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"While the exact timing may be disputed, it is clear that already the quality of remaining phosphate rock reserves is decreasing. And cheap fertilizers will be a thing of the past," warns Dr. Dana Cordell of the Institute for Sustainable Futures (which is part of the University of Technology in Sydney, Australia).

So it’s not surprising that BHP Billiton’s recent record setting US $39 billion dollar offer for Potash Corp of Saskatchewan factored in a valuation of around US $11 billion for the fertilizer giant’s phosphate aOlernKienOP
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Legend’s Executive General Manager Craig Michael agrees that there’s a "critical need" to ramp up the worldwide application of phosphate based fertilizers to provide sufficient food for a surging global population. And a pending supply/demand squeeze promises to translate into higher phosphate prices, he says.

"By 2050 the population is estimated to be over nine billion people and phosphate demand is highly correlated to this growth," Michael adds. "Quality, mineable, accessible phosphate rock deposits are dwindling around the world which is why Legend is aggressively pursuing its quality phosphate development project in Queensland, aOlernKienOP
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By way of background, all agricultural crops require phosphate, which is an essential element for plant growth. And it cannot be substituted with anything else. Unfortunately, the academics at Sydney’s University of Technology believe ‘peak phosphate’ could become aOlernKienOP
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Professor White’s concerns are echoed by Dr. Michael McLaughlin, chief research scientist in the Environmental Biogeochemistry program of CSIRO aOlernKienOP
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Cheap Authentic Infrared 23 3s He warns: "Fertiliser is one of the major input costs now for farmers. So, as you increase the price of the raw material, food prices could increase."

Furthermore, none of the issues that caused the global food crisis in 2008 have gone away. Notably, agricultural production is still lagging behind pre recession levels. Then there’s the looming imperative to virtually double crop yields in emerging economies, which have a history of seriously under utilizing fertilizers due to cost considerations. Additionally, as incomes rise in heavily populated developing nations like China, there’s a corresponding increased demand for animal based protein, which is heavily reliant on grains as feed for livestock.

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Australia is also another country that needs to find a way of ramping up its domestic production as it only generates about half of its annual needs. And its large agricultural industry is especially dependent on fertilizers because this sprawling continent is so arid and increasingly prone to droughts.

This reality is proving to be a call to action for Legend. The company is planning to commercialize its Paradise deposit in the phosphate rich Mt. Isa region of Queensland by either 2012 or 2013, depending on phosphate prices.

The Paradise project promises to become one of the world’s few remaining high grade phosphate mines. Pre production trials have already been successfully completed. Also, an initial mine life of at least 30 years has been projected in the company’s independently calculated feasibility study (a blueprint for a mine), with a production rate starting at 600,000 tonnes aOlernKienOP
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"However, Legend controls over 1.2 billion tonnes of phosphate rock, which is spread out over a total of seven deposits," Michael says. "This means we could easily produce aOlernKienOP
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Accordingly, the company even has an agreement in place to potentially sell some of its future rock output to IFFCO (Indian Farmers Fertilizer Cooperative), India’s largest farmers’ co operative, which aOlernKienOP
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Legend’s crucial role in bolstering Australia’s high grade phosphate supplies hasn’t aOlernKienOP
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In the report Jackson noted that Legend is poised to capitalize on a business that has a strong growth profile: "Phosphate fertilizer pricing fundamentals have been particularly robustas supply/demand balances became progressively tighter with the onset of stronger demand."