Boron One Serbia PEA update: economics and design notes for mine planners
Reviewed by Joe Ashwell

First reported on MINING.com
30 Second Briefing
Boron One’s updated PEA for the Piskanja underground boron project in southern Serbia lifts the after-tax IRR to 89% and NPV (10% discount) to US$558.8 million, with unchanged initial capex of US$79.9 million and a sub‑one‑year payback, but shortens mine life to 13 years and trims average annual EBITDA to US$87.7 million. The plan now targets average yearly output of 157,600 tonnes of colemanite, 83,800 tonnes of ulexite and 25,000 tonnes of boric acid, at all‑in sustaining costs of US$231.44 per tonne. The revised study incorporates new geotechnical testing, a 3D resource model by borate type and a binding offtake for at least 25,000 tonnes of boron products per year, subject to permitting and plant qualification.
Technical Brief
- PEA assumes product pricing of US$650/t for colemanite and ulexite, and US$1,000/t for boric acid.
- Capital and operating cost estimates are stated at ±35% accuracy, typical of early-stage underground project studies.
- Sustaining capital is forecast at US$38.1 million over the 13‑year mine life.
- Measured and indicated resources: 7.1 Mt at 32.4% B₂O₃, containing 2.3 Mt B₂O₃.
- Previous (2022) resource model quoted 6.9 Mt at 34.4% B₂O₃ for 2.36 Mt contained.
- Borate mineralisation occurs in sedimentary host rocks, with colemanite, ulexite and howlite as key ore minerals.
- Updated PEA integrates new metallurgical/processing testwork, 3D borate‑type modelling, revised mine designs and geotechnical testing.
- Binding offtake covers minimum 25,000 t/y boron products for three years, expandable to 50,000 t/y.
Our Take
With an after-tax IRR of 89% on initial capital of US$79.9 million, Piskanja screens as a relatively low-capex, high-return critical mineral play in our database, which could appeal to strategics looking for EU-adjacent boron exposure outside Turkey and China.
Measured and indicated resources of 7.1 Mt at 32.4% B2O3 place Piskanja among the smaller boron assets in our coverage by tonnage, but the combination of grade and EU-proximate location in southern Serbia gives it strategic weight in ‘critical mineral’ policy discussions in the European Union and United Kingdom.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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