New Brunswick Seeks Private Partners to Revive US$1 Billion Antimony Mine

New Brunswick is seeking private-sector partners to revive a dormant antimony mine it says could be worth more than US$1 billion.

According to a report by the Canadian Press, the province has launched a competitive expression-of-interest process for the former Lake George mine, about 30 kilometers west of Fredericton, to identify a developer to restart operations at what was once North America’s largest antimony producer.

Citing a historical technical report, the government estimates that about 800,000 tons of antimony-bearing ore remain at the site. At current prices of about US$22 per pound, that translates to a potential in-situ value of between US$933 million and US$1.05 billion.

“In today’s economic and geopolitical climate, the need for secure, responsibly produced critical minerals has never been greater,” Natural Resources Minister John Herron said in a statement last month.

The process marks the latest step in New Brunswick’s push to revive its mining sector and attract investment, following the release of a new mineral strategy earlier this month that signaled legislative changes aimed at accelerating development.

The Lake George mine operated intermittently from 1876 until its closure in 1996, when falling antimony prices and weak market conditions rendered it uneconomic.

Despite its long history, the project remains at an early stage from a development standpoint. Government technical documents indicate that an updated resource estimate will be required before any mining decision, with no mineral rights to be granted until a formal exploration agreement is reached.

Submissions will be accepted until May 4, followed by an evaluation period through early June.

Investor interest is already emerging. Hertz Energy (CSE:HZ,OTCQB:HZLIF), a British Columbia-based junior exploration company, said it plans to submit an “aggressive” bid for the asset and believes it holds an advantage after acquiring the mine’s historical geological and technical database.

The company said the dataset consolidates decades of exploration and drilling records, including information used in a 2014 mineral resource estimate, providing a foundation for future evaluation and exploration planning.

Hertz Energy has also acquired mineral claims surrounding the Lake George site and outlined plans for a diamond drilling program targeting extensions of known mineralized zones.

Antimony, a metal traditionally used in flame retardants, has gained strategic importance in energy storage, solar technology, and defense applications, including munitions and night-vision systems.

Global supply of antimony remains highly concentrated. China, Russia and Tajikistan have historically accounted for more than 90 percent of production, leaving Western economies exposed to supply disruptions.

That risk became more apparent earlier this year when China imposed an export ban on antimony shipments to the US, contributing to a surge in prices to around US$50,000 per ton.

The Lake George project could also host additional mineralization, including tungsten and molybdenum, according to provincial data.

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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.