Late last year, I highlighted phosphate as one of the critical natural resources we will focus on in 2014 

• The phosphate story is the story of security of supply because much of global phosphate supply originates from geopolitically unstable regions of the world 
• The key to success is secure access to low cost phosphate rock. Supply of this resource will become increasingly constrained if current consumption trends continue into the future 

A Long Term Play on Food Security 

With net global population set to rise due to an emerging middle class and shrinking arable farm land, a closer investment look at agricultural efficiencies and fertilizers is warranted. The essential need for fertilizers in ensuring the healthy growth of crops is not a secret, but the fertilizer story seems to have been lost in the broader critical minerals story. Many entities, NGOs, investment banks, and think tanks are projecting a global population of between 9 and 9.5 billion inhabitants by 2050. This is a 30% increase from just over 7 billion today.