are we capable, as a nation, of pulling it off?
And will environmental concerns get in the way?
Speaking to RNZ, University of Otago emeritus professor of economic geology Dave Craw said there were concerns about the potential effects of antimony mining on water quality. He said the Regional Council and Siren Gold would need to establish an acceptable level of those impacts before mining could proceed.
“The regional council will set rules for how much antimony can be in the water and how much cloudiness you can have in the water, and they have to abide by that.”
Another environmental concern raised has been the tailings dam, which contains all the waste byproducts of the mining process and could take years to remediate after the mine’s closure.
He also mentioned that strict health and safety regulations would be in place for workers during the mining process, given the high toxicity of antimony.
So, perhaps the hardest part will not be confirming the bounty beneath our feet — but whether we want it at all.
