Morocco’s largest phosphate deposits make it one of the world’s most significant countries in terms of providing the global food supply, said CNBC in a piece opinion and a video released on Monday.
This topic took CNBC attention during its coverage of IMF and WB annual meetings in Marrakech, as news staff interviewed OCP and World Bank officials to investigate the importance of this crucial mineral to human activity, primarily through its use as a fertilizer.
Phosphorus, together with nitrogen and potassium, is one of the three nutrients used in commercial fertilizers. Many farmers would struggle to grow crops without the mineral.
However, phosphates cannot be synthesized chemically and can only be mined in limited quantities. “Fertilizers are responsible for approximately 50% of our global food production,” stated Chakib Jenane of the World Bank.
CNBC went to a mine in Ben Guerir, Morocco, owned by OCP, the world’s largest phosphate producer. According to OCP’s chief operating officer, Ilias El Fali, the African continent holds the key to global food security.
“Africa consumes one-tenth of the world’s fertilizer.” (This amounts to one-quarter of the world’s average). “Africa also has 60% of the world’s arable land,” El Fali added.
Phosphates are also a key component of certain lithium-powered batteries known as LFP or lithium iron phosphate batteries, making these minerals critical for decarbonization.