Biden officials issue permit for Perpetua antimony gold mine in Idaho

The Perpetua mine will supply more than 35% of America’s annual antimony needs once it opens by 2028 and produces 450,000 ounces of gold each year, a dual revenue stream that is expected to keep the project financially afloat regardless of any steps Beijing may take to influence… Markets.

For example, Jervois Global, the owner of an Idaho mine that produces only cobalt, It declared bankruptcy on Thursday After Chinese mining companies strongly enhanced the production of this metal in an attempt to gain market share.

In its 154-page report, the Forest Service said its decision in Perpetua was based on a detailed review of environmental data, discussions with Indigenous groups and consultation with other federal agencies.

“It took into account the degree to which (the mine’s) environmental design features and monitoring and mitigation actions, where applicable, would reduce adverse environmental impacts on (federal lands),” Matthew Davis of the Forest Service said in the report.

Perpetua, which has changed the design of its mine three times in response to criticism, said it believes it can make the mine — located about 138 miles (222 km) north of Boise — “the best it can be.”

“Every detail of this project has been scrutinized with a fine-tooth comb,” said John Cherry, CEO of Perpetua.

Perpetua will need to obtain a wetlands permit from the U.S. Army Corps of Engineers, though the Forest Service said its decision was made in consultation with that agency, meaning a seamless review process.

Financial affairs

The cost of the Stibnet project in 2020 was expected to reach $1.3 billion, a figure that is expected to rise due to inflation after the pandemic. The site estimates its reserves at 148 million pounds of antimony and 6 million ounces of gold.

Pentagon It pledged about $60 million To fund the permit for the project, which entails cleaning up and expanding the site that had been contaminated by World War II-era mining.

Last April, Perpetua received a letter of interest from the Export-Import Bank of the United States, the government’s export credit agency. For a loan of up to $1.8 billion To finance the Stibnite project.

The project has not received support from the Nez Perce Tribe in Idaho, which is concerned that it could affect salmon populations in the state.

However, the tribe was consulted to review the permit and changes were made to address their concerns, according to the record of decision.

Nez Perce representatives could not immediately be reached for comment.

(Writing by Ernst Scheider, Editing by Matthew Lewis)

Read more: How stibnite gold restoration in Idaho could add antimony to the American supply chain