Polyus, Russia’s largest and global top-5 gold producer, released H2 2022 production results, adding 3,991t of contained antimony to its H1 production of 400t Sb from the Olimpiada mine.

The production of 4.3kt Sb from Polyus in Russia is a 73% y-on-y rise in antimony production but remains well below the >10kt Sb of 2020 and >23kt Sb in its inaugural year of 2018. Russia is a major supplier of antimony, oscillating in and out as the second-largest source of antimony after China depending on how much antimony Polyus brings to the market.

 As one of the world’s leading gold miners, this minor metal will remain a by-product and subject to Polyus’ overarching gold revenues. However, the mine plan at Olimpiada requires sections of antimony-rich ores to be mined every year and its scale can vary significantly (as seen in the historical production data). Currently, the result is that production volumes from Polys determine either a global surplus or deficit of antimony supply.

 Antimony concentrates are used in the production of antimony ingot, itself either used as a lead-hardener in metallurgical applications or as the feed for antimony oxides used mainly in flame retardants and plastics. Russia exports antimony-gold concentrates to China and Vietnam, the two largest sources of antimony ingot until recently. Ingot data out of China continues to show declining production statistics related to declining supply in China and its major trade partners.