Published on October 5, 2021
We talk to a lot of people about mining and our proposed project at Stibnite.
We talk a lot about it because we are proud of what we will mine, how we will mine and the benefits that will come from mining.
We are especially proud that our plan partners mining with the restoration of environmental legacies that were left behind from mining that started at Stibnite over 100 years ago.
Recently, our company announced a partnership with Ambri, a company making high-capacity stationary storage batteries that make it possible for power grids to rely more heavily on clean energy sources.
These batteries need antimony. That antimony can come from China, Russia or Tajikistan who together control 90 percent of the world supply. Or we can mine it here – where we control how it is produced and we know we will have a secure supply. It won’t be mined by children, it won’t be mined without regard for the environment and it won’t be held hostage by geopolitics.
Let me be clear that about 95 percent of the economic value of our project comes from gold*. This is important because it is the gold that funds the restoration of this historic site, and it allows us to produce the critical mineral antimony, which otherwise would not be economic to mine.
The restoration of Stibnite and the production of America’s only supply of antimony are not diminished by the fact that the production of gold makes it happen.
We know there are some individuals who doubt the sincerity of our environmental and social commitments, I say the answers are found in our actions.
This last month, 95 percent of our current work at Stibnite was powered through solar energy.
We’ve planted over 63,000 trees.
We’ve held nearly 1,000 presentations and opportunities for the public to come ask questions and provide feedback on the project.
We’ve taken over 1,800 people on tours to Stibnite.
This year, we agreed to begin to address some of the decades-old environmental problems left behind by former operators. Over the next four years, we will invest millions of dollars to safely relocate hundreds of thousands of tons of waste away from the rivers at Stibnite and do three stream projects to help keep clean water clean.
Our new partnership with Ambri will enable the production of batteries with over 13 Gigawatt hours of energy storage capacity, more than eight times the total additions to the entire U.S. energy storage market last year.
That amount of storage could support approximately 1 million U.S. households that are powered by solar and Ambri’s batteries over the 20+ years of targeted lifespan of these batteries. Just from the current antimony committed to Ambri from Stibnite.
The transition to a low carbon energy grid is essential and mining is a part of the solution. We are thrilled we can do our part.
I get that a mining company investing in environmental restoration and being a part of the low carbon future might seem unusual. However, the mining industry is changing. And it needs to if we are going to solve global challenges.
Over time, I know the actions of our team will help build trust and illustrate that this next generation of mining is something we can all be proud of.
*Based on the 2020 Feasibility Study (FS) which is intended to be read as a whole and sections should not be read or relied upon out of context. The information in this blog post is subject to the assumptions, exclusions and qualifications contained in the FS.
