Boron from Piskanja which Canadians would mine estimated at USD 5.5 billion – Serbian mineral worth its weight in gold for European industry

The estimated value of boron resources in Piskanja near Raska is as much as USD 5.5 billion. This estimate was made in accordance with data from IMARC Group, a company that provides market estimates of mineral prices and which estimated boron at an incredible USD 780 per ton in the fourth quarter of last year.

The information was published by the Canadian financial portal Stockhouse in cooperation with the company Boron One Holdings Inc. from Canada, which is developing this project in Serbia and is one step away from opening a mine.

The text reminds that boron, a mineral with wide applications, is key to numerous industries, including the production of glass and optical fibers, metallurgy, electronics, renewable energy sources, batteries and electric vehicles. It is emphasized that European countries are almost completely dependent on boron imports, which makes the development of resources in Serbia strategically important for the industrial and energy security of the continent.

As stated, Boron One is the only public company in the world with a pure focus on boron, aiming to diversify its global supply and compete with major players such as Rio Tinto and Eta Maden. The Piskanja project near Raska, which is 100% owned by the Canadian company, has high-quality boron resources with low arsenic contamination, which further increases its attractiveness to European consumers.

The Piskanja resource estimates include 1.39 million tons of measured, 5.48 million tons of indicated and 284,700 tons of inferred B2O3 (boron oxide), with an average boron content of 34–40%.

According to Stockhouse, Boron One has so far completed a preliminary economic resource assessment at the Piskanja project (2022), a feasibility study (2023) and an environmental impact assessment (2025). The company is reportedly in the process of obtaining all necessary permits for exploitation and is currently working on the second of three licensing phases, with plans to enter the construction and processing phase. As a reminder, Boron One announced in March that it was in the process of vetting and negotiating with a potential strategic partner which has a strong need for borate minerals and derivatives.

In addition, as Stockhouse reminds, the Canadians have also launched an initiative to rehabilitate the nearby colemanite mine (boron ore) Pobrdje, which could accelerate the path to production and revenue generation.

Last spring, eKapija reported an announcement by the Canadian company Boron One Holdings that its Serbian subsidiary, Balkan Gold doo, had signed a Letter of Intent with RKU Resavica regarding the renovation of this boron mineral mine in Resavica.

In this mine, operated by Ibarski rudnici, the state first began trial exploitation of borate ore in Serbia in the 1990s, and it has been operating as a boron mine for more than a decade. Minerals found in Pobrdje primarily include colemanite, which is used to stop nuclear reactions in nuclear reactors and protect against radioactive radiation, as well as smaller reserves of howlite.

Boron One has expressed its intention to modernize the Pobrdje mine and bring in new equipment that will enable ore to be extracted from lower deposits.

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