WEBVTT - US Antimony, Americas Gold and Silver to Work on New Processing Site

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news. You're listening to Bloomberg

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<v Speaker 1>BusinessWeek with Carol Masser and Tim Stenovek on Bloomberg Radio.

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<v Speaker 2>Well, you might recall earlier this month Bloomberg exclusively reporting

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<v Speaker 2>out that President Trump was set to launch a strategic

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<v Speaker 2>critical mineral stockpile with twelve billion dollars in seed money,

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<v Speaker 2>all in a bid to insulate manufacturers from supply shocks

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<v Speaker 2>as the US works to slash its reliance on Chinese

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<v Speaker 2>rare earths and other metals. Meantime, you see a lot

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<v Speaker 2>of companies doing deal in the space.

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<v Speaker 1>Tip.

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<v Speaker 3>Yeah, I'm at today. Shares of America's Gold and Silver

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<v Speaker 3>Corporation rallied as much as eight percent this after the

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<v Speaker 3>miners said it would partner with United States Antimony to

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<v Speaker 3>construct and operate an antimony processing plan and IDA host

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<v Speaker 3>some details here and then we're going to get to

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<v Speaker 3>the conversation. Facility will be fifty one percent owned by

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<v Speaker 3>America's Golden Silver and forty nine percent owned by US Antimony.

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<v Speaker 3>It'll be located in the Silver Valley in Idaho.

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<v Speaker 2>All Right, So let's get to great to have with US.

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<v Speaker 2>Gary Evans, Chairman and CEO of United States Antimony Corporation.

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<v Speaker 2>It's a one point one billion dollar market cap minor,

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<v Speaker 2>producer and seller of antimony products. It's based in Montana.

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<v Speaker 2>Stock is up sixty six percent year to date, about

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<v Speaker 2>twenty one percent of the float. Short also with US

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<v Speaker 2>as Paul Andre Hewitt. He is chairman and CEO of

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<v Speaker 2>the two point six billion dollar market cap precious metal

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<v Speaker 2>minor based in Ontario, Canada. It is America's gold and

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<v Speaker 2>silver corporation. That company shares are up about sixty one

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<v Speaker 2>percent year to date, and we've seen it move in

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<v Speaker 2>today's session. Gary and Paul both joining us here in studio. Welcome, welcome, welcome.

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<v Speaker 2>Tell us about this joint venture, the financial aspects, how

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<v Speaker 2>it actually logistically works down, and what it means in

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<v Speaker 2>terms of critical minerals in the US and just kind

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<v Speaker 2>of elsewhere. So whoever wants to pick it up, Yeah.

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<v Speaker 1>I'll just start. So, look, this joint venture we've been

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<v Speaker 1>working on it actually not that long, to be very honest.

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<v Speaker 1>Actually Gary and I were talking about it. We met

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<v Speaker 1>about a month ago. We one month ago we met,

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<v Speaker 1>both teams assembled at the Mind Sight in Idaho. His

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<v Speaker 1>executive team, my executive team. We were signing documents late

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<v Speaker 1>last night with our legal teams, both of us at

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<v Speaker 1>ten thirty at night, finalizing this and this is a

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<v Speaker 1>transformational deal. Actually, this allows us to supply a product

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<v Speaker 1>antimony to the US from the beginning right to the end.

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<v Speaker 1>So US Gary's the expert in the antimony world, we're

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<v Speaker 1>the experts in the mining world. And what we have

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<v Speaker 1>is a mine, the Galina Mine in Idaho. Right now,

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<v Speaker 1>we've got about three hundred and thirty employees. We just

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<v Speaker 1>bought a second mine in Idaho. We closed it in December,

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<v Speaker 1>so we bought the original one, transferred the whole management team,

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<v Speaker 1>and made some big upgrades in capital. What we're doing

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<v Speaker 1>is revolutionizing this mine. This mine's been around for a

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<v Speaker 1>long time and it produces five critical minerals. So we

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<v Speaker 1>produce silver, copper, antimony, lead, and then a small amount

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<v Speaker 1>of goal, but they're all five critical minerals, which is

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<v Speaker 1>very very important. This deal is very important to us

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<v Speaker 1>in US minors and to the US as a whole,

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<v Speaker 1>because we need fifty million pounds of antimony per annum

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<v Speaker 1>and we're not even close to producing it, not yet.

