Borate Mineral

Borate Mineral Market Outlook

The global borate mineral market is projected to reach approximately USD 8.50 billion by the year 2035, growing at a compound annual growth rate (CAGR) of around 4.5% during the forecast period from 2025 to 2035. This growth trajectory is attributed to the increasing demand for borate minerals across various applications, particularly in the glass and ceramics industries. The rise in agricultural practices and the growing need for fertilizers also contribute significantly to the market’s expansion. Furthermore, the advancements in mining technologies and the increasing investments in the borate mineral sector are expected to create new opportunities for market players. Improvements in production techniques and the development of new applications for borate minerals will further bolster market growth.

Growth Factor of the Market

One of the primary growth factors for the borate mineral market is the significant demand from the glass and ceramic industries, where borates are essential for improving the durability and thermal resistance of products. Additionally, the agricultural application of borates as micronutrients in fertilizers is driving the demand, as these elements are vital for the healthy growth of crops. The rise in construction activities worldwide is also contributing to the market, as borates are used in insulation materials and flame retardants. Furthermore, the increasing usage of borate minerals in the production of detergents and soaps, due to their ability to enhance cleaning efficacy, is another factor propelling market growth. Lastly, the surge in consumer awareness regarding sustainable and eco-friendly materials is leading to higher adoption rates of borate minerals.

Key Highlights of the Market

• The global borate mineral market is expected to grow at a CAGR of 4.5% from 2025 to 2035.
• Glass and ceramics applications dominate the market, accounting for the largest share of borate consumption.
• North America holds a significant market share, driven by major production and consumption sectors.
• Emerging economies in Asia Pacific are witnessing rapid growth in the demand for borate minerals.
• Technological advancements in mining and processing methodologies are enhancing production capabilities in the sector.

By Product Type

Borax:

Borax, also known as sodium borate, is one of the most widely used forms of borate in various industrial applications. It serves as a crucial ingredient in glass manufacturing, enhancing durability and thermal resistance. Borax is also utilized in the agricultural sector as a micronutrient in fertilizers, promoting healthy plant growth and improving crop yields. The increase in demand for borax in the production of detergents and cleaning products has further solidified its position in the market. As environmentally friendly products gain popularity, the use of borax is expected to increase due to its natural properties and effectiveness in various applications.

Kernite:

Kernite, another significant boron mineral, is primarily used in the production of boron compounds and borate products. It has a high boron content, making it an essential raw material in the glass and ceramics industries. The demand for kernite is largely driven by its use in manufacturing fiberglass insulation and other composite materials. Additionally, kernite’s applications in agriculture as a source of boron for fertilizers are growing, especially in regions where soil boron levels are deficient. The expanding construction sector is further propelling the need for kernite, as it plays a critical role in producing advanced materials with enhanced properties.

Ulexite:

Ulexite, often referred to as “TV rock” due to its natural fiber optic properties, finds extensive applications in the glass and ceramic industries. Its unique composition allows it to be used in the manufacture of borosilicate glass, which is highly valued for its resistance to thermal shock. Furthermore, ulexite is utilized in agriculture as a source of boron, particularly in arid regions where soil boron can be limited. As awareness grows about the benefits of using boron in fertilizers, the demand for ulexite is expected to increase. Additionally, ulexite's effectiveness in enhancing the properties of various materials, including ceramics and enamel coatings, adds to its market appeal.

Colemanite:

Colemanite, a calcium borate mineral, is recognized for its diverse applications across multiple industries. It is primarily used in the manufacturing of glass and ceramics, where it helps improve product quality and performance. Colemanite is also employed in the agricultural sector as a boron source for fertilizers, enhancing crop quality and yield. The chemical industry values colemanite for its role in producing boron compounds, which are utilized in pharmaceuticals and other sectors. The increasing focus on sustainable agricultural practices is likely to drive the demand for colemanite, as it serves as an eco-friendly nutrient source.

