Research on the utilization of the Earth’s heat focuses mainly on effective sourcing of energy accumulated in rock mass. One of the most important parameters is thermal conductivity, which can be modified using various compositions of cement grouts. Hardened cement slurry is intended to improve thermal conductivity. It should function as a sort of extension of the rock mass to the outer diameter of heat exchanger tubes. Regardless of the thermal conductivity of the rock, high conductivity of the grout increases the energy efficiency of the BHE. Heat accumulated in the rock mass can be extracted using borehole heat exchangers (BHE), in which high thermal conductivity of cement slurry is wanted over the entire length of the exchanger. Generally, in case of deep borehole heat exchangers (DBHE), it is recommended to use two types of cement slurry, one with reduced thermal conductivity in the upper part of the exchanger and grout with increased thermal conductivity in its lower part. When cementing geothermal wells, cement grout with decreased thermal conductivity along the entire length of the borehole is most commonly used. Geothermal boreholes extract geothermal water which, at the surface, is used for heating, for example. Then, after use, the cooled water is injected through injection holes. In this article, two different basalt dusts are examined. These dusts were obtained by crushing basalt boulders in open-pit mines. They were examined for their effect on thermal conductivity when added to grout. According to the Polish Ordinance of the Minister of Environment dated 9 December 2014 regarding the waste catalogue, they were classified as waste. The materials, named basalt dust A and basalt dust B, were used to create cement slurries with a water–cement ratio of 0.5–0.7 with a wide range of percentage concentration of basalt dust. The test results show that as concentrations in the slurry increase, the values of thermal conductivity and strength decrease. This correlation occurred for both tested additives.