According to David Beaulieu of About.com, there is no mulch available that consistently deters termites, but certain techniques may help to lower the risk of termite infestation as a result of mulching. Avoid allowing mulch to touch the foundation of the building in question.
There should be no less than 8 inches of exposed foundation above the top of the mulch. This will allow less moisture retention within the foundation, which is a prerequisite for termite infestation. Since all mulches retain moisture, this extra space will help to keep the termites in the mulch rather than allowing them to move into the building.