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Phorphate1
ExO PHOSPHATE
PROJECT
OWNERSHIP
The deposit lies within a mining concession licensed to the Mexican company Exploraciones Oceánicas S. de R.L. de C.V. (ExO), a subsidiary of Oceanica Resources. Odyssey Marine Exploration controls ExO through the company's majority ownership stake in Oceanica.
RESOURCE
This is one of the largest phosphorite deposits to
be discovered. The current resource assessment defines the deposit as containing 588.3 million tonnes of phosphate ore with average in situ P O of 18.1%, overburden of 1.14 meters and
ore thickness of 2.80 meters.
DEPTH & LOCATION
The deposit is located 70-90 meters deep in the Pacific Ocean within Mexico’s Exclusive Economic Zone (EEZ). It is located approximately 25-40 kilometers from the coast of Baja California Sur, Mexico.
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The Exploraciones Oceanicas (ExO) Phosphate Project deposit is one of the largest and most important phosphate deposits to be discovered in the world.
In the future, a nation’s ability to feed its citizens will depend on access to competitively priced phosphate, a necessary component of fertilizer. There is a mounting challenge worldwide to provide healthy and sufficient food to accommodate a growing population that is estimated to reach over nine billion people by 2050. This will require 70% more food than is currently produced today.
Dredging of phosphate sands from the ExO deposit will offer Mexico an opportunity to increase its capacity to produce fertilizer, reduce its dependence on imported phosphate, and transform it into a phosphate-exporting nation. This is a key strategic benefit to Mexico as it reduces geopolitical risk associated with reliance on foreign nations for phosphate rock and could benefit the economy by providing a source of affordable fertilizer in North America.
Recovery of the phosphate sands from this subsea deposit would use existing and proven dredging technology already in use in Mexico providing multiple benefits including reduced infrastructure requirements, no re-location of communities and no effect on natural water sources. Little to almost no overburden removal is necessary and there is an overall reduction in environmental impact including a smaller carbon footprint.
