There is a place in the Salmon River Mountains of central Idaho called Stibnite. The name is not decoration. Stibnite is the mineral form of antimony sulfide, and the ground was named for what men pulled out of it — antimony for the Second World War, tungsten for Korea, and gold whenever gold was worth chasing. The district sits forty-five air miles east of McCall, hard against the Frank Church–River of No Return Wilderness, in the headwaters of the South Fork Salmon River and within the homelands of the Nez Perce. By the Forest Service’s own reckoning, the South Fork holds the most important remaining habitat for summer Chinook salmon in the entire Columbia River basin.
I spent a career reading landscapes like this one — as a geospatial program manager for the Forest Service in the Northern Region, and before that as a line officer with a district ranger’s authority over a couple hundred thousand acres of my own. So I want to be careful here, because the Stibnite Gold Project is the kind of decision that punishes anyone who reaches for it with only one hand. It is not a simple story, and the people telling it simply — in either direction — are the ones I trust least.
The signal being broadcast
The case for the mine arrives wrapped in the language of national security, and that language is not fabricated. Antimony is a genuine strategic vulnerability. It hardens the lead in bullets and armor-piercing rounds; it sits in primers and tracer compounds, in night-vision optics and the infrared seekers that steer missiles, in flame retardants for military electronics. The United States mines effectively none of it and, in 2024, imported around 85 percent of what it consumed. China accounts for roughly 60 percent of world mine production and a far larger share of refining — the step that actually turns ore into usable metal.
Then Beijing closed the valve. In December 2024 China announced a full ban, “in principle,” on antimony exports to the United States, alongside gallium and germanium, in retaliation for American semiconductor controls. Prices did what prices do when a dominant supplier walks off: antimony reached an all-time high near $59,750 a tonne in July 2025, several times its level a year earlier. The National Defense Stockpile, the emergency reserve that exists for exactly this contingency, had been drawn down to what the Defense Logistics Agency called its lowest levels since the Cold War. In September 2025 the DLA signed a $245 million sole-source contract with a domestic producer to begin refilling it.
That is a real signal. If you are responsible for the supply chain behind the world’s largest arms exporter, a single foreign government holding the switch on a metal the defense industry says runs through some two hundred munitions types is a problem you are obligated to take seriously. I do take it seriously. My confidence that antimony dependence is a legitimate strategic exposure is high, and it is anchored on hard trade and production data, not on anyone’s press release.
The mine four presidents built
Here is where the partisan cartoon falls apart, and where I think the honest story actually lives.
Stibnite is not a Trump project or a Biden project. It is a four-administration project, and each one added a coat.
The application landed under Barack Obama: Midas Gold, Perpetua’s predecessor, submitted its plan of operations in 2016. The formal environmental review began under the first Trump administration, which published the notice of intent in 2017 and issued the draft Environmental Impact Statement in 2020. The Biden administration carried it the longest distance — a supplemental draft in 2022, the final EIS and draft decision in September 2024, and then the final Record of Decision, signed January 3, 2025 and released January 6. That is the detail almost everyone gets wrong. A January 2025 mine approval reads, to most people, as a last-minute Trump giveaway. It was not. It was signed by two Forest Service supervisors seventeen days before the inauguration. The green light was Biden’s.
So was most of the money. The Defense Department’s support for Perpetua — now more than $80 million, structured under the Defense Production Act — began in 2023 and 2024, under Biden’s Pentagon. The Export-Import Bank’s first offer of financing, a letter of interest for up to $1.8 billion, came in April 2024, also under Biden.
The second Trump administration then did what it has been open about doing: it accelerated. A March 20, 2025 executive order on mineral production named Stibnite among the first priority projects and placed it on the federal permitting dashboard as a “transparency project.” In May 2026 the Export-Import Bank approved a $2.9 billion loan for the build. The Justice Department is now defending the Biden-era decision in court, and in June 2026 a federal judge in Idaho declined to halt construction while the lawsuit proceeds. Ground was broken in October 2025.
Read the arc plainly and the through-line is unmistakable. The one thing Obama, Trump, Biden, and Trump again all agreed on was the antimony logic. That is the carrier wave — a national-security consensus stable enough to survive three transfers of power. It is worth pausing on, because genuine bipartisan agreement in this decade is rare enough to be evidence of something.
