EV Resources Buys Mexican Antimony Mine Amid Supply Constraints

EV Resources Limited (EVR) completed its agreement to acquire a 70% interest in a joint venture to operate the Los Lirios antimony mine in Oaxaca. The acquisition happens as the United States faces Chinese restrictions on critical mineral exports, including antimony.

According to EVR, the transaction is part of its strategy to secure access to antimony, a mineral designated as critical under multiple international frameworks, including the United States’. 

The deal was executed through EVR's Mexican subsidiary, S9bcorp, which signed a binding Promissory Agreement for the Assignment of Mining Rights. This completes the conditions precedent set out on Jan. 28, 2025, which included the completion of legal due diligence by EVR, preparation of a Shareholders Agreement, preparation of documents for the transfer of mineral and surface rights, and the completion of a Technical Review report. 

As part of the agreement, EVR will provide all funding through exploration and up to the development of a 300t/d concentration plant and will also reimburse the partners US$80,000 toward previous expenses.

The recently created joint venture, named Exploraciones Mineras los Lirios (EML), has been established to hold the mining rights. EVR will own 70% of EML and 30% will be property of the original owners. The project covers three mining concessions totaling about 1,552ha, including three historic open pits and several underground workings. Past production at the site consisted of commercial-grade Direct Shipping Ore (DSO), EVR says.

As a next step, EVR is in discussions to build a pilot processing plant that would likely use gravity recovery methods. The company is awaiting results from ore characterization and mineralogy analysis performed on several 30kg samples taken from the site. This will be followed by recovery test work.

Antimony’s Importance 

According to Exactitude Consultancy, the antimony mineral market is projected to reach US$4.1 billion by 2034. This growth will be primarily supported by the increased demand for flame retardants in construction and electronics, the rapid expansion of the EV and energy storage markets, and antimony’s strategic importance in military and semiconductor applications. 

China is the world's largest producer, refining over 74% of the world’s antimony, and is also identified as a large antimony consumer. This dominance extends to its role as a key supplier for the United States, according to the US Geological Survey (USGS). From 2020 to 2023, while China was the second-largest source of raw antimony ores for the United States, with 23%, it was the primary source of refined antimony metal and oxides, accounting for 63% of all US imports.

In December 2024, China banned all exports of antimony to the United States, forcing the industry to seek alternatives due to the mineral’s importance in the defense and EV industries.