With the discovery of the world’s largest phosphate mine, Norway can capitalize on the booming market for this strategic mineral, transforming it into
A recent exploration completed by Norge Mining has uncovered a massive phosphate rock deposit in Norway, considered the largest in the world, containing up to 70 billion tons of this precious material, which is in high demand globally amid supply chain issues.
Norway has discovered the world’s largest phosphate rock deposit, believed to be sufficient to meet the global demand for phosphorus in batteries and solar panels over the next century. (Photo: Wionews)
Previously, the United States Geological Survey listed the world’s proven phosphate reserves at 71 billion tons, only slightly more than the total amount recently discovered in Norway.
Prior to the discovery in Norway, the largest phosphate mine was located in Morocco with a total reserve of approximately 50 billion tons, followed by China with 3.2 billion tons and Egypt with 2.8 billion tons. Other significant reserves exist in the United States, Syria, Uzbekistan, South Africa, and Russia.
The phosphate deposit was first discovered by Norge Mining in 2018 based on data provided by the Norwegian Geological Survey. However, a subsequent drilling program conducted by the company revealed that the depth of the ore deposit, initially estimated at only 300 meters, actually extends down to 4,500 meters.
Phosphate extracted from the mine is primarily used to produce fertilizers for agriculture, significantly boosting yields, while phosphorus, its refined product, is in high demand for producing high-density batteries and solar panels, making it a crucial mineral for countries and regions aiming to “go green” and pursue carbon neutrality.
Both present enormous commercial opportunities for Norway, which has become a leading energy supplier to the bloc following the EU’s sanctions on Russia. In 2022, Norway became the EU’s sixth-largest trading partner and could rise to an even more prominent position due to the strategic nature of its exported goods. In the future, this could contribute to a new dependency as the EU seeks to disengage and eliminate risks associated with China, currently one of the bloc’s major mineral suppliers.
Notably, phosphorus has made it onto the EU’s list of strategic raw materials. The bloc has nearly ceased refining phosphorus due to its severe pollution and high carbon emissions, thus becoming entirely dependent on phosphate imports.
This phosphate mine is nearly equal to the total reserves of the entire world previously identified. (Photo: Getty Images).
Norge Mining is currently awaiting permits from the EU and local authorities. According to the company, Norwegian ministers have supported the project and consider it a top priority. In addition to phosphate, Norway’s mines have been found to contain vanadium and titanium, which are used in the aerospace and defense industries and are also regarded by the EU as critical raw materials.
Phosphorus was accidentally discovered by German scientist Hennig Brandt in 1669 while searching for the “philosopher’s stone” with the ambition of turning metal into gold. It was identified as an essential element necessary for creating DNA, cell membranes, and for the formation of bones and teeth in humans. Phosphorus is the second most widely used nutrient in fertilizers, after nitrogen and ahead of potassium.
The global market for phosphorus and its derivative products is projected to grow from USD 65.13 billion in 2021 to USD 85.01 billion by 2028, at a growth rate of 3.9% per year. The global phosphate market is expected to reach USD 207 billion by 2026, growing at a rate of 5.1%.
Driving factors include rapid growth in agriculture and food sectors to meet the demands of a growing global population amidst limited agricultural land. Asia currently represents the largest market due to vast agricultural communities in China and India.
