Mineral industry is considered to be one of the major contributorsof national income, exports and government revenues,high investments and high paying jobs across the globe. The market for mineral industry is intense, where investment opportunities flourish in resource rich economies and people, capital and technology are highly ambulant.Mining sector is considered to be an important building block for welfare of human development.Metals and minerals has supported human life for decades and will continue to playa vital role in meeting the needs of the society.
Metals and minerals are used by various sectors including infrastructure and services sector for providing water, food, shelter and energy supply for various purposes such astransportation, manufacturing, construction, heat and light, communication,entertainment,education, health, tourism, and other services.Owing to the specific properties minerals and metals have a central role in everyone’s life and in the economic development of a nation. Some of which areaesthetic appeal, durability, high strength and the ability to conduct heat and electricity. In minerals and mining industry safety and health of its workers is the prime concern, where workforce goes to the work and return back safely. Minerals industry is highly committed to becoming free from any causalities and injuries.
In past few years substantial investments had taken place in Africa, Asia Pacific and LatinAmerica, and these investments are likely toescalate in the coming years. Significant growth in exploration andmining sector especially in Africa, Asia and Latin Americahas been spurred due to depletion mineral deposits inEurope and the US.Also, technological advancements has led to the enhanced feasibilityof mining in remote and lessdeveloped regions throughout the world.
Phosphorus is primarily mined as phosphate rock, a rock found all across the globe. It requires about a ton of phosphate to produce significant quantity of grains.However, it depends upon on the crop type, soil conditions and fertilizing efficiency. Phosphorus is one of the most common element found on earth. It is important for the construction of bones, cell membranes and DNA, formation in human beings. It is important for food production as it is used in commercial fertilizer. It cannot be produced or destroyed as it has no external substitute or synthetic version available in the market.
The primary purpose of phosphorus is in fertilizer for food. Naturally, demand for phosphorus depends upon food production and by population growth. Further, emerging economies such as India and China have high fertilizer demand which in turn increases the demand for phosphorus sector.
Majority of the percentage of phosphate rock reserves are located in five countries such asSouth Africa, Jordan, China, Morocco, and the U.S. The U.S. also imports high quantity of phosphate rocks from Morocco. Despite the presence of phosphorus on earth, a small percentage of it can be mined due to legal, physical and economic constraints.
Increase in fertilizer demand from agricultural sector coupled with high mineral demand across the globe are some of the key drivers of the minerals and phosphorus miningmarket. However, large numbers of technical and capital intensive risks associated with exploration activities can hinder the growth of the market. Advancements in technologies brings new opportunities in the mining market owing to the discoveries of large numbers of mineral reserves throughout the world.
Some of the key players in the business of minerals and phosphorus mining market are aRio Tinto Group, Vale S.A., Shenhua Group, Anglo American plc, Suncor Energy, Xstrata plc, Barrick Gold Corporation, Freeport-McMoRan Inc., National Mineral Development Corporation Limited Goldcorp Inc.,Anglo American Platinum Limited, Newmont Mining Corporation and Southern Copper Corporation among others.