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<v Speaker 1>So this will allow us to start chewing away and

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<v Speaker 1>getting some of that antimony produced domestically.

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<v Speaker 3>So Paul Andre Hugh had given us the America's Gold

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<v Speaker 3>and Silver Corporation view. Gary Evans, come on back in

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<v Speaker 3>here and talk about why this deal made sense for

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<v Speaker 3>you at US antimony.

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<v Speaker 4>As you know, we're the only two we have the

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<v Speaker 4>only two smelters for antimony in North America, so Montana

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<v Speaker 4>and Mexico. And currently we're getting most of our supply

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<v Speaker 4>from foreign sources and get it from the country of Chad,

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<v Speaker 4>from Peru, Bolivia, Australia, Chile, Mexico, and we are looking

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<v Speaker 4>for homegrown antimony. We are already processing Paul's antimony through

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<v Speaker 4>another facility up in Canada. We receive that and we

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<v Speaker 4>can make antimony try sul fight out of it. So

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<v Speaker 4>the idea of when we met a month ago, met

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<v Speaker 4>our two management teams got together. We immediately said, look,

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<v Speaker 4>this is an easy answer. We'll put our new technology

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<v Speaker 4>we developed in Bolivia. Last year we made the first

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<v Speaker 4>commercial grade antimony hydromet facility and it's now we receive

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<v Speaker 4>one hundred and fifty tons a month of antimony from

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<v Speaker 4>that facility. We can duplicate that in the United States.

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<v Speaker 4>So we have the technology, we have the patents, we

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<v Speaker 4>had the license for North America and Australia. He has

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<v Speaker 4>a land, he has a supply. So it was a

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<v Speaker 4>marriage made in heaven.

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<v Speaker 2>So why weren't you processing here in the US.

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<v Speaker 4>Well, we are processing, but it's using foreign supplies. So

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<v Speaker 4>he has domestic supplies which the country doesn't have.

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<v Speaker 2>New So the processing facility that you're going to be building, yes,

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<v Speaker 2>give us timeline. When is it going to be running

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<v Speaker 2>up at commercials is a great question.

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<v Speaker 4>He fortunately has all the permits that we need. Okay,

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<v Speaker 4>so we are in the construction engineering phase. Now we

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<v Speaker 4>should start within ninety day, be done in a year.

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<v Speaker 2>Wow, So in a year, Yeah, it's up in functioning.

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<v Speaker 4>Yeah.

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<v Speaker 1>If you think about the last one, sorry to interrupt,

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<v Speaker 1>the last one that was built in the US was

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<v Speaker 1>built in nineteen forty two at that same area in

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<v Speaker 1>Silver Valley, and it took six months to build it.

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<v Speaker 1>During World War Two that was actually built. Gary's team

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<v Speaker 1>just built one in six months in Bolivia. So these

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<v Speaker 1>are not massive facilities, but they're very important. So we

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<v Speaker 1>will once we get the once we get the engineering

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<v Speaker 1>stages and everything done, and we start construction. It'll go

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<v Speaker 1>pretty quick from that time.

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<v Speaker 3>Carrol mentioned Project Vault. Earlier this month, Bloomberg exclusively reporting

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<v Speaker 3>out that President Trump set to launch a strategic critical

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<v Speaker 3>mineral stockpile with twelve billion dollars in seed money. Gary,

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<v Speaker 3>have you been in touch with the White House the

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<v Speaker 3>administration at all about this? How much antimony do you

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<v Speaker 3>expect the stockpile will hold?

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<v Speaker 1>Well?

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<v Speaker 4>We currently have a contract with a DLA, which is

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<v Speaker 4>an Apartment of War, for two hundred and forty five

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<v Speaker 4>million dollars to deliver antimony ingots, which is like a

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<v Speaker 4>goal barn antimony bar cereal stamp. To put it on

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<v Speaker 4>a pallette, We shrink wrap it and we send it

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<v Speaker 4>to the government strictly for inventory for all the subcontractors

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<v Speaker 4>of the government. Could be Buoying Northland, could be general motors.

