The vital role of fertilizer minerals in food production is at the centre of a global debate about the security of supplies.
Another behemoth under construction is Anglo American PLC’s US$6.1-billion Woodsmith mine in northern England, which will produce a new kind of potassium-rich fertilizer, polyhalite, from 2027.
“By 2050, the world is projected to be home to around 10 billion people, that’s two billion more than today,” said Mike Henry, chief executive of BHP, in an earnings call this year. “Those 10 billion people will need more efficient food production from less arable land — supporting demand for potash for fertilizer.”Article content
Potash prices rose to their highest levels in a decade just after Russia invaded Ukraine as buyers started to stockpile, but the rise was short-lived because farmers responded by using less potash on their crops.Article content “We are at the bottom of the potash price cycle again,” said Chris Lawson, head of fertilizers at consultancy Cru International Ltd.
BHP’s Jansen mine is projected to be the largest potash mine in the world, but will also boast innovations that will make it among the most efficient and most sustainable.For other types of mined fertilizers such as phosphate rock, the war in Ukraine has had less of an impact, but the energy transition could have a much bigger one.
McCulley is confident Anglo can create a global market for the product; the company aims to produce up to 13 million tonnes a year once its Yorkshire mine is fully developed.
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