Priceite:

Priceite is a less common borate mineral but has gained recognition in niche applications, particularly in the glass and ceramics sectors. Its unique properties make it suitable for specific formulations where other borate minerals may not suffice. Priceite is also being studied for potential applications in the agriculture sector, where it may serve as a source of boron. As research continues into the properties and benefits of priceite, its presence in the market is expected to grow, particularly in specialized applications that require high-performance materials. The expanding market for advanced materials, coupled with ongoing research, positions priceite as a mineral with promising potential.

By Application

Glass:

The glass industry is one of the largest consumers of borate minerals, utilizing them to enhance product quality and performance. Borates are vital in the production of various glass types, including container glass, flat glass, and specialty glass. They improve thermal stability, reduce melting temperatures, and enhance clarity and durability. The increasing demand for glass products, driven by growth in the construction and automotive sectors, significantly contributes to the rising consumption of borate minerals. Additionally, the emergence of new glass technologies that require specialized borate formulations is expected to further propel market growth in this segment.

Ceramic:

Borate minerals play a critical role in the ceramics industry, where they enhance the properties of ceramic materials. They are essential in producing porcelain, stoneware, and other ceramic products, improving thermal shock resistance and mechanical strength. The growing demand for ceramics in various applications, including home décor, dinnerware, and tiles, drives the need for borate minerals. As consumer preferences shift towards high-quality ceramic products, manufacturers are increasingly incorporating borates into their formulations. This trend is expected to continue, leading to a steady increase in the usage of borate minerals in the ceramics sector.

Agriculture:

The agricultural application of borate minerals is gaining prominence as the importance of micronutrients in crop production becomes more widely recognized. Boron is an essential nutrient for plants, and its deficiency can lead to significant yield losses. Borate minerals are utilized in fertilizers to provide a reliable source of boron, promoting healthy plant growth and improving crop quality. With the growing global population and the increasing demand for food, the agricultural sector is expected to experience significant growth in the use of borate minerals. Additionally, sustainable agricultural practices are driving the need for eco-friendly solutions like borate-based fertilizers, further enhancing market prospects in this segment.

Detergents:

In the detergents industry, borate minerals are key ingredients that enhance cleaning efficiency and stain removal capabilities. They act as builders, softening water and improving the effectiveness of surfactants in various cleaning products. The rising demand for household and industrial cleaning products is boosting the consumption of borate minerals in this application. With increasing awareness of hygiene and cleanliness, particularly in the context of the COVID-19 pandemic, the market for detergents is on the rise, subsequently driving the need for borates. Innovations in detergent formulations that incorporate borates for better performance are likely to further contribute to growth in this segment.

Metallurgy:

Borate minerals have significant applications in metallurgy, where they are used as fluxing agents in the smelting and refining processes of various metals. They help reduce melting temperatures and improve the quality of the final product. The increasing demand for metals in industries such as construction, automotive, and electronics is driving the need for borates in metallurgical applications. As the trend towards lightweight and high-performance materials continues, the role of borate minerals in metallurgy is expected to expand, contributing to market growth. Moreover, the growing focus on sustainable mining practices and the recycling of metals is likely to enhance the demand for borate-based fluxing agents.

By Distribution Channel

Direct Sales:

Direct sales remain a prominent distribution channel in the borate mineral market, allowing manufacturers to engage directly with customers and establish strong relationships. This approach enables companies to provide tailored solutions and ensure efficient delivery of products. Direct sales are particularly effective for large-volume orders, such as those from industrial clients in the glass and ceramics sectors. As companies strive for greater operational efficiency, the direct sales model is expected to remain popular, supporting market growth. Additionally, manufacturers can leverage direct sales to offer technical support and product education, further enhancing customer satisfaction and loyalty.

Indirect Sales:

Indirect sales channels play a crucial role in expanding the reach of borate mineral products across diverse markets. Through partnerships with distributors and wholesalers, manufacturers can penetrate various geographic regions and industries more effectively. Indirect sales enable companies to tap into local market knowledge and customer relationships, facilitating smoother transactions and distribution. As the demand for borate minerals continues to grow, leveraging indirect sales channels will become increasingly important for market players. Furthermore, these channels can help in managing logistics and inventory, ensuring timely delivery and availability of products to meet customer needs.