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<v Speaker 4>They need antimony to make their products. So we are

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<v Speaker 4>the stockpiler for the government, and we're the only approved company.

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<v Speaker 4>In fact, when it went out to guv dot com,

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<v Speaker 4>it said the United States Antimony Corporation is the only

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<v Speaker 4>company capable of bidding on this contract. And so the

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<v Speaker 4>fact that we've been around fifty something years, we can

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<v Speaker 4>do this and so now we can take America's Gold

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<v Speaker 4>Silver's antimony through our new hydromet process and do the

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<v Speaker 4>same thing.

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<v Speaker 3>Have you talked to the White House just in the

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<v Speaker 3>last few months about.

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<v Speaker 4>This, Well, General Jack Keane, I don't know if you

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<v Speaker 4>know who he is. He's on our board of directors

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<v Speaker 4>and so he's been very helpful. We've already won the

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<v Speaker 4>DLA contract, we have a Department of War grant coming

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<v Speaker 4>with our now new joint venture. We're finding a new

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<v Speaker 4>white paper with Apartment of Wars. We filed a grant

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<v Speaker 4>request at Apartment of Energy for forty five million dollars

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<v Speaker 4>January fifteenth. So we are constantly in the mixed seeking

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<v Speaker 4>capital to help grow the center price.

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<v Speaker 2>We're talking with Gary Evans, chairman and CEO of US Antimony,

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<v Speaker 2>and Paul Andrehwitt at CEO at America's Gold and Silver Corporation.

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<v Speaker 2>Without the US support and backing, would this be happening.

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<v Speaker 1>Yeah, Look, there's no doubt what's happening now is changing

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<v Speaker 1>things for us, and it's opening doors this.

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<v Speaker 2>Project, financially changing it, making it well.

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<v Speaker 1>We're going to be one of the first groups Carol

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<v Speaker 1>actually putting in submitting this white paper for capital.

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<v Speaker 4>Okay, and nobody's done that yet.

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<v Speaker 1>Okay, we're the first, so which is really important. I

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<v Speaker 1>was just at the White House. In fact, I've met

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<v Speaker 1>with a couple of Senators, governor, congressman, and it's very

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<v Speaker 1>clear that this this project vault, it creates a floor.

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<v Speaker 1>It allows us to not have that volatility that we're

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<v Speaker 1>up against. You know, we've got to prepare ourselves for

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<v Speaker 1>if China's going to dump a whole bunch of antimony

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<v Speaker 1>on the market, We've got to be able to protect

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<v Speaker 1>that pricing for us, like people like us who are

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<v Speaker 1>producing it domestically.

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<v Speaker 2>Well, let's go there. Because you know, you also have

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<v Speaker 2>the US reaching agreements with the European Union to PanAm

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<v Speaker 2>Mexico to cooperate on securing critical minerals used in various industries.

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<v Speaker 2>So they have committed to creating price floors. What kind

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<v Speaker 2>of price floor is needed for antimony? What would be

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<v Speaker 2>the ballpark the price that kind of would shield you

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<v Speaker 2>from China oversaturating the market.

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<v Speaker 4>I think something in the twenty dollars per pound range

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<v Speaker 4>would be a great price floor to protect us. You

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<v Speaker 4>got to understand China has one hundred year plant. We've

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<v Speaker 4>been sitting behind the eight ball for twenty five years,

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<v Speaker 4>watching China go all over the world, take over countries,

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<v Speaker 4>take over minds, and they drove the antimony price down

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<v Speaker 4>to such a level it drove everybody out of business.

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<v Speaker 4>And fortunately our company stayed alive, only one that did

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<v Speaker 4>stay alive. Yeah, and now we're reaping the benefit of

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<v Speaker 4>having these refineries up and running.

