Historic Hillgrove mine reopens as antimony prices surge on global demand

Trucks are moving again at the historic Hillgrove mine on the Northern Tablelands, as operator Larvotto Resources officially opens the site today. The mine, known for gold extraction in the 19th century, has been re-energised by soaring worldwide demand for antimony, a silvery-grey metalloid used in fire retardants, solar panel cells, storage batteries and defence manufacturing.

Larvotto Resources managing director Ron Heeks said the price of antimony had climbed to US$26,300 ($36,357) per tonne, more than double the level when the company acquired the mine in 2023. “Antimony has just been classified a critical mineral; there is a world shortage [and] the price is much better than what it was five years ago,” he said.

Earlier this year, antimony was among the first minerals included in the federal government's $1.2 billion critical minerals strategic reserve, recognised as vital to Australia's economy and national security. Production has historically been dominated by China, a point Mr Heeks emphasised as a key driver of the price surge.

“It's just fundamental in so many things, and it's largely controlled by production through China,” he said. “The political reasons have really driven it in a way … The cost of the antimony is not that important; it's what it costs you if you don't have it.”

Larvotto plans to supply around 5,000 tonnes of antimony annually, along with more than 40,000 ounces of gold. According to Mr Heeks, that would make the operation the seventh-largest antimony supplier in the world including China, and “outside of China, we're probably more than 50 per cent of world supply”.

Global commodities expert Daniel Rosetto said the reopening could be globally significant, though its impact would depend on the ever-changing market.

Why This Matters

Antimony is essential in solar panels, batteries and defence, making it critical to the renewable energy transition and national security.
The mine’s reopening could reduce Western reliance on China, which dominates antimony supply, addressing a key vulnerability in supply chains.
The project’s ability to ramp up production will influence global prices and the stability of critical mineral markets.

Background

The Hillgrove mine, located near Armidale in New South Wales, was historically a gold mine dating back to the 19th century. It had been inactive for more than a decade before Larvotto Resources acquired it in 2023. Antimony, a metalloid, has become increasingly important as a critical mineral for modern technologies, including photovoltaic cells and flame retardants. China has long controlled the majority of global antimony production, making supply vulnerable to geopolitical tensions. In 2026, the Australian government added antimony to its $1.2 billion critical minerals strategic reserve, underscoring its strategic importance.

Key Perspectives

Larvotto Resources (Ron Heeks): The mine operator sees a major opportunity as antimony prices surge and global shortages emerge. Heeks argues that supply security matters more than cost, and that Hillgrove could become the dominant non-China supplier. Global commodities expert (Daniel Rosetto): He acknowledges the reopening's potential global significance but cautions that the actual impact depends on market dynamics, which are subject to change. Critics/Skeptics: The source does not include critical voices, but potential concerns include the volatility of commodity prices, the mine's environmental footprint, and whether production targets can be met.

What to Watch

Antimony price trends on global markets, which will determine the mine's profitability.
China's response to reduced market share, including potential export restrictions or price adjustments.
Production ramp-up at Hillgrove – whether it meets its targets of 5,000 tonnes of antimony and 40,000 ounces of gold annually.
Further government policy, including additional allocations to the critical minerals reserve and support for downstream processing.

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