Norway sitting on mineral goldmine (Image: Getty)

       Norge Mining discovered the phosphate in the southwest of the country alongside other important minerals vanadium and titanium.

       Phosphate rock contains phosphorus, a key part of electric car batteries, solar panels and computer chips. It is on the EU’s list of critical raw materials that are important to the economy.

       The company believes there are 70 billion tonnes of the resource in the area across 4,500 metres and that it could meet demand for decades to come.

       According to the BBC, the largest amount of phosphate found before this was 50 billion tonnes found in the western Sahara region of Morocco.

       The global economy uses around 50 million tonnes each year, with 90pc used in agriculture as fertiliser.

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       There have recently been supply concerns due to Russia, China, Iraq and Syria controlling large deposits.

       There are also some environmental issues that come with phosphate such as mining creating high levels of pollution and phosphate fertiliser causing algae blooms in rivers.

       Norge Mining has said they will use carbon capture and storage to reduce the carbon emissions of the refining process.

       Norway’s minister of trade and industry, Jan Christian Vestre, said that Norway was obliged to develop “the world’s most sustainable mineral industry” following the discovery of the minerals.

       A spokesperson for the European Commission described the discovery as “great news” for meeting the objectives of the Commission’s raw material objectives.

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