The invention relates to a method for operating a fluidized bed boiler (6), comprising the steps of: a) providing fresh ilmenite particles having a shape factor of 0.8 or lower as bed material to the fluidized bed boiler (6); b) carrying out a fluidized bed combustion process; c) removing at least one ash stream comprising ilmenite particles from the fluidized bed boiler; d) separating ilmenite particles from the at least one ash stream, wherein the separation includes a step of using a magnetic separator (12) comprising a field strength of 2,000 Gauss or more; e) recirculating separated ilmenite particles into the bed of the fluidized bed boiler; wherein the average residence time of ilmenite particles in the fluidized bed is 100 h or more.