(Bloomberg) -- The Biden administration has given initial approval to Perpetua Resources Corp. for one of the largest gold, silver and antimony mines in the US.
The US Forest Service plans to make public a draft record of decision authorizing the Stibnite Gold Project in the Payette and Boise National Forests, the agency said in a statement Thursday.
The project, which will restore an abandoned mine site in rural Idaho, is on track to receive final approval by the end of 2024, Perpetua said in a statement Thursday.
The open-pit mine has an estimated 4.8 million ounces of gold reserves and a reserve of 148 million pounds of antimony — a byproduct of gold production that is essential for national defense, clean energy and technology applications with no domestically mined supply available, the company said.
Shares of Perpetua soared as much as 14% in New York, the biggest intraday jump since mid-August.
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