A Norwegian mining company has announced that the phosphate rock deposit discovered last month could meet the global demand for solar panels and batteries for the next 100 years. Quoting Norge Mining, news outlet Independent said that the deposit is estimated to be worth at least 70 billion tonnes. This is very close to the proven global reserves of phosphate, which are estimated to be 71 billion tonnes, as per a US Geological Survey report that was released in 2022.
Phosphate rock contains high concentrates of phosphorus - a key component for building green technologies. Countries using it, however, are faced with significant supply issues. The mining company said that the deposit has been found in south-western Norway, in the region where deposits of other strategic minerals like titanium and vanadium are present, the
Independent report said.
The European Union (EU) realises that phosphorous products are of strategic importance but is almost entirely dependent on the mineral's import from other parts of the world. China, Iraq and Syria are also home to large phosphorous deposits.