The moviemaker passed away in Madrid, Spain on Friday (23Nov12). He had been suffering from throat cancer, according to Reuters.
Borau made his feature directorial debut with 1963 western Brandy, and achieved international success with 1975's Poachers.
Choosing to work on only a handful of big screen projects during his career, his last major movie was 2000's Leo, which won him a Goya award for Best Director.
Borau, who also made television documentaries and fictional tales, had a close connection to Spain's San Sebastian Film Festival after previously serving as a member of the Official Jury, and organisers have paid tribute to the star.
In a statement, they write, "Borau, who was also Chair of the Academia de Artes y Ciencias Cinematograficas and of the Sociedad General de Autores y Editores (SGAE), always demonstrated his support of the San Sebastian Festival, whether in his actions as holder of these important positions or at personal level.
"The Festival therefore wishes to thank him dearly and pay warm tribute to his memory."