The US Forest Service has completed its eight-year review process by issuing the final record of decision for Perpetua Resources’ Stibnite gold project in Idaho, US, effectively granting the mine’s permit, reported Reuters.
This development is a strategic move by the Biden administration to boost domestic production of antimony, a critical mineral, amidst escalating trade tensions with China.
Perpetua’s mine is poised to meet more than 35% of the US’ annual antimony demand by 2028, while also producing 450,000oz of gold annually.
The Stibnite gold project, which spans federal, state and private lands in Valley County, Idaho, has been under study by Perpetua Resources for more than a decade.
The US Forest Service’s forest supervisor Matthew Davis was cited by the news agency as saying: “I have taken into consideration the degree to which the (mine’s) environmental design features, monitoring and mitigation measures will, where feasible, minimise adverse environmental impacts on (federal lands).”
Mining at the Stibnite project began in 1899, but past activities left the site in need of environmental repair due to the absence of regulations at the time.
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By GlobalData
Perpetua has redesigned its mine plan three times to address concerns and believes it can make the mine – located approximately 138 miles north of Boise – “the best it can be”.
Perpetua CEO Jon Cherry said: “Every detail of this project was examined with a fine-tooth comb.”
Further approvals are required, including the US Army Corps of Engineers’ wetlands permit for the project.
In April last year, Perpetua received a letter of interest from the US Export-Import Bank for a loan of up to $1.8bn to finance the Stibnite project.
The latest approval is being opposed by the Idaho Conservation League, which argues that the permit fails to adequately address water quality and public health issues, and does not adhere to best practices for protecting Idaho’s environment and communities from the adverse effects of mining.