The payload riding the carrier
And yet. A carrier wave is not the message. The thing modulated onto it is.
By the accounting in the conservation groups’ own filing — a figure I hold as their claim rather than as audited fact — gold is about 96 percent of the project’s profit and antimony about 4 percent. The critics put the on-site antimony at roughly a three-year supply of national demand; Perpetua projects up to 35 percent of U.S. antimony over its first six years, a company projection that a competing domestic producer has publicly called inflated, arguing this is “a gold mine with a little antimony.” I cannot adjudicate the exact percentage from where I sit, and I will not pretend to. But the direction is not seriously in dispute: the revenue is gold, and antimony is the argument that makes the gold politically movable.
That is the part that asks for the older instinct in me — the one that reads signal and noise as a kind of moral topology. The national-security frame is doing real work, and it is also doing convenient work. When a metal becomes a headline, a whole apparatus assembles around the headline. Investment newsletters now circulate breathless pitches for junior exploration companies — I have read one working the Nevada ground hard — promising to be “the only pure-play U.S. antimony producer by 2027,” on deposits that as of mid-2026 have a maiden resource and no feasibility study, no reserves, no permit to build, and grades a fraction of a percent. That is noise riding the carrier, and it degrades the public’s ability to receive the true signal underneath. A citizen trying to weigh Stibnite honestly has to filter the strategic reality out from the promotional wash, and most citizens do not have the time.
Two more facts belong in the honest ledger, because they cut against the tidiest version of the security argument. First, the antimony crisis has already eased faster than the mine can answer it: China suspended its export ban in November 2025 as part of a trade truce, and by mid-2026 the price had fallen roughly 60 percent from its peak. The switch that justified the urgency has, for now, been flipped back partway on — by diplomacy, not by domestic supply. Second, under the 1872 Mining Law, a company can remove gold and antimony worth billions from public land and pay the American people no royalty at all. The public bears the watershed risk. The public does not share the gold.
What stewardship in the real looks like
I do not think this decision is easy, and I distrust the versions that do. The strategic exposure is real; I would put high confidence on that. The place is also real, and irreplaceable in a way antimony is not — you can refine antimony from a dozen deposits, but there is one South Fork Salmon, one run of summer Chinook, one homeland. What the record actually shows is a mine whose antimony is real but modest, whose gold is the engine, and whose national-security justification was strong enough to hold four administrations together even as the acute crisis it invoked began to pass.
I spent enough years inside the agency now sitting in the defendant’s chair to know that the Forest Service is not a villain here so much as an institution absorbing a decision that four presidents narrowed to a single question. The people who will run this project are, in the main, trying to do a hard thing carefully. The plan will disturb some 3,265 acres, move hundreds of millions of tons of rock, and re-plumb a river that already carries a century of mining’s damage — with, its defenders note, a genuine promise to clean up legacy pollution on the way. Whether the repair outruns the new harm is the whole question, and it will be answered in the water, over decades, long after the press releases are filed.
Duty, honor, country — I was raised on that phrase and I still mean it. But the eye has to lift past the nation to the world, and to the ground the nation stands on. A country that cannot make its own bullets is vulnerable. A country that trades its last best salmon river for a three-year hedge on a metal, and calls the gold underneath it a security measure, has confused the carrier for the message. The task, as always, is to hear the difference.
Sources: Center for Biological Diversity et al. press release (Feb. 18, 2025); Payette National Forest Final Record of Decision (Jan. 2025); Idaho Capital Sun; U.S. Forest Service, Region 4; USGS Mineral Commodity Summaries 2025; CSIS analysis of China’s antimony export restrictions; Perpetua Resources and Export-Import Bank announcements; Defense Logistics Agency / U.S. Antimony Corp. contract (Sept. 2025); U.S. District Court for the District of Idaho ruling (June 2026); Equedia/NevGold promotional letter (as cited).
Written with Claude (Anthropic). The frame and judgment are mine; Claude verified the timeline and figures against primary sources and helped keep documented fact distinct from contested claim. Any remaining errors are mine.
