ETİ MADEN &

POTENTIAL INVESTMENTS

MARCH 2019 1

Foundation: 1935

Headquarter: Ankara, TURKEY

Employees: 6.465

Production Area: 17 Different Boron Products

2

WHO IS ETİ

MADEN?

Values are as of year end of 2017.

RESERVE: 3.3 BILLION

TONS

TOTAL PERSONEL:

6.465

EXPORT: 990 MILLION

$

MARKET SHARE: 59%

WORLD BORON LEADER

TURNOVER: 1.014

MILLION $

Export to more than 100 countries

Annual Amount of Order: ~5,550

More than 350 Customers

& 2.800 indirect Customers

Export to 306 destination

Maximum Container Transport

3

WORLD BORON PRODUCER COUNTRIES

(2017)

ETİ MADEN

USA

Argentina

Chile

Russia

4

WORLD BORON MINERALS RESERVES (2017)

7% 6%

1%

3%

2%

4%

1% 1%

USA

2%

RUSSIA

KAZAKHSTAN

SERBIA

CHILECHINA

BOLIVIA ARGENTINAPERU

73%

TURKEY4,5 Billion Tons

1,000 Years

World: ~ 4,5 Billion Tons

Turkey: ~3,3 Billion Tons

Reserve Share: 73%

Reserves Based on Current Consumption Amount: World : ~1,000 years

Turkey: ~700 years

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DELIVERY CHANNELS OF ETİ MADEN

BOROCHEMIE INT.

(SINGAPORE)

REDOX PTY LTD

(AUSTRALIA)

ASIAN AGRO

CHEMICALS

GROUP

(UAE)

MARIO PLATO(SPAIN)

USALuxembourg

Finland

Russia

China

Hong Kong

IN TURKEY ;

4 PRODUCTION

SITES

30 PLANTS

17 DIFFERENT

BORON

PRODUCTS

Bandırma Boron and Acid Works

Kırka Boron Works

Emet Boron Works

Bigadiç Boron Works

-Borax Decahydrate/Borax Pentahydrate

-Boric Acid

-Boron Oxide (Amorphous+Glassy)

-Etidot-67 (Agri-Bor)

-Anhydrous Borax

-Zinc Borate

-Sodium Perborate

-Sulfuric Acid

-Boric Acid

-Concentrated Colemanite

-Eticol-Ceramic

-Etibor-48 (Borax Pentahydrate)

-Borax Decahydrate

-Etibor-68 (Anhydrous Borax)

-Calcined Tincal

-Ground Colemanite/Ulexite

-Concentrated Colemanite/Ulexite

-Granular Colemanite/Ulexite

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WORLD BORON CONSUMPTION BY END USE

AGRICULTURE

16%

Glass wool 14%

Borosilicate glass 19%

Fiberglass 10%

TFT-LCD 4%

Fertilizer

Insecticide

Ceramics tile

Ceramics glaze & Porcelain Enamel

Tableware & Ornament

Sanitarywares

Cleaning Agents

Nuclear Industry,

Defence Industry,

Pharmaceutical Industry,

Cement Industry,

Paper Industry7

Enamel Frit

USAGE OF BORON IN MAIN SECTORS

BORON PRODUCTS

Not the main component in any of the consumption areas.

Add different properties to the material by feeding into the process in a mixture with other industrial minerals.

In industry, final products include boron within the range of 0.01% to 20%.

Max 20%Glass Wool

Borosilicate glass

E-glass (Fiberglass)

5-12%

10-15%

7-8%Max 25%

Fertilizer

Max 20%

GLASS CERAMIC AGRICULTURE

1.187

374198 418

2.198

1.887

578 616

116

682

0

1000

2000

3000

4000

Glass Ceramic Agriculture Cleaning Other Total

Eti Maden World3.865

2017 World Boron Consumption on Sectoral Basis (Thousand tons) 8

NEW VISION IN BORON

NEW INNOVATION APPROACH IN

BORON GROWING

COOPERATIONS IN BORON

BASED SECTORS

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POTENTIAL COOPERATION AREAS

GLASS IRON - STEEL

CERAMIC ENERGY

AGRICULTUREDEFENCE INDUSTRY

Function: To reduce glass fluidity and surface

tension, To make ceramics more resistant to

physical impacts and chemical effects.

Consumed Boron Products: Boric Acid, Eticol

Ceramic, Colemanite, Ulexite

Function: To increase fluidity of melted glass

intermediate product, the surface hardness and

durability of the end product.

Consumed Boron Product: Borax Pentahydrate,

Boric Acid, Colemanite, Calcined Tincal

Function: To increase the flowering, the fertilization

and the fruitfulness of the plant

To make the plant more resistant against damages

To increase yield and quality of the plant.

