LONDON: Growing concerns over China’s dominance of the global rare earth and critical minerals supply chain have triggered fresh interest from US buyers in Pakistan’s antimony sector, driving prices sharply higher and reshaping long-standing trade patterns.
Antimony, a silvery-white metal used in missiles, batteries and flame retardants, has traditionally been sold by traders in Pakistan and Afghanistan to Chinese intermediaries. But that dynamic is shifting as Washington pushes to secure alternative sources of critical minerals.
Prices for antimony trioxide have climbed to around $40,000 per tonne, down from a peak above $60,000 earlier this year but still well above levels seen in 2024, industry sources say, according to Financial Times.
Pakistan produces only small quantities of antimony, mainly along its mountainous border with Afghanistan, and holds about one per cent of global reserves, according to the US Geological Survey. China controls roughly a third of global reserves, while Russia accounts for nearly a fifth.
Himalayan Earth Exploration, a Pakistan-based company sourcing antimony from the region, said it has received growing interest from US buyers. The firm last month signed a strategic partnership with Nova Minerals, a company listed in Australia and the United States, to explore antimony resources and strengthen bilateral economic ties.
Nova Minerals’ chief executive said the company plans to purchase more than 100 tonnes of Pakistani antimony concentrate next year for testing and processing in Alaska, with potential downstream processing in Pakistan at a later stage.
US Strategic Metals has also entered discussions with Pakistani military and political leaders on cooperation in critical minerals, receiving antimony samples for quality testing.
Despite rising interest, analysts say China continues to dominate antimony processing, with limited smelting capacity elsewhere. Industry experts note that Pakistan remains largely at the lower end of the value chain, exporting raw material with minimal refining or processing.
Antimony prices have eased in recent months as new supply emerges from Southeast Asia and buyers explore substitutes, but US firms say they are willing to pay premiums to reduce reliance on China.