Online Retail:

The rise of e-commerce has transformed the distribution landscape for borate minerals, with online retail becoming an increasingly important channel. Manufacturers and distributors are leveraging digital platforms to reach a wider audience, particularly small businesses and individual consumers. Online retail offers convenience and flexibility, allowing customers to order products easily and access a range of options from different suppliers. The growth of online marketplaces and the increasing acceptance of online purchasing behaviors are driving the expansion of this distribution channel. As more companies invest in their online presence, the online retail segment is expected to contribute significantly to the overall growth of the borate mineral market.

Specialty Stores:

Specialty stores cater to niche markets and specific customer needs in the borate mineral sector. These stores focus on providing high-quality borate products tailored for particular applications, such as ceramics, agriculture, or industrial processes. By offering specialized products, these stores can attract customers looking for specific solutions that may not be available through general retailers. The expertise of staff in specialty stores also adds value, as they can provide advice and recommendations to customers. As industries become more segmented and focused on specialized applications, the importance of specialty stores in the distribution of borate minerals is expected to grow.

Others:

Other distribution channels, including chemical supply companies and agricultural cooperatives, play a role in the borate mineral market, catering to specific client segments. These channels allow manufacturers to diversify their distribution strategies and reach customers who may not be accessed through traditional sales methods. Chemical suppliers often serve industrial clients in the glass, ceramics, and metallurgy sectors, providing not only borate minerals but also a wide range of related products. Agricultural cooperatives, on the other hand, focus on providing borate fertilizers and micronutrients to farmers and agricultural businesses. As the market evolves, these alternative channels are expected to complement more established distribution methods.

By Ingredient Type

Sodium Borate:

Sodium borate, commonly known as borax, is one of the most important ingredient types in the borate market. Its versatile applications span various industries, including glass, ceramics, and detergents. As a key component in manufacturing borosilicate glass, sodium borate enhances thermal stability and reduces melting temperatures. Additionally, it is widely utilized in the agriculture sector as a micronutrient, providing essential boron for crops. The demand for sodium borate is expected to grow as industries increasingly recognize its value in improving product quality and performance. With innovations in production methods and applications, sodium borate will likely continue to dominate the ingredient type segment of the borate mineral market.

Calcium Borate:

Calcium borate, primarily in the form of colemanite, is a significant ingredient in the borate mineral market, especially for applications in glass and ceramics. It enhances the performance and durability of materials, making it essential for high-quality product manufacturing. Moreover, calcium borate is increasingly recognized for its role in agriculture, where it serves as a source of boron for fertilizers. The growth of organic farming and sustainable agricultural practices is expected to drive the demand for calcium borate as an eco-friendly nutrient. As industries continue to seek innovative solutions and high-performance materials, the relevance of calcium borate in various applications will likely increase.

Magnesium Borate:

Magnesium borate is a less common yet vital ingredient type in the borate mineral market, predominantly used in specialty applications. Its unique properties make it suitable for specific formulations in glass and ceramics, improving thermal and chemical resistance. Furthermore, magnesium borate is gaining recognition in the metallurgy sector as a fluxing agent, enhancing the efficiency of smelting processes. As industries explore advanced materials and innovative applications, the demand for magnesium borate is anticipated to rise. Ongoing research into the properties of magnesium borate and its potential uses will likely drive its adoption in various sectors.

Zinc Borate:

Zinc borate is an important ingredient type with various applications, particularly in flame retardants and polymer composites. Its fire-resistant properties make it a valuable additive in plastics, textiles, and coatings, enhancing the safety of end products. The growing emphasis on fire safety regulations and the increasing demand for flame-retardant materials in construction and automotive industries are driving the market for zinc borate. Additionally, zinc borate is also explored for its potential in agriculture as a micronutrient source. As industries continue to prioritize safety and sustainability, zinc borate's relevance will likely continue to grow.

