<p>Provided is a hard sintered alloy formed from hard phase particles that contain a M2M'B2 type compound boride (M and M' being different metal atoms) and a binder phase that contains an alloy containing M' as a main component. The hard sintered alloy is characterized by the average particle size of the hard phase particles being 0.5 - 5 µm, the ratio of contact of the hard phase particles with each other being 60% or less, and the mean free path of the binder phase being 0.1 - 5 µm.</p>
