Eti Maden

Eti Mine Works (Eti Maden İşletmeleri Genel Müdürlüğü) 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. In 2012, it was the forty-first largest industrial company in Turkey, with an annual revenue of $850 million. 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. 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.