28 companies in this supply chain, sorted by market share.
Germany's primary potash and salt producer. Operates Bethune Mine (near Moose Jaw, Saskatchewan) — Saskatchewan's only potash mine designed from inception as a pure solution mine. Bethune currently produces ~2M MT/year; K+S announced plans to invest up to $3 billion over 20 years to double production to 4M MT/year. Solution mining uses heated water injected at ~1,600m depth to dissolve potash from the Prairie Evaporite Formation; potassium-rich brine is pumped to surface for evaporative crystallization. Bethune is also the world's most capital-efficient new potash mine per tonne. Also operates Werra potash mine in Germany (conventional) and Beth mine in Saskatchewan. World's largest salt producer.
Supplies these inputs
Solution Mining Brine Water (Saskatchewan Potash) · Potash Ore — Muriate of Potash (MOP / KCl)
Replaceability
Substitutability 30% · 24 mo to replace
Business segments
- Potash Fertilizers50% rev
- Salt (World Largest Producer)35% rev
- Plant Nutrition and Supplements15% rev
World's largest potash producer with 6 Saskatchewan mines. Vanscoy mine (west of Saskatoon) uses solution mining technology — fresh water drawn from the Saskatchewan River (~20km pipeline) is used in brine management. Deep subsurface saline aquifer brine injection used for waste disposal at Vanscoy (injected into Winnipeg/Deadwood Formations at 1,500-1,700m depth). Conventional underground mines at Rocanville, Allan, Lanigan, Cory, Belle Plaine also produce waste brine requiring aquifer disposal. Nutrien operates Canada's only solution potash mine at Vanscoy. Plans to reach 18M MT/year Saskatchewan capacity.
Supplies these inputs
Anhydrous Ammonia (MAP / DAP Production) · Phosphate Rock (Sedimentary Apatite) · Solution Mining Brine Water (Saskatchewan Potash) · Potash Ore — Muriate of Potash (MOP / KCl)
Replaceability
Substitutability 30% · 2 mo to replace
Business segments
- Potash Mining (Saskatchewan — 20% Global)30% rev
- Nitrogen Fertilizers22% rev
- Phosphate8% rev
- Nutrien Ag Solutions (Retail Agriculture)40% rev
World's largest phosphate rock producer and exporter; also largest single consumer of sulfuric acid globally. Consumed 11.3M MT H2SO4 in 2023 — equivalent to all of Germany's sulfuric acid output — to produce phosphate fertilizer at Jorf Lasfar complex. In January 2025 announced $1.2B investment to expand H2SO4 and fertilizer capacity. Produces H2SO4 on-site by burning imported elemental sulfur (shipped from Middle East producers and refineries). Morocco holds ~70% of global phosphate reserves.
Supplies these inputs
Phosphate Rock (Sedimentary Apatite) · Sulfuric Acid (Wet Process Phosphoric Acid)
Replaceability
Substitutability 30% · 2 mo to replace
Business segments
- Phosphate Rock Mining (70% of Global Reserves)30% rev
- Phosphoric Acid (Jorf Lasfar)28% rev
- DAP/MAP Fertilizers25% rev
- LFP Battery Supply Chain (Strategic)17% rev
World's largest phosphate company; controls ~70% of global proven phosphate rock reserves and 31% of world phosphate product market. Morocco's phosphate deposits (Khouribga, Gantour, Bou Craa) are the largest in the world. OCP controls 54% of global phosphoric acid trade and 26% of phosphate fertilizer market. Single-entity concentration of a resource essential for all animal and crop nutrition makes OCP a strategic geopolitical chokepoint.
Supplies these inputs
Phosphate Rock (Sedimentary Apatite)
Business segments
- Phosphate Rock Mining30% rev
- Phosphoric Acid (Jorf Lasfar Industrial Complex)28% rev
- DAP/MAP Fertilizers25% rev
- LFP Battery Supply Chain (Strategic Pivot)8% rev
Russia's largest potash producer; ~17% of global supply. Five mines and seven ore-treatment mills in Berezniki and Solikamsk (Perm Krai). NOT under Western sanctions (unlike Belaruskali) — continues to export to China, India, Brazil, Indonesia, Turkey, and the EU despite Russia-Ukraine war. Controlled by oligarch Dmitry Mazepin (under personal sanctions). Berezniki mines produce ~10% of world's potash but the city is being swallowed by sinkholes from 2006 mine flooding — a structural geological risk. Russian potash exports rose 30%+ in 2024 reaching ~10M MT.
