Boron One’s preliminary economic assessment for its Piskanja boron project in Serbia estimates a post-tax net present value of US$638.8 million at an 8% discount rate and an internal rate of return of 89%. It puts initial capital expenditure at US$79.9 million, giving the project an economic case for further assessment but not a reserve-backed development decision.
The project concept envisages a 13-year mine life, with average annual production of approximately 157,600 tonnes of colemanite and 83,800 tonnes of ulexite. It also includes annual production of 25,000 tonnes of boric acid.
The proposed product mix would link mining with chemical processing and industrial customers rather than depend on a single raw-mineral concentrate. Piskanja is therefore a potential integrated mining-and-chemicals development, although the project’s investment case depends on how much processing takes place in Serbia and how much value is captured there instead of exporting lower-value mineral products.
Boron is used in glass, ceramics, insulation, agriculture and specialised industrial applications. European boron supply security is an industrial issue as manufacturers seek to diversify from concentrated global sources, making potential regional supply relevant to industrial customers.
The preliminary assessment does not establish that development will proceed. Its assumptions require validation through detailed engineering, metallurgical performance and market studies, as well as product qualification, permitting, infrastructure and financing. Those steps will need to support the project’s technical and commercial basis.
If subsequent technical stages support the assessment’s assumptions, Serbia could add boron to minerals that are strategically relevant to European industrial supply chains. The assessment leaves open whether Piskanja can confirm its assumptions and establish a processing strategy that captures value in Serbia.
