A recent discovery in Norway holds bright future promise not only geopolitically, but also for farmers. Anglo-Norwegian company Norge Mining has confirmed the world’s single largest phosphate deposit within Norway’s borders, in its southwest region known as Rogaland.
Norge Mining says the site holds up to 70 billion tons of the mineral. That’s almost equal to the entire known reserves of the rest of the world’s top phosphate suppliers. According to the magazine Mining Technology, the discovery was initially made in 2018 using information provided by the Norwegian Geological Survey. However, a drilling program conducted by the company has found ore reserves extend much deeper than was initially estimated.
About 90% of mined rock phosphate is used to make fertilizer, but geopolitical shocks—mostly related to Russia’s invasion of Ukraine—have skyrocketed its cost. Phosphates are also critical for lithium batteries and as a component in electronics. Europe relies almost entirely on imports, and phosphorus is on an EU list of strategic critical raw materials, while phosphate rock is on a “watch list” of “materials of concern,” according to the World Economic Forum.
It’s also good news for electric vehicle makers. Only about 10% of phosphorus found in sedimentary rock is suitable for batteries used in car engines, called LFP batteries, that don’t store quite as much power as nickel-based batteries. But they are cheaper and can take a full charge without losing lifespan. About 30% of the world’s EV vehicles use LFP batteries, almost all made in China, according to the International Energy Agency.
Norge Mining is awaiting a permit from the EU and the Norwegian government. Norwegian ministers support the project and are treating it as a high priority, according to Norge Mining.
The news is not so good for Morocco. Morocco’s OCP Group is currently the world’s top phosphate exporter, controlling 31% of global exports and holding 71% of current known reserves.
The other top producers are China (90 million metric tons in 2023, 2.8 billion metric tons of reserves); the United States (20 million metric tons in 2023, 2.8 billion tons total reserves, including some less easily accessible); Russia (14 million metric tons in 2023; Saudi Arabia (8.5 million metric tons in 2023); and Jordan (12 million metric tons in 2023). Kazakhstan is emerging as a significant producer, and Egypt (2.8 billion tons), Algeria (2.2 billion tons), and South Africa (1.6 billion tons) also hold important reserves.
While the announcement is good news for farmers in the long term, don’t expect to see falling fertilizer prices anytime soon. The Norwegian mine is only set to come online in 2028, assuming it receives all necessary permits. But the discovery does assure that fertilizer-based farming will remain viable for the foreseeable future.
David Murray can be reached at [email protected].
