Canadian Company Erin Ventures Finds Boron Reserves Worth Over USD 2 Billion in Piskanja Area

The Canadian company Erin Ventures has detected reserves of the boron ore in the Piskanja area, not far from the abandoned coal mines near Baljevac on the Ibar (Municipality of Raska). The gross value of the reserves exceeds USD 2 billion. As Novosti reports, they have signed an agreement with another Canadian company, Temas, which will invest EUR 10.5 million in the next four years in exchange for half of the ownership. According to the preliminary feasibility study, this mine could be operational for 21 years.

In that period, 11 million tons of boron could be extracted from here. The element is used in space technology and mobile phone manufacture. Temas is also exploring rare elements such as titanium and vanadium.

Erin entered the boring program near Baljevac on the Ibar after the multinational company Rio Tinto gave up on the concession in that area.

It is Rio Tinto, along with the Turkish state company Eti Maden, that controls as much as 80% of the world production of boron. Most reserves, as much as 75%, are located in Turkey.

The discovery of the Canadian Erin has now put Serbia among the countries featuring large reserves of this ore.

Erin Ventures Inc

Rio Tinto Exploration Dunav d.o.o. Beograd

Erin Ventures

Temas

Rio Tinto

Eti Maden

Piskanja area

boron ore reserves

boron

Baljevac

Ibar