Eti Maden

Eti Maden is a Turkish state-owned mining and chemicals company focusing on boron products. It holds a government monopoly on the mining of borate minerals in Turkey, which possesses 72% of the world's known deposits.^[1] In 2012, it held a 47% share of global production of borate minerals, ahead of its main competitor, Rio Tinto Group, which held 23%.^[2] It is owned by the Turkey Wealth Fund.^[3]

Eti Maden

Native name	Eti Maden İşletmeleri Genel Müdürlüğü
Company type	Government-owned corporation
Industry	Borate minerals mining and refining
Founded	1935
Headquarters	Ankara, Turkey
Revenue	₺26.17 billion (2023)
Operating income	₺16.27 billion (2023)
Net income	₺14.48 billion (2023)
Total assets	₺47 billion (2023)
Total equity	₺42.06 billion (2023)
Owner	Turkey Wealth Fund
Website	https://etimaden.gov.tr/en

In 2012, it was the forty-first largest industrial company in Turkey, with an annual revenue of $850 million.^[4][5]

It was founded in 1935 as Etibank, a bank created to finance Turkish natural resource extraction; in 1993, the company's banking activities were privatized, and its mining activities separated under the name Eti Holding A.Ş. In 2004, the company was restructured again and named Eti Mine Works.^[6]

Its subsidiaries include AB Etiproducts OY, a Finland-based company which distributes Eti Mine Works products in Scandinavia, Eastern Europe, Russia, Central Asia, and Africa. Bandırma Borax owns one of the small coal-fired power stations in Turkey.^[7]

Ab Etiproducts Oy

In 1982, Ab Etiproducts Oy was established by the Finnish mining multimetal Outokumpu group and Etibank. In 1993 Outokumpu's share was transferred to Etimine SA, sister company of Ab Etiproducts Oy, responsible for the marketing of Turkish boron products in western Europe.^[8] In 2005, Ab Etiproducts Oy established a subsidiary company Etiproducts Llc, in Russia.^[9]

The company presently operates in Scandinavia (Finland, Sweden, Norway), the Baltic states (Estonia, Latvia, Lithuania), the African Continent, Moldova, Ukraine, Belarus, Russia, CIS countries.^[10]

Warehouses are located in the Baltic and Black Sea Region regions.

Products

Boron minerals and refined products include:^[11]

Colemanite

• Boric Acid (Granular and Powder) (Normal - Low - Ultra Low Sulphate) (Nuclear Grade)
• Boron Oxide (Granular and Powder)
• Etibor-48 (Disodium Tetraborate Pentahydrate)
• Borax Deca (Disodium Tetraborate Decahydrate)
• Etibor-68 (Disodium Tetraborate Anhydrous)
• Etidot-67 (Disodium Octaborate Tetrahydrate)

Natural Boron Minerals:

• Colemanite (Ground, Granular, Compacted, Concentrated)
• Ulexite
• Tincal