An exploration company with a mining project in an area of Idaho that once produced tungsten to toughen American armor in World War II has taken on a new name and a U.S. listing.
Midas Gold Corp. has been renamed Perpetua Resources Corp. and granted a Nasdaq listing, with its U.S. trading debut set for Feb. 18 under the symbol “PPTA”, the Boise, Idaho-based company said Tuesday in a statement. The new moniker was inspired by Idaho’s state motto “Esto Perpetua” — from the Latin meaning “be eternal” — and the moves reflect a decision by the former Canadian miner to focus on the U.S. and a mineral called antimony.
“We have always been more than a gold mining company, but you wouldn’t have known it by our name,” Chief Executive Officer Laurel Sayer said in the statement. “Perpetua Resources better reflects our plan to restore an abandoned mining site, to responsibly develop the critical resources our country needs for a more secure and sustainable future and to be guided by a commitment to Idaho’s resources and people.”
The company aims to restore an abandoned mine in central Idaho to produce both gold and the only mined source of antimony in the U.S. The mineral strengthens metal in munitions and is used in batteries, solar panels and wind turbines. China is the leading producer of the mineral, accounting for more than 52% of mined production last year, according to the U.S. Geological Survey.
Antimony is on list of 25 minerals the U.S. considers critical to national security that have received increased scrutiny by U.S. lawmakers amid worries that China could block exports and hurt defense companies, electric-vehicle makers and other industries reliant on such materials.
(By Joe Deaux)