Antimony Diversification Runs Through Chinese-Linked Tajik Assets-Hemerdon Model Breaks Down

Highlights

• Tibet Huayu Mining owns Tajikistan's Kangqiao antimony-gold operation outright and co-owns the TALCO project, giving China upstream control despite non-Chinese geography
• Britain's Hemerdon tungsten financing model cannot be replicated for antimony because the UK has no permitted domestic antimony mine or defined resource
• Antimony security must be mapped by ownership, processing control, product form, and qualification status—ore, trioxide, and military-grade trisulfide are not interchangeable
• China, Russia, and Tajikistan supplied roughly 85% of the 110,000 tonnes of antimony mined in 2025, underscoring concentrated supply risk
• The transferable lesson from Hemerdon is sovereign demand creation: contract for qualified finished material and build strategic inventories rather than simply finance a mine