Supplies these inputs
Potash Ore — Muriate of Potash (MOP / KCl)
Replaceability
Substitutability 40% · 36 mo to replace
Business segments
- Potash Mining (Perm Krai)85% rev
- Potash Processing & Trading15% rev
US minerals company operating Patience Lake Mine (near Saskatoon, Saskatchewan) — a solution potash mine using brine pumped from the Devonian Prairie Evaporite Formation. Patience Lake is one of Saskatchewan's three operating solution mines. Also operates Cote Blanche salt mine (Louisiana), Ogden salt operation (Utah), and is a major North American highway de-icing salt producer. Compass Minerals' Patience Lake operation is smaller scale than Nutrien or Mosaic; the company has faced capital allocation pressures around its Saskatchewan potash asset.
Supplies these inputs
Solution Mining Brine Water (Saskatchewan Potash)
Replaceability
Substitutability 40% · 36 mo to replace
Business segments
- Salt (Highway Deicing & Food Grade)55% rev
- Plant Nutrition (Potash & SOP)32% rev
- Lithium & Critical Minerals5% rev
- Specialty Chemicals8% rev
World's largest ammonia distributor via Yara Clean Ammonia; >15% global ammonia market share. Produces and trades ~17-18M MT of ammonia and nitrogen fertilizers annually. Revenue $13.9B in 2024. Plants across Norway (Herøya/Porsgrunn: 500,000 MT/yr), Germany (Brunsbüttel: 800,000 MT/yr), Australia (Pilbara: 850,000 MT/yr, ~5% of world merchant ammonia supply), and 15+ other countries. Also the world's largest multi-nutrient fertilizer producer in Western Europe. Pivoting to green ammonia: started Europe's largest electrolyzer at Herøya (Norway) in 2024 for renewable hydrogen/ammonia. Yara Clean Ammonia is positioning to supply ammonia as marine fuel.
Supplies these inputs
Anhydrous Ammonia (MAP / DAP Production)
Replaceability
Substitutability 55% · 2 mo to replace
Business segments
- Ammonia Production & Yara Clean Ammonia (YCA)30% rev
- Nitrogen Fertilizers (Urea, UAN, CAN, AN)42% rev
- Phosphate & Multi-Nutrient Fertilizers12% rev
- Industrial & Environmental Products11% rev
State-owned Belarusian potash company; historically ~18-20% of global MOP supply. Soligorsk mines have the world's highest-grade potash ore. Subject to US and EU sanctions since 2021 following disputed election and Lukashenko repression. Lost access to Klaipėda (Lithuania) port in February 2022 — the only viable Baltic export route — causing production to fall 60% in 2022 (to 3M MT). Has rerouted exports through Russian ports (Ust-Luga, Murmansk). Recovering to ~7M MT by 2024. Belarus and Russia jointly produce ~40% of global potash exports.
Supplies these inputs
Potash Ore — Muriate of Potash (MOP / KCl)
Replaceability
Substitutability 40% · 36 mo to replace
Business segments
- Potash Mining (Soligorsk — World's Highest Grade)80% rev
- Export & Trading (BPC and Re-routed)15% rev
- Specialty & Compacted Potash5% rev
World's largest US potash and phosphate producer. Esterhazy K1 and K2 mines (Saskatchewan) began experiencing managed brine inflows in 1985; managed for decades until Mosaic made the decisive choice to build the K3 underground mine (announced 2009, commissioned 2022) to replace K1/K2. K1/K2 closed 2021. K3 at Esterhazy is now the world's largest operating potash mine. Also operates Colonsay SK mine (conventional underground). The Esterhazy flooding saga represents the most consequential water-management incident in Saskatchewan potash history, requiring a $4B+ replacement mine investment.
Supplies these inputs
Phosphate Rock (Sedimentary Apatite) · Solution Mining Brine Water (Saskatchewan Potash) · Potash Ore — Muriate of Potash (MOP / KCl) · Sulfuric Acid (Wet Process Phosphoric Acid)
Replaceability
Substitutability 35% · 2 mo to replace
Business segments
- Potash (K3 Esterhazy — World's Largest Potash Mine)38% rev
- Phosphate Mining & Processing (Florida)40% rev
- Fluosilicic Acid — US Municipal Water Fluoridation5% rev
- Mosaic Fertilizantes (Brazil — 35% Distribution Share)17% rev
World's largest oil company by revenue and production. Also the Middle East's largest sulfur exporter: Aramco exports ~3.5M MT of elemental sulfur/year via its trading subsidiary Aramco Trading Company. Sulfur is a mandatory Claus Process byproduct at Aramco's Ras Tanura, Yanbu, and Jizan refineries and gas plants — recovered to comply with environmental regulations and sold globally as a commodity. Saudi Arabia accounts for ~8% of global sulfur production and a larger share of global sulfur exports. Middle East overall (including Aramco) = ~30% of global sulfur supply.
