JP Morgan Invests $75 Million in Antimony Mining Company

$108 Million Equity Investment in Perpetua Resources
Largest Antimony Reserve in the United States
First Case of Security and Resiliency Initiative in Action

JP Morgan Chase, the largest bank in the United States, will invest $75 million in Perpetua Resources, an antimony mining development company. This investment is seen as part of the United States' efforts to domestically produce antimony-an element China has banned from export-in order to strengthen its defense industry and advanced technology supply chains.

Exterior view of JP Morgan Chase's new global headquarters located at 270 Park Avenue, New York City, USA. Photo by AFP News Agency

According to the Financial Times (FT) on the 27th (local time), JP Morgan will acquire approximately a 3% stake in Perpetua for $75 million (about 108 billion KRW). JP Morgan will also hold warrants worth $42 million (about 6 billion KRW) over the next three years. Perpetua's market capitalization is estimated at around $2.5 billion. Agnico Eagle Mines, a Canadian gold mining company, has also invested $180 million in Perpetua, securing a 6.5% stake as part of a joint investment.

Perpetua is developing an antimony mine in Idaho, USA. The mine's antimony reserves are estimated at 148 million pounds, making it the largest in the United States. Antimony is a critical mineral used not only for strengthening lead bullets for military purposes but also in semiconductors and batteries. China, the world's largest producer and refiner, has completely banned exports of antimony to the United States since the end of last year.

Jon Cherry, CEO of Perpetua, stated, "This investment is significant in bringing the critical minerals supply chain back to being 'U.S.-centric,'" adding, "It is an example of implementing the America First spirit in the supply chain."

Previously, on the 13th, JP Morgan announced a large-scale investment plan to inject a total of $1.5 trillion over the next ten years, aimed at strengthening U.S. economic security and industrial resilience. This investment marks the first implementation of JP Morgan's 'Security and Resiliency Initiative.'

Doug Petno, Co-Head of Corporate and Investment Banking at JP Morgan, said, "Through this investment, we are supporting companies in industries critical to national security and the resilience of the United States," adding, "This is exactly the area our new initiative is focused on."