Producer
Mandalay Resources Corp.
Canadian mid-tier miner operating the Costerfield gold-antimony underground mine in Victoria, Australia; one of the few operating Western antimony producers; antimony is a by-product of gold mining at Costerfield; supplies ~2% of global antimony; also operates Björkdal gold mine in Sweden
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Costerfield Gold-Antimony (Victoria, AU)
65%Bjorkdal Gold (Vasterbotten, Sweden)
35%
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Did you know2023
Mandalay Resources is notable for operating the Costerfield mine in Victoria, Australia -- one of the few Western-world mines producing antimony in meaningful volume. The mine is a gold-antimony epithermal deposit where gold and antimony are intertwined in the ore mineralogy. Antimony production is a byproduct of gold recovery, making Mandalay's antimony output economically tied to gold price and gold production decisions rather than antimony market conditions. When China imposed September 2024 antimony export controls, Mandalay Resources' small (~2% global supply) but strategically significant antimony output suddenly became much more valuable to Western defense and industrial buyers seeking non-Chinese sources. The company's stock roughly doubled in the months following China's export control announcement -- small-scale Western antimony producers benefited financially from the geopolitical risk their product represents.
Mandalay Resources Corp. ↗