Supplies these inputs
Elemental Sulfur (H2SO4 Feedstock)
Replaceability
Substitutability 65% · 1 mo to replace
Business segments
- Crude Oil Production & Export65% rev
- Natural Gas Processing & Exports15% rev
- Refining & Petrochemicals (SABIC)12% rev
- Downstream & Trading8% rev
Russia's largest phosphate producer and one of the world's largest fertilizer companies. Operates the Apatit subsidiary at the Khibiny deposit (Kola Peninsula, Murmansk region) — one of the world's largest and highest-grade phosphate deposits (P2O5 content ≥37.5%). Khibiny is Russia's ONLY apatite-nepheline ore source. New +10m level of Kirovsky mine commenced March 2024. NOT under Western commodity sanctions (unlike Belaruskali/Uralchem in fertilizers). Russia produced 14M MT phosphate in 2024. PhosAgro simultaneously produces nepheline concentrate from the same Khibiny ore — a byproduct used in aluminum and glass manufacturing.
Supplies these inputs
Phosphate Rock (Sedimentary Apatite)
Replaceability
Substitutability 40% · 24 mo to replace
Business segments
- Apatite-Nepheline Mining (Khibiny — Highest-Grade Phosphate)22% rev
- Phosphate Fertilizers (DAP, MAP, NPK)55% rev
- Nepheline Concentrate (Glass, Ceramics, Aluminum Byproduct)8% rev
- Ammonia & Nitrogen15% rev
Jordan's sole and the Arab world's only potash producer. Operates from Ghor Al Safi at the southern end of the Dead Sea — extracts potash through solar evaporation from Dead Sea brine. Produced 2.84M MT in 2024 (record). Revenue JD 651M; net profit JD 184M (2024). World's 8th largest potash producer by volume. Over 90% exported to 30+ countries. Contributes 8% of Jordan's total exports; $1.3B in foreign currency to Jordan's banking system annually. Dead Sea level declining due to water diversion and extraction — a long-term geological constraint on operations.
Supplies these inputs
Potash Ore — Muriate of Potash (MOP / KCl)
Replaceability
Substitutability 45% · 12 mo to replace
Business segments
- Potash (MOP) Mining & Export70% rev
- Industrial Salt
- Bromine & Bromine Derivatives (Jordan Bromine Company JV)
- Specialty Fertilizers & Industrial Chemicals (KEMAPCO)
One of the world's largest ammonia producers; Donaldsonville Complex (Louisiana) is the world's largest single ammonia production complex — 4.335M MT/year capacity, 6 plants on 1,400 acres along the Mississippi River. Produced 9.8M MT gross ammonia in 2024 across all facilities. Also operates plants in Iowa, Louisiana, Courtright (Ontario Canada), Ince (UK), Billingham (UK). Added CO2 capture at Donaldsonville (2025) enabling ~1.9M MT/year 'low-carbon ammonia' for export to Japan/Korea. Joint venture with JERA + Mitsui for $4B 'blue ammonia' plant in Louisiana.
Supplies these inputs
Anhydrous Ammonia (MAP / DAP Production)
Replaceability
Substitutability 55% · 2 mo to replace
Business segments
- Ammonia Production (Donaldsonville Complex)35% rev
- Nitrogen Fertilizers (Urea, UAN, AN)40% rev
- Industrial CO₂ & Carbon Products8% rev
- DEF/AdBlue (Transport)7% rev
Saudi Arabia's state mining company. At Wa'ad Al Shamal, operates integrated H2SO4 production using elemental sulfur from Saudi Aramco as feedstock — advantaged access to low-cost domestic sulfur. H2SO4 produced on-site is consumed entirely within the integrated phosphate fertilizer process. Ma'aden is both a major H2SO4 producer and consumer at a single integrated complex. Bought out Mosaic's 25% JV stake Dec 2024.
