An Australian mining company predicts that the Reefton area could contain up to 5 percent of the world's supply of antimony.
Reefton's offer could be a major boost to the economy of the region and beyond, according to a local resident.
Dress Smart co-founder John Bougen moved to the small town in 2015 and fell in love with it.
The Reefton area had a proud history of gold and coal mining, but in the past antimony was more of an annoyance than a prize, he said.
“It kind of got in the way and got stuck in the middle of it. But now it seems we have an element du jour, which has gone from zero to hero almost overnight – all thanks to renewable energy. .”
Bougen was now a proud resident of Reefton and had invested some of his considerable capital in the town.
Once antimony mining gets going – combined with the revival of gold mining – it would be great for the region, he said.
“We are going to have three underground mining operations carried out in the field of leather, all out of sight and in an environmentally friendly way. It couldn't be better.”
Antimony has been used as a flame retardant in electronics, including iPhones, lithium batteries in electric vehicles, and printed circuit boards.
It was also used in the military for lead bullets and armor.
The European Union, the United States, China and Australia all recognized it as a crucial mineral.
Australian mining company Siren Gold was in the exploration phase of mining antimony and gold at Reefton and hoped to be processing antimony within five years.
Siren Gold managing director Victor Rajasooriar said the Reefton area could have up to 5 percent of the world's supply of the mineral, most of which was produced in Russia and China.
“[The Reefton source] could eventually amount to 25 percent of what western countries produce, from one place in New Zealand. So it is actually a significant amount.”
This could be important for Western countries as they look to reduce their dependence on Russia and China, he said.
Rajasooriar expected the value of antimony to continue to rise.
'That's what the market is saying [it] could even double or even quadruple in the next two or three years. So when you sit there you understand that it is a crucial mineral, and if New Zealand gets there it will make a huge contribution.”
The mine would directly employ about 250 people in the Reefton area, and the antimony alone would generate between $150 million and $200 million a year in revenue, he said.
The coalition government's pro-mining approach had helped their operation by cutting red tape, Rajasooriar said.
“They have accelerated a number of projects for us. We are ethical entrepreneurs, we have run mines before and we do everything right.”