Good news for fertilizer, solar panel, and electric vehicle battery companies: a massive underground deposit of high-grade phosphate rock has been discovered in Norway, containing enough minerals to meet global demand for those products for the next 50 years.
Norwegian mining company Norge Mining said the 70 billion tonnes of phosphate rock was uncovered in the southwest of Norway, where it sits alongside other minerals such as titanium and vanadium that are used in the aerospace and defense industries. Update (July 7): Norge Mining in an email let us know they have revised their estimate for how long the deposit allows for a supply of phosphate rock from 100 years to 50 years.
Phosphate rock is used in the production of phosphorus, an essential component in the fertilizer industry – 90% of the world’s mined phosphate rock goes toward agriculture. It’s also used in the production of lithium-iron-phosphate batteries for electric vehicles, solar panels, and in small quantities in semiconductors and chips. All these products have been designated by the European Commission as “of strategic importance” in the production of key technologies for the green and digital transition.
The 70 billion tonne phosphate deposit is just under the proven world reserves of 71 billion tonnes, writes Euractiv.
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