The New Brunswick government has signed an exploration agreement with a Canadian firm that hopes to reopen a major antimony mine.
The province says Toronto-based Avenir Minerals has the exclusive rights to explore the former Lake George mining site, located southwest of Fredericton.
The abandoned mine used to be one of North America’s largest producers of the critical mineral antimony, and operated intermittently from 1876 to 1996.
The shiny grey metal is mainly used as a flame retardant, but it is also used in solar panels, lead-acid batteries and more recently in infrared missiles, nuclear weapons and night vision goggles.
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The agreement comes after the province announced it had started negotiations with Avenir Minerals in July.
Alden Greenhouse, chief executive of Avenir Minerals, says his company has 30 months to study the mine’s potential for antimony and other critical minerals.
Greenhouse says the exploration process will likely include drilling and consultation with First Nations.
The province on Monday announced a similar exploration deal with U.S.-based Regeneration Enterprises for an abandoned mine site in northern New Brunswick.
The province’s Liberal government has been working to rejuvenate New Brunswick’s mining industry, once a key economic driver.
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