Energy transition will propel the 'niche' boron market

Significance

Found as a by-product in certain lithium deposits, its applications now include renewables, energy efficient construction, electric vehicles (EVs) and new fertilisers. Boric acid prices oscillated between USD600-850 per tonne before reaching USD1,200 in 2022 and settling near the upper end of this historical pattern in 2023.

Impacts

• Canter Resources will start mining at a Nevada site which mined borate in the late 1800s.
• It was recently found that hexagonal boron nitride improves the chargeability of graphene material, which can be used in EV batteries.
• Japanese and US scientists have tested a hydrogen-boron fuel cycle in magnetically confined plasma; this promises a lower-cost fuel cycle.
• EVs use boron-laden magnets; annual boron demand from this sector will nearly triple from the current 630 kilotonnes in coming years.