December 05, 2023
By Joyce Sunday
 

Norway has found the biggest phosphate deposit globally, and the EU is rejoicing

Norway has discovered a massive underground deposit of high-grade phosphate rock, which could satisfy the world’s demand for fertilizers, solar panels and electric car batteries for the next 100 years.

The deposit, located in the Dalane region in southwestern Norway, is estimated to contain 70 billion to 80 billion tons of ore-containing material, making it the world’s largest phosphate deposit, ahead of Morocco’s 50 billion and China’s 30 billion tons.

The discovery was made by a company called Norge Mining, founded by Swiss investor Michael Wurmser, who obtained five licenses for the lucrative resource in 2018.

“Now, when you find something of that magnitude in Europe, which is larger than all the other sources we know – it is significant,” Mr Wurmser told DW.

The deposit also contains vanadium and titanium, two other critical raw materials that are used for high-performance batteries, steel production and other technologies that are important for the green and digital transition in Europe and globally.

“Vanadium is tipped to become the most important raw material of the future. About a tenth of all globally mined vanadium is currently used to produce high-performance batteries that store renewable energy,” said an article by DW.

The European Commission welcomed the discovery as a contribution to its Critical Raw Materials Act, which aims to secure access to essential elements for strategic industries and reduce Europe’s dependence on imports from China, Russia and other countries.

Phosphate rock is an essential element used in the production of phosphorous for the fertiliser industry and was included in the European Commission’s March proposal for a Critical Raw Materials Act.

Phosphorous is also used in the production of solar panels and lithium-iron-phosphate batteries for electric cars, as well as semiconductors and computer chips – although in small quantities.

All these products have been flagged by the European Commission as being “of strategic importance” to maintain Europe’s status as a global powerhouse in the manufacturing of key technologies for the green and digital transition.

“This is why we believe the phosphorous that we can produce will be important to the West – it provides autonomy,” Mr Wurmser told EURACTIV.com.

The discovery could have a significant impact on the global market for phosphate rock, which is currently dominated by Morocco, which controls about 75% of the world’s reserves and exports. Phosphate rock is used for fertilizers, solar panels, electric car batteries and other products that have no substitute.

The discovery could also boost Norway’s economy and create jobs in the region, as Norge Mining plans to invest up to €5 billion ($6 billion) in developing the project, which could produce up to 10 million tons of phosphate rock per year.

Relevant articles:

‘Great news’: EU hails discovery of massive phosphate rock deposit in Norway, EURACTIV.com, Jun 29, 2023

Norway’s Newly Discovered Phosphate, Vanadium and Titanium Deposits Now in EU’s Spotlight, Phosphate Price, Jul 1, 2023

EU pins hope on Norway’s raw materials, DW, Jun 26, 2023

Norge Mining: The World’s Largest Phosphate Deposit is in Norway, Mining Technology, Jun 30, 2023