A new major material discovery has been made by scientists, as $12 trillion worth of newfound resource phosphate has been discovered, and it could hold the potential to power electric cars for the next 50 years.
Scientists and researchers are increasingly finding rare Earth materials and critical power resources across the world, and their monetary value and desirability in the world of technology means that many of the world's richest people are kept in the loop - even if that means heading into space too.
Billionaires like Elon Musk, Bill Gates, and Jeff Bezos have all expressed their interest in a recent major 'white gold' discovery that holds essential precious metals used in electric cars, smartphones, and even spaceships, and a new find could reignite their attention.
As reported by the BBC, Anglo-Norwegian mining company Nordic Mining recently discovered up to 70 billion tonnes of phosphorus in Norway, which equates to roughly $12,000,000,000,000 if sold in its entirety.
What is phosphorus?
Phosphorus is the mineral that is extracted from phosphate rock, and it is widely used in a number of different forms across the globe. Primarily it is used in the production of agricultural fertilizer, but it is also a part of the production of computer chips, solar panels, and lithium-iron phosphate batteries in electric vehicles.
Advert
It is a finite material which sparks concerns over the reliance of it in the coming years, but this new find could prove to be a vital discovery for the future - especially in relation to key industries.
What is the environmental impact of phosphorus?
One of the biggest downsides of phosphorus and mining phosphate rock is that it can have a damaging environmental impact, both in its sourcing and use.
Advert
Carbon emissions are created when mining phosphorus, so something on a scale such as the Nordic Mining discovery could potentially cause major damage if not done with a consideration for the environment.
The company, however, has indicated that it will utilize carbon capture and storage during the mining process which would minimize the impact on the climate.
Additionally, when used as part of fertilizer it can also have an impact on rainwater and rivers, causing algae blooms in the latter which can discolor the water and even produce harmful toxins.
Why would Elon Musk be interested in this discovery?
Elon Musk's potential impact could prove to be key though, as a phosphorus deposit this large could hold the potential to power all electric vehicles for the next 50 years.
Advert
Musk, as head of Tesla, would obviously see this as a major boon as the world's leading electric vehicle manufacturer, and it could prove to be a major factor in the company's increased market share - especially after the potential loss of US government subsidies and key regulation.
Additionally, its use in electric vehicles would also provide a positive impact on the environment, not only due to the sharp decrease in emissions as more people move away from traditional gas-powered vehicles but also in the reduced impact of fertilizers - although it's likely that large amounts of this would still be used for fertilizers due to the damage that would have on global food supplies.