IHP Unlocks Billions of Tons of Low Cost Reserves
- High-quality phosphate rock reserves are being depleted. Miners have already depleted the best reserves around the world, and phosphate rock quality has been steadily decreasing and mining costs increasing over the last several decades; some operations are being forced to shut down owing to a lack of adequate reserves of the right quality.
- Florida is a notable example. There are three active mines in Florida where the lower zone (bed) of ore is largely unexploited. The quality of the lower-zone ore has been too poor for WAP but would work for IHP, and could add more than a billion tons of rock reserves in Central Florida.
- Rock production in the US has fallen by a quarter since 2007, corresponding to a deterioration in ore body characteristics at large sites; many of the high grade deposits have been mined out, increasing the cost and complexity of the mining process.
- The US now imports almost 3 million tons of phosphate rock on an annual basis.
- The majority of remaining high-quality reserves are located in just one country: Morocco.
- The commercialization of IHP will unlock billions of tons of low quality reserves in small deposits, as well as a large volume of low quality rock in larger deposits and phosphate bearing waste materials.