Mining firms enter fertiliser industry as profits soar
Farmers have accused fertiliser companies of raising prices far beyond the increases in production costs, to boost their profit margins to a massive 36% in 2022.
After profits at the world's big nine fertiliser companies soared to a total of €45bn last year, it is perhaps not so surprising that several of the largest mining companies have begun to expand into fertiliser production.
As a result, farmers can hope that prices will fall, due to an increased supply coming on the market. And in the longer term, they can also take heart from Norge Mining's announcement that it has found a huge phosphate deposit in Norway, which could satisfy worldwide demand for the next 100 years.
