Abandoned pits of Ibar mines full of boron ore – Reserves estimated at around 7.8 million tons

The Canadian geological company Erin Ventures has discovered boron ore reserves estimated at 7.8 million tons close to the abandoned Ibar coal mines, which belong to the PE for underground exploitation of coal Resavica in the Piskanja area, near Baljevac in Raska, Novosti learns.

According to the newspaper's information, this small Canadian company is now negotiating with the biggest global boron producers about the exploitation of the site, which, according to the estimates, might be used for the next two decades, in which period a total gross income of USD 2 billion might be made, i.e. nearly USD 100 million a year.

Furthermore, considering the proximity of the Ibar coal mines and qualified workforce, the estimates say that the mine might become fully operational in the next 15 months. Unofficially, one of the most serious candidates for the job is the multinational company Rio Tinto.

This company owns nearly 50% of the global boron reserves. Rio Tinto, which has 200,000 employees and mines on five continents, has found a major lithium ore site in the Loznica area and it is also exploring the Bor area in search of new copper and gold sites.

Boron minerals are indispensable in the ceramics industry, in the production of glass for electronic products, fiberglass, agricultural products, detergents, and are also used to treat arthritis and osteoporosis.

An even bigger paradox is that it was Rio Tinto that was awarded the concession for the exploration of this area in search of boron ore nearly 15 years ago at an international tender. They were obliged by contract to invest EUR 20 million in these activities and an additional EUR 140 million for opening mines and accompanying facilities.

In late 2008, Rio Tinto notified the Government of Serbia that it was giving up on the concession in the area, as the explorations had failed to meet their expectations. Following that, the exploration right was awarded to the then little know Erin Ventures, which, nevertheless, managed to find considerable reserves of boron ore.

Rio Tinto plc London

Vlada Republike Srbije

Erin Ventures

Ibar coal mines

Resavica mine

Boljevac

boron ore

Rio Tinto

Government of Serbia