Borates are used in a variety of important materials and industrial applications including:
- insulation fibreglass
- glass manufacturing
- ceramic glazes
- porcelain enamels
- cleaning and detergent products
- nuclear shielding and cooling for nuclear reactors due to its unique capability of capturing neutrons
Agriculture sector is also a large user of borates worldwide given the fact that it is one of the seven essential micronutrients vital for fertilisation, fruit and seed production. Indeed, growth within the agriculture sector is just one of a number of reasons why demand for borates is growing, along with improved standards in the construction industry and the rising size of urban populations, particularly in Asia.
72% of global production is derived from two producers – Rio Tinto and Eti Maden (a state owned Turkish business). It is a widely used industrial mineral with world consumption at approximately 1.1Mtpa. China is the largest consumer of boron based materials. However, Mexico has a domestic requirement for borates and Bacanora will focus on selling in-country.