Others:

Other ingredient types in the borate mineral market encompass a range of less common but still significant compounds. These may include various boron compounds utilized for specialized applications in industries such as pharmaceuticals, electronics, and advanced materials. As research and development efforts continue to explore the unique properties of lesser-known borate compounds, new applications are likely to emerge, expanding the market further. The versatility of boron and its compounds will play a crucial role in driving innovation across multiple sectors, ensuring ongoing growth opportunities within the broader borate mineral market.

By Region

North America is a significant player in the borate mineral market, accounting for a notable share of the global consumption. The region is home to several leading borate mineral producers, contributing to a robust industrial base that drives demand across various applications, including glass, ceramics, and agriculture. The increasing focus on sustainable practices and the growing use of borate minerals in high-performance materials are also key growth drivers in this region. With the market expected to grow at a CAGR of 4.0% during the forecast period, North America is poised to maintain its leadership position in the borate mineral market.

In Europe, the borate mineral market is witnessing steady growth, fueled by the demand for high-quality glass and ceramics. The region's strong manufacturing base and innovation in product development contribute to the continued relevance of borate minerals in various applications. The increasing regulatory focus on safety and sustainability is pushing manufacturers to seek eco-friendly solutions, further driving the demand for borate minerals. As the market shifts towards more sustainable practices, Europe is expected to see moderate growth, with an emphasis on adopting innovative applications of borate minerals.

Opportunities

The borate mineral market presents numerous opportunities for growth, particularly in emerging economies where industrialization and urbanization are on the rise. Countries in Asia Pacific are seeing increased investments in manufacturing and infrastructure development, leading to a higher demand for borate minerals in glass, ceramics, and construction applications. As industries expand and evolve, the need for innovative materials that incorporate borate minerals will grow. Additionally, the agricultural sector in these regions is becoming more sophisticated, with an increasing focus on improving crop yields through the use of boron-based fertilizers. This shift presents a significant opportunity for manufacturers to develop targeted products that cater to the specific needs of these markets.

Moreover, the ongoing research and development in the field of borate minerals are opening new avenues for application expansion. Innovations in product formulations and production processes are leading to the creation of advanced materials that incorporate borates. These materials can enhance performance and sustainability in various sectors, including construction, automotive, and electronics. As companies increasingly prioritize sustainability and eco-friendliness, the demand for borate minerals as a green solution is likely to rise. The potential for collaborations between companies and research institutions to develop new applications further enhances opportunities within the borate mineral market.

Threats

Despite the positive outlook for the borate mineral market, certain threats could impede growth. One significant concern is the volatility of raw material prices, which can impact the profitability of borate mineral producers. Fluctuations in supply and demand dynamics, coupled with geopolitical tensions that might affect mining operations, can create uncertainties for manufacturers. Additionally, the growing emphasis on recycling and alternative materials in various industries poses a challenge to the demand for borate minerals. As industries shift towards sustainable practices, the exploration of substitutes may reduce reliance on borate products, impacting overall market growth.

Moreover, environmental regulations related to mining practices may present challenges for the borate mineral industry. Stricter policies may necessitate increased investment in sustainable mining operations, impacting production costs and timelines. Companies that fail to adapt to these regulatory changes may face operational setbacks or penalties. Furthermore, the increasing competition from other materials, such as synthetic alternatives, could hinder the growth potential for borate minerals. To maintain a competitive edge, producers need to focus on innovation and sustainability while navigating these threats effectively.

Competitor Outlook

• Rio Tinto Group
• Eti Maden
• American Borate Company
• Borax Argentina S.A.
• Orocobre Limited
• Gulf Minerals Limited
• Sociedad Química y Minera de Chile (SQM)
• Mineral Resources Limited
• U.S. Borax Inc.
• Kernite Mining Corporation
• Global Borate Company
• PMG Mining
• Turkey Boron Mining
• Ferroglobe PLC
• China Minmetals Corporation

The competitive landscape of the borate mineral market is characterized by a mix of established players and emerging companies, each vying for market share in a dynamic environment. Key market players like Rio Tinto Group and Eti Maden have established themselves as leaders, leveraging their extensive resources and expertise to maintain a competitive edge. These companies invest significantly in research and development to explore new applications for borate minerals and enhance production efficiencies. The focus on sustainability and environmentally friendly practices is becoming increasingly relevant, pushing companies to adopt innovative approaches to mining and processing. As the demand for borate minerals continues to grow, competition among these players is expected to intensify, driving further advancements in the industry.