Supplies these inputs
Phosphate Rock (Sedimentary Apatite) · Sulfuric Acid (Wet Process Phosphoric Acid)
Replaceability
Substitutability 40% · 2 mo to replace
Business segments
- Phosphate (DAP/MAP Fertilizers)35% rev
- Aluminum (Ma'aden-Alcoa JV)30% rev
- Gold & Base Metals Mining20% rev
- Chemicals & Other15% rev
Major diversified mining and commodities trading company; produces sulfuric acid as byproduct at its copper, zinc, and lead smelters globally (Australia, Canada, Kazakhstan, South Africa, Philippines, Peru, etc.). One of the world's largest merchants of sulfuric acid from smelting operations. Also one of the world's largest sulfur traders — trades recovered sulfur from refineries and intermediates it to fertilizer manufacturers. Glencore's dual position as a smelter byproduct H2SO4 producer AND sulfur trader gives it market intelligence across both supply sources.
Supplies these inputs
Sulfuric Acid (Wet Process Phosphoric Acid)
Replaceability
Substitutability 65% · 2 mo to replace
Business segments
- Metals & Minerals (Mining)35% rev
- Coal (Mining & Marketing)28% rev
- Metals & Minerals (Trading)20% rev
- Agricultural Commodities (Viterra)12% rev
Israeli specialty mineral company; ~25% of global food phosphate market per input description; 15-18% of total global STPP market. ICL Food Specialties (subsidiary) is a leading food phosphate supplier: STPP, SHMP, SAPP, and other sodium phosphates for water binding, texture, and moisture retention in processed meat. Also: world's largest bromine producer (Dead Sea), potash producer (Dead Sea Works), and specialty fertilizer company. ICL has a unique triple position in critical minerals: food phosphates, potash fertilizers, and bromine for flame retardants/pharmaceuticals. Lawrence, KS plant serves the North American processed meat industry.
Supplies these inputs
Potash Ore — Muriate of Potash (MOP / KCl)
Replaceability
Substitutability 45% · 12 mo to replace
Business segments
- Potash (Dead Sea Works)30% rev
- Phosphate Solutions (Food & Industrial)25% rev
- Bromine (Dead Sea Bromine Group)20% rev
- Specialty Fertilizers15% rev
Joint venture operating the Tengiz and Korolevskoye oilfields in Kazakhstan: Chevron (50%), ExxonMobil (25%), Kazmunaigaz (20%), Lukoil (5%). Tengiz crude oil has up to 17% sulfur content — among the highest of any major oilfield globally. Sulfur accumulation at Tengiz became a major environmental issue: a $71M fine was levied in 2007 for sulfur storage violations. Kazakhstan exported $199M worth of sulfur in Q1 2022 alone (+263% YoY). TCO exports oil (and associated sulfur) via the Caspian Pipeline Consortium (CPC) to Novorossiysk on the Black Sea — a single-pipeline dependency. CPC terminal damaged in March 2022, disrupting Kazakhstan exports. Tengiz fire (January 2026) caused force majeure.
Supplies these inputs
Elemental Sulfur (H2SO4 Feedstock)
Replaceability
Substitutability 65% · 2 mo to replace
Business segments
- Crude Oil Production (Tengiz + Korolevskoye)85% rev
- Elemental Sulfur
- LPG (Propane + Butane)
- Dry Gas / Sales Gas
European integrated copper group (SDAX: NDA, HQ Hamburg, Germany); world's largest copper recycler and one of Europe's largest copper smelters. After the September 2024 sale of its Buffalo, NY flat-rolled products site to Wieland, Aurubis exited the U.S. connector-strip market to concentrate on primary copper production, recycling, and multimetal recovery. Aurubis Hamburg remains a world-scale refinery (1M+ MT/year cathode output) and continues to supply copper cathode feedstock to strip rollers including Wieland's European facilities. Aurubis Pirdop (Bulgaria) is its primary copper smelter. The company also operates secondary smelters in Belgium (Lünen) and the UK (Swansea). Prior to divestiture, Aurubis Buffalo produced copper and copper alloy strip for electronic connectors, heat exchangers, architectural products, and electrical goods.
Supplies these inputs
Sulfuric Acid (Wet Process Phosphoric Acid)
Replaceability
Substitutability 70% · 1 mo to replace
Business segments
- Custom Smelting & Products (CSP)70% rev
- Multimetal Recycling (MMR)30% rev
- Precious Metals Recovery
- Specialty & Critical Metals
