DFC Backs Revival of Key Antimony Project to Bolster Industrial Supply Chains for U.S. and Allies

WASHINGTON, D.C. - The U.S. International Development Finance Corporation (DFC) today signed a Project Development (PD) agreement with Pela Global Limited (Pela) for the revival of a brownfield antimony mine and processing operation at the Krstov Dol Mine in the Republic of North Macedonia. This deal marks DFC's first antimony investment, a mineral used in a range of industrial and defense applications, and first project in North Macedonia.

"DFC is proud to announce our partnership with Pela on this strategic Project Development agreement, our first in North Macedonia," said DFC CEO Ben Black. "By supporting the revival of the brownfield antimony mine and processing operation at Krstov Dol, this project will help diversify global antimony supply away from China and secure a reliable source of this critical mineral for the U.S. and our allies."

"This partnership with DFC enables us to bring the Krstov Dol Mine back into production. It marks an important step in advancing a proven asset, while supporting efforts to strengthen and diversify antimony supply for U.S. and allied markets," said Nik Jovanovski, founder and managing director of Pela.

Background:

Antimony is a critical mineral that is a key component in flame-retardant materials, batteries, semiconductors, armor, and more. Antimony has been subject to Chinese export restrictions, which have driven up the price and threatened U.S. access to this material. This PD investment in the Krstov Dol Mine in North Macedonia has the potential to support U.S. and allied markets that are actively seeking to diversify away from a reliance on China and geopolitical manipulation. PELA recently collaborated with PGM Processing, a U.S.-based company, to explore a commercial offtake arrangement for potential processing in the United States.

The $5 million in PD funding will support a structured program of activities designed to confirm the project's technical and commercial viability and prepare it for potential construction. This work includes updated analysis of the site's mineral resources and feasibility studies to guide the engineering, costs, and operational planning.

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The U.S. International Development Finance Corporation (DFC), established in 2019 with bipartisan support under President Trump, is the international investment arm of the U.S. Government. DFC partners with the private sector to advance U.S. foreign policy and strengthen national security by mobilizing private capital around the world. DFC invests across strategic sectors including critical minerals, modern infrastructure, and advanced technology - fostering economic development, supporting U.S. interests, and delivering returns to American taxpayers.