Canadian company Boron One, through its Serbian subsidiary Balkan Gold, has signed a Letter of Intent with Serbia’s state-owned Resavica Coal Mines to renovate and potentially take over operations at the Pobrđe borate mine, located near Baljevac in southern Serbia. This marks a shift from coal to borate mining in the area, supporting Boron One’s strategy of becoming a key player in sustainable resource extraction.
The Pobrđe mine is located just 2.5 kilometers from Piskanja, a borate deposit already owned by Boron One. In 2020, the company discovered borate reserves there estimated at more than two billion dollars. Given its proximity, Pobrđe is considered a strategic site for future extraction operations once the Piskanja mine is opened. The existing mine at Pobrđe already has a valid mining license and infrastructure in place, including access roads and a railway just 200 meters from the deposit. This rail line connects directly to ports in Montenegro and Croatia, as well as to the river port in Belgrade, allowing access to European markets via the Danube.
Pobrđe has been producing borate minerals, primarily colemanite, for over a decade. Colemanite is used in nuclear reactors and radiation shielding. The site also contains smaller reserves of howlite. Although it is a small mine, Boron One’s CEO Tim Daniels explained that it offers many advantages, such as ready-to-use infrastructure, high mineral content, and an experienced local workforce. With the closure of coal operations expected within the next 18 to 24 months, many miners in the region would be left without employment. The proposed partnership offers a solution for both the state and the workers.
Daniels also noted that Boron One plans to modernize the Pobrđe mine with new equipment capable of extracting ore from deeper layers. He emphasized that this collaboration has the potential to make Boron One a central figure in the global borate industry and open the Piskanja mine within a few years. Demand for borates is high, and the company is already in talks with potential partners for the Piskanja project.
Boron One, previously known as Erin Ventures, began discussions with Serbian authorities in 2017 regarding the commercial revival of Pobrđe. The plan included giving Balkan Gold exclusive rights to all borate produced at a fixed price. Erin Ventures initially explored the area in the 1990s, but operations were interrupted by sanctions. They returned in 2012 after Rio Tinto withdrew from its concession.
In addition to Canadian interest, Indian company Usha Industries expressed interest in investing in Pobrđe in 2013. According to Boron One’s data, the Piskanja deposit contains 5.48 million tons of indicated mineral resources. The mine could operate for 21 years and produce up to 11 million tons of borates, which are used in aerospace technology and smartphone manufacturing.
The price of borate has doubled over the past five years, reaching over 700 dollars per metric ton in December. The borate ore near Baljevac has an average purity of about 40 percent, making it among the highest-grade deposits in the world.
