A composite material and a method of using the composite material. The composite material consists of at least 65 volume percent cubic boron nitride (cBN) grains dispersed in a binder matrix, the binder matrix comprising a plurality of microstructures bonded to the cBN grains and a plurality of intermediate regions between the cBN grains; the microstructures comprising nitride or boron compound of a metal; and the intermediate regions including a silicide phase containing the metal chemically bonded with silicon; in which the content of the silicide phase is 2 to 6 weight percent of the composite material, and in which the cBN grains have a mean size of 0.2 to 20 μm.