Canada’s only primary antimony operation, the Beaver Brook mine in Newfoundland and Labrador, remains on care and maintenance under China Minmetals’ ownership, despite nameplate capacity of about 6,000 tonnes of concentrate per year—roughly 5% of global supply. The shutdown follows Beijing’s 2024 export restrictions on antimony, which drove prices sharply higher and exposed Western dependence on Chinese mining, refining and processing. Policymakers now fear the asset could be used to “flood the market” and suppress rival projects, even as the US funds domestic players such as United States Antimony and Perpetua Resources’ Stibnite project.
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China Minmetals’ 15-year control of Beaver Brook mirrors a pattern in our critical minerals coverage where Chinese state-linked entities hold key upstream positions in North America and Europe, giving them optionality to constrain or release supply without needing to divest assets.
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Policy debate [in Canada] now centres on whether foreign-controlled critical mineral assets should face security reviews similar to defence infrastructure.
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A more comprehensive report proposes measures to address this issue:
… While Canada forced Chinese divestment from lithium projects in 2022 following national security reviews, Beaver Brook antimony operations remain under Chinese control despite similar strategic importance …
Enhanced foreign investment screening mechanisms should evaluate ongoing operational control rather than limiting reviews to acquisition transactions. Strategic assets under foreign ownership require continuous monitoring to ensure operations align with national security interests …
Policy recommendations include:
Apply uniform foreign ownership criteria across all critical minerals regardless of current market attention levels … Coordinate with allied nations to develop alternative supply chains and shared strategic reserves … Government procurement policies could prioritise suppliers with diversified, ally-based supply chains even at premium costs …