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<v Speaker 3>Hey, Paul, you have lived all over the world. You've

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<v Speaker 3>done this all over the world. We're a big part

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<v Speaker 3>of the conversation is the US reliance on China. Yeah,

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<v Speaker 3>and I'm just curious what you're seeing because the US

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<v Speaker 3>and China still haven't reached an agreement when it comes

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<v Speaker 3>to export control licenses for rare earths and permanent magnets

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<v Speaker 3>are are is any export any antimony being exported from

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<v Speaker 3>China to US consumers that's not military related? And Garry

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<v Speaker 3>feel free to jump in here too.

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<v Speaker 1>Yeah.

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<v Speaker 4>I mean I could probably answer this pretty well because

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<v Speaker 4>we monitored daily. China cut off all antimony exports in

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<v Speaker 4>every country in the world, including the United States in

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<v Speaker 4>September twenty four. People think, oh, it's got to do

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<v Speaker 4>with Trump's tariffs. This was during the Biden deministration. This happened, well,

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<v Speaker 4>guess what China's biggest mind called the twinkle star of

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<v Speaker 4>mine in China depleted last June of twenty four, so September,

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<v Speaker 4>three months later, they stopped all exports. Now are we

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<v Speaker 4>seeing antimony dripping into the market in the black market?

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<v Speaker 4>Probably some coming from Vietnam, Malaysia, Indonesia, but China has

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<v Speaker 4>actually arrested twenty some odd people. They don't want antimony

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<v Speaker 4>going to the free world. Why we all need it?

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<v Speaker 4>In military, you can't fire a bullet without antimony. Laser

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<v Speaker 4>guided missiles, night vision cameras, not vision binoculars. I mean,

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<v Speaker 4>it's in everything you can imagine in the military. And

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<v Speaker 4>so our administration fortunately has taken the lead and saying

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<v Speaker 4>we've got to fix the critical mental problem. And it

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<v Speaker 4>is fixable, but it's gonna take some time, and it's

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<v Speaker 4>gonna take a lot of money.

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<v Speaker 1>And the one thing that I heard coming out of

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<v Speaker 1>the White House, Tim was very clear. One of the

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<v Speaker 1>messages I was talking about was well, we need fifty

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<v Speaker 1>million pounds and we're going to be able to help

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<v Speaker 1>make that solution. But it was very clear to me

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<v Speaker 1>leaving the White House that we have to also think

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<v Speaker 1>about our allies, And honestly, I never thought of that.

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<v Speaker 1>As CEO of America's Golden Zilver, I thought, but go.

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<v Speaker 2>There because there's so much conflict. It feels like even

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<v Speaker 2>with the US and its traditional allies that have been

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<v Speaker 2>there for a long time, you're saying we can't do that.

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<v Speaker 2>We've got to be cooperating.

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<v Speaker 1>Right, Carol. Look, it was very crystal clear and was

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<v Speaker 1>made very clear to me. Change your pitch, even as

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<v Speaker 1>the CEO of America's Gold and Silver. Change your story,

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<v Speaker 1>because you don't just need fifty million pounds for the US,

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<v Speaker 1>you need another eighty percent on top of that for

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<v Speaker 1>our allies who we have to make sure in NATO

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<v Speaker 1>that we protect along the way, which honestly, for me,

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<v Speaker 1>I didn't understand that completely, and I don't I think

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<v Speaker 1>a lot of people don't understand it. Never mind the

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<v Speaker 1>fifty million pounds we consume per year, right our allies

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<v Speaker 1>is another forty million pounds, So we've got a deficit here.

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<v Speaker 1>China's been so far ahead, Like Gary says, we're starting

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<v Speaker 1>to help this situation significantly by this.

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<v Speaker 2>JV, which goes back to national security. Can't just think

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<v Speaker 2>about your own backyard. You've got to think about your

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<v Speaker 2>allies as well. Gentlemen, please stay in touch, let us

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<v Speaker 2>know how things are going. Gary Evans, CEO of US

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<v Speaker 2>Antimony Corporation. Paul Andrey Hewitt, he is CEO of America's

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<v Speaker 2>Golden Silver Corporation. You are listening and watching Bloomberg BusinessWeek

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<v Speaker 2>Daily