Consumed Boron Products: Borax Pentahydrate,

Borax decahydrate, Disodium octaborate tetrahidrate

Function: To form slag, accelerate melting

agent in nonferrous metal industry

Consumed Boron Products: Borax

Pentahydrate, Ground Colemanite

Function: Hydrogen carrier, Energy saving,

Improving lithium ion batteries

Consumed Boron Products: Borax

Pentahydrate, Boric Acid, Sodium Borohydride

Function: Control system of atomic reactors,

cooling pools and reactors’ alarm closing,

Magnets, Composites

Consumed Boron Products: Boron Carbide,

Boron Nitride, Ferroboron, Elementel Boron10

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• Complex ore site is situated between Kızılcaören, Karkın and Okçu villages in

southeast of Beylikova district of Eskişehir and covers an area of 1.758,46

hectares.

• The site is 35 kms from the Ankara-Eskişehir state highway and 12 kms from the

railway.12

• The site was discovered by the MTA (Mineral Research and Exploration

General Directorate) in 1959.

• In 1990, it was transferred to Eti Maden. A total of 12.900 meters of drilling was

performed at 72 locations during the thorium exploration process between the

years 1974 and 1977,

• A total of 374.000 tons of thorium reserve with 0,24 % grade were determined.

In addition, these studies indicate that Kızılcaören field is not only a source of

thorium, but also contains fluorite, barite and bastnasite ores.

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Between the years

1981-1984 by MTA;

geological

prospecting,

geological map,

drilling, gallery and

splitting works were

done and the field

was divided into 7

sectors.

14

SECTORSProved Reserve

(Tons)

CaF2

(%)

BaSO4

(%)

REO

(%)

(%Ce+La+Nd)

Devebağırtan 6.554.351 39,23 28,92 3,67

Küçük Höyüklü 13.973.640 41,75 35,37 3,27

Canavar İni 4.929.543 27,75 25,92 2,65

Koca Devebağırtan 2.527.620 28,49 20,63 2,55

Köyyeri 946.496 35,97 30,77 2,06

Yaylabaşı 736.937 41,70 34,28 4,46

Kocayayla 689.681 32,65 35,15 1,25

TOTAL 30.358.268 37,44 31,04 3,14

(MTA, 1981-1984 )

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16

• Eti Maden has restarted its exploration activities in 2011 and the works are still

continuing.

• These studies aimed to determine;

The final boundary of the mineralization in the site,

Determination of the tenor distribution and model,

Preparation of the solid model of the ore deposit,

• Between 2011 and 2017, a total of 125.193 meters of drillings and 59.121

samples were collected at 310 locations.

• When the exploration activities are completed in the site, it is expected that the

reserve will increase significantly.

17

The first studies on the beneficiation of

complex ore were made by MTA in 1974.

Later on different dates, Thorium and rare

earth oxides were studied in different projects.

In 2004, a joint study was conducted by Eti

Maden, MTA and TAEK. In these technological

studies, in various yields and purities; barite,

fluorite concentrates and some rare earth

oxides could be produced. However, due to

technological methods applied, commercial

production could not be produced.

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COMPLEX ORE ; Carbonateite (oxidized complex ore) containing brown,

iron and manganese oxide, abundant fluorite, barite and REE minerals. The

deeper, non-oxidizing, fresh, white-colored carbonateite was also defined as

complex ore.

Carbonateite; fluorites, barite and REE minerals, which are invisible or

carbonateites which contain a small proportion of these minerals.

19

The main minerals detected in mineralization with polarized and electron microscopy:

Carbonate minerals (calcite, dolomite, ankerite, siderite, magnesite, strontianite and witherite),

barite, fluorite, REE minerals (bastnasit / parasit, monazite, pyrochlor), quartz, chalcedony, opal,

flogopite, K-Feldspar (Adularya), monticellite , apatite, zircon, moissanite, iron oxide minerals

(hematite, goethite, lepidochrochite), manganese minerals (pyroluzite, psilomelan and braunit),

rutile, pyrite, galena, sphalerite, chalcopyrite, gold and thorite.

REE minerals are mainly associated with fluorite and chalcedony / quartz / opal, calcite,

dolomite, ankerite and siderite. Particularly, quartz, chalcedony / opal and fluorite and REE

minerals have intricate growth relationships. In addition to thorium, which is common within the

REE minerals, the presence of thorite in the mineralization was also determined by microscope

studies.20

Within the scope of the cooperation protocol signed between the Eti Maden and

MTA; Technological studies for obtaining high purity of fluorite, barite and REO’s

from the complex ore containing Rare Earth Elements (REE), Thorium, Fluorite

and Barite in the complex ore area and designing the production process by using

physical, physicochemical and metallurgical methods have been completed and

are in the reporting phase.

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• A Pilot Plant will be constructed on mining site.

• Engineering of infrastructure works is started;

electricity supply, water supply and other facilities.

• Process flow sheet for pilot plant based on

laboratory scale studies are in design stage.

• After completion of design, we are planning to start

construction of pilot plant mid of 2019.

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どうもありがとうございました

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