Additionally, companies like American Borate Company and Borax Argentina S.A. are focusing on expanding their product portfolios and geographical reach to capture a larger share of the market. This expansion often involves strategic partnerships, acquisitions, and collaborations with research institutions to develop specialized borate products tailored to specific industries. The ongoing exploration of new mining sites and the optimization of existing operations are critical strategies that help companies enhance their production capabilities and reduce costs. As the market evolves, these companies are expected to play pivotal roles in shaping the future of the borate mineral industry.

Moreover, emerging players such as Gulf Minerals Limited and Orocobre Limited are also making their mark in the borate market by focusing on niche applications and innovative product development. These companies are often more agile and can quickly adapt to changing market trends and consumer preferences. By leveraging technological advancements and sustainability practices, they can develop unique product offerings that meet the growing demand for eco-friendly solutions. This competitive diversity enhances the overall robustness of the borate mineral market, fostering innovation and pushing established players to continuously improve their offerings.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 Eti Maden
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 PMG Mining
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 Ferroglobe PLC
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Rio Tinto Group
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 U.S. Borax Inc.
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 Orocobre Limited
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 Turkey Boron Mining
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Borax Argentina S.A.
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Global Borate Company
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Gulf Minerals Limited
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 American Borate Company
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Mineral Resources Limited
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Kernite Mining Corporation
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 China Minmetals Corporation
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Sociedad Química y Minera de Chile (SQM)
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Borate Mineral Market, By Application
    • 6.1.1 Glass
    • 6.1.2 Ceramic
    • 6.1.3 Agriculture
    • 6.1.4 Detergents
    • 6.1.5 Metallurgy
  • 6.2 Borate Mineral Market, By Product Type
    • 6.2.1 Borax
    • 6.2.2 Kernite
    • 6.2.3 Ulexite
    • 6.2.4 Colemanite
    • 6.2.5 Priceite
  • 6.3 Borate Mineral Market, By Ingredient Type
    • 6.3.1 Sodium Borate
    • 6.3.2 Calcium Borate
    • 6.3.3 Magnesium Borate
    • 6.3.4 Zinc Borate
    • 6.3.5 Others
  • 6.4 Borate Mineral Market, By Distribution Channel
    • 6.4.1 Direct Sales
    • 6.4.2 Indirect Sales
    • 6.4.3 Online Retail
    • 6.4.4 Specialty Stores
    • 6.4.5 Others

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Borate Mineral Market by Region
  • 10.4 Latin America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 Brazil
      • 10.4.1.2 Argentina
      • 10.4.1.3 Mexico
  • 10.5 North America - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 USA
      • 10.5.1.2 Canada
  • 10.6 Middle East & Africa - Market Analysis
    • 10.6.1 By Country
      • 10.6.1.1 Middle East
      • 10.6.1.2 Africa

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Borate Mineral market is categorized based on

By Product Type

• Borax
• Kernite
• Ulexite
• Colemanite
• Priceite

By Application

• Glass
• Ceramic
• Agriculture
• Detergents
• Metallurgy

By Distribution Channel

• Direct Sales
• Indirect Sales
• Online Retail
• Specialty Stores
• Others

By Ingredient Type

• Sodium Borate
• Calcium Borate
• Magnesium Borate
• Zinc Borate
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• Rio Tinto Group
• Eti Maden
• American Borate Company
• Borax Argentina S.A.
• Orocobre Limited
• Gulf Minerals Limited
• Sociedad Química y Minera de Chile (SQM)
• Mineral Resources Limited
• U.S. Borax Inc.
• Kernite Mining Corporation
• Global Borate Company
• PMG Mining
• Turkey Boron Mining
• Ferroglobe PLC
• China Minmetals Corporation