Pakistan is emerging as a potential beneficiary of the global race for critical minerals, as growing US interest in antimony brings renewed focus to the country’s largely untapped mining sector, according to a report by the Financial Times.
Long perceived mainly as a supplier of raw ore to Chinese buyers, Pakistan is now drawing attention from US defence-linked companies seeking to diversify supply chains away from China. Antimony — a silvery-white metal used in missiles, batteries and flame retardants — has become increasingly strategic amid concerns over Beijing’s dominance of global critical mineral supplies.
Prices of antimony trioxide have surged to around $40,000 per tonne, the FT reported, as governments and corporations scramble to secure alternative sources. “For years, the only buyers for antimony sourced from Afghanistan and Pakistan were Chinese intermediaries, who bargained aggressively on price,” the report said, adding that US buyers are now actively looking to build stockpiles across Pakistan and Central Asia.
Liaqat Ali Sultan, chief executive of Pakistan-based Himalayan Earth Exploration, told the FT that sustained efforts to attract US interest are finally bearing fruit. “The conversations we had been pushing for seven years, especially around antimony, have started gaining traction both in Pakistan and the US,” he said, attributing the shift to Washington’s renewed focus on securing critical minerals.
Although Pakistan holds only about one per cent of global antimony reserves and produces limited volumes, it has begun to feature on the radar of US mining companies. Last month, Himalayan signed a strategic partnership with Nova Minerals, a US-based exploration and development firm listed in Australia and the United States, to explore antimony deposits and strengthen bilateral economic ties.
Earlier in November, Pakistan’s Board of Investment met a Nova Minerals delegation, which expressed interest in investing in Pakistan’s mining sector, particularly in antimony and rare earth elements.
Nova Minerals’ chief executive, Christopher Gerteisen, told the FT that the company plans to purchase more than 100 tonnes of Pakistani antimony concentrate for about $2 million early next year for testing and processing in Alaska. He added that the firm may eventually consider establishing downstream processing facilities in Pakistan.
“The Department of War encouraged us to go out in the world and find whatever we can,” Gerteisen was quoted as saying.
In a parallel development, Pakistan’s Frontier Works Organisation (FWO) and US Strategic Metals signed a $500 million memorandum of understanding in September to cooperate in the critical minerals sector, signalling deeper economic and strategic engagement between the two countries. While US Strategic Metals’ planned mine and processing plant are not yet operational, the company reportedly received a sample of Pakistani antimony in October for quality testing.
Despite these developments, the FT noted that Pakistan’s mining sector remains trapped at the lower end of the value chain, with minimal domestic processing or refining capacity. Most antimony production comes from small-scale, artisanal miners in the north-west and is exported in raw form, often at discounted prices.
“Almost all of our raw antimony disappears into the hands of Chinese buyers at Karachi’s port, usually far below market rates,” a veteran Pakistani miner told the newspaper.
Still, Gerteisen said US buyers are willing to pay a premium over Chinese competitors. “Pakistan is a virgin country for mineral exploration,” he said, highlighting the country’s untapped potential as global supply chains undergo strategic realignment.
