Norge Mining, a Norwegian mining company, claims to have discovered it a huge deposit of phosphate rock that will be the largest in the world, It could solve the world’s battery and solar energy needs for the next 50 years. Phosphate is a key ingredient in the global effort towards renewable energy, as well as being a key ingredient in fertilizers.
Norge Mining claimed in a statement to local media that the newly discovered deposit could contain at least 70 billion tons of phosphate. practically equal to the sum of all other world deposits (total about 72,000 million tons). The next largest vessel is in Morocco, followed by China (3.2 billion tons), Egypt (2.8 billion tons) and Algeria (2.2 billion tons).
Phosphate is currently trading at around $345 per metric ton. the deposit in question could be worth around $24 trillion. Not only does it save the company an extraordinary amount of money, it can also be helpful. Reducing Europe’s dependence on other nations to meet the demand for a vital mineral.
Reduce dependency on the EU
European Union officials have already confirmed the discovery and wonderful news”, because it will help the Critical Raw Materials Act, which aims to reduce the supply risks of important materials. Due to the uncertainty in the relations between the USA, EU, Russia and China, it is extremely necessary to ensure the supply of this element.
“This is why we believe the phosphorus we can produce will be important for the West: it provides autonomy,” Michael Wurmser, founder of Norge Mining, told EURACTIV news source in an interview.
The main usage area of phosphorus is in fertilizers, About 90 percent of the world’s supply goes to this use. However, it is also used in increasingly common electronic products, for example batteries, solar power and computer chips. As the world presses for renewable energy generation, securing the supply of key materials will become a high priority for nations.
The bed found in Norway is so big Experts say it could meet the world’s needs for decades.
The discovery of this deposit in Norway dates back to 2018, when Norge Mining found the deposit and confirmed its size in collaboration with the Norwegian Geological Survey. The bed extends to a depth of 4,500 meters instead of the originally estimated 300 meters.
In addition to the impressive amount of phosphate rock, The deposit also contains other strategically valuable minerals such as vanadium and titanium.. These minerals are classified as critical raw materials by the European Union and are used in a variety of industries, including aerospace and defense.
Reference article: https://norgemining.com/wp-content/uploads/2023/07/%E2%80%98Great-news_-EU-hails-discovery-of-massive-phosphate-rock-deposit-in-Norway – %E2%80%93-EURACTIV.com_.pdf
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