INVESTING FOR TOMORROW Annual Report & Accounts 2018 VISION: TO BE A WORLD-CLASS FERTILIZER BUSINESS
Strategic Report Annual Report on Remuneration 63 Highlights 1 Directors’ Remuneration Policy 76 Our business at a glance 2 Directors’ Report 82 Our development plan 4 Directors’ Responsibilities 85 Chairman’s letter 6 Financial Statements Chief Executive Officer’s review 8 Independent Auditors’ Report 88 About POLY4 10 Consolidated Statement What we are constructing 12 of Comprehensive Income 94 Our strategy 16 Consolidated Statement Our project 18 of Financial Position 95 Our product 20 Consolidated Statement of Changes in Equity 96 Our market 22 Consolidated Statement Financing plan 24 of Cash Flows 97 Business model 26 Notes to the Consolidated Financial review 28 Financial Statements 98 Working responsibly 30 Parent Company Statement Risk management 36 of Financial Position 122 Parent Company Statement Governance of Changes in Equity 123 Board of Directors 44 Notes to the Parent Company Chairman’s Introduction 46 Financial Statement 124
Corporate Governance Report 48 Additional Information Audit Committee Report 53 Shareholder Information 127 Nominations Committee Report 57 Glossary 128 Remuneration Committee Report Chair’s Annual Statement 61
This Annual Report contains forward- looking statements. These forward- looking statements are made in good faith, based on a number of assumptions concerning future events and information available to the Directors at the time of their approval of this report. These forward-looking statements should be treated with caution due to the inherent uncertainties underlying any such forward looking information. The user of this document should not rely unduly on these forward-looking statements, which are not a guarantee of performance and which are subject to a number of uncertainties and other events, many of which are outside of the Company’s control and could cause actual events to differ materially from those in these statements. No guarantee FOR MORE INFORMATION PLEASE VISIT can be given of future results, levels of WWW.SIRIUSMINERALS.COM AND WWW.POLY4.COM activity, performance or achievements. Performance against milestones Strategic Report HOW WE PERFORMED IN 2018
Key: Completed Incomplete Governance Financial Statements
Construction Sales and marketing Complete the installation of the Expand global agronomy main production shaft foreshaft and programme and establish commence foreshaft excavation 80 new trials – Diaphragm walling activities complete – 110 new trials established in – Foreshaft excavation commenced 2018 across 21 countries and 32 crops Complete main service shaft foreshaft Additional Information construction and excavation Execute 2 Mtpa incremental – Service shaft foreshaft excavated supply agreements to a depth of 37m at December 2018 and – Total of 4.8 Mtpa peak aggregate excavation completed post year end volume take-or-pay supply agreements entered into in 2018 for Commence mineral transport system the supply of POLY4 into Nigeria, (MTS) access shaft construction at China, Brazil and certain other the Woodsmith Mine site countries in South America – MTS shaft sinking commenced and progressed to a depth of 47m at December 2018
Largely complete construction Corporate and commercial of MTS portal at Wilton Substantially complete – MTS portal completed and the first two Project procurement sections of the tunnel boring machine – Procurement complete for the major launch ramp constructed construction packages – Tunnelling activities commenced Draw down the stage 1 Commence shaft sinking at Lockwood financing royalty instrument Beck intermediate shaft site – US$250 million royalty investment – Shaft sinking preparatory works well proceeds received in September 2018 advanced at December 2018 – US$50 million equity component to – Excavation works commenced post be provided once stage 2 financing year end commitments are obtained to fully fund the initial 10 Mtpa development Commence early works for the of the Project materials handling facility (MHF) – Site preparation works commenced Execute stage 2 financing – The Group is working towards Finalise harbour facility strategy completion of stage 2 financing and complete procurement – Materials handling agreement signed with Redcar Bulk Terminal Limited to provide port and ship loading services for up to 10 million tonnes per annum (Mtpa) of POLY4 – EPC contract signed with McLaughlin & Harvey in November 2018 for the development of the Group’s port handling facility at Teesside
Sirius Minerals Plc Annual Report & Accounts 2018 1 Strategic Report
Our business at a glance
CREATING A THE WORLD’S TEESSIDE PORT FACILITIES
LARGEST AND HIGHEST- MATERIALS SIRIUS WORLD-CLASS GRADE KNOWN HANDLING FACILITY PROJECT AREA FERTILIZER BUSINESS POLYHALITE RESOURCE
Sirius Minerals is a fertilizer company developing the world’s The scale and quality of the mineral resource combined with the relative largest known resource of polyhalite. The Company’s flagship Whitby proximity to a deep-water port Project is based in North Yorkshire and is expected to achieve LOCKWOOD BECK first polyhalite in 2021. present significant economic and operational advantages.
MTS ROUTE 750km2 AREA OF INTEREST
North York Moors WOODSMITH MINE National Park 37km POLYHALITE RESOURCE FROM DEEP WATER PORT What is POLY4? POLY4 is the trademark name of >40yr Sirius Minerals’ flagship fertilizer MINE LIFE product. It contains four of the six Scarborough macro-nutrients that all plants require for growth, and also contains a range of valuable micro-nutrients.
What makes it different? • POLY4 is a low-chloride single source of potassium, sulphur, magnesium and calcium which K 2O is efficient and effective for 14% farmers, enabling more flexible and more sustainable Teesside port facilities fertilizer practices S
• It allows farmers to maximise 19% the economic potential of their land by providing increased 2011-2012 2012-2015 NOV 2016 2017-2021 2021 crop yield and quality, and Timeline improved soil structure, with MgO RESOURCE DEFINITION DEVELOPMENT AND STAGE 1 FINANCING CONSTRUCTION AND FIRST POLYHALITE AND MINERAL RIGHTS APPROVALS COMPLETE DEVELOPMENT one product 6% • POLY4 is naturally occurring, has no requirement for chemical Why invest? LARGEST HIGH-GRADE STRONG GLOBAL LOW- COST, ATTRACTIVE DE-RISKING processing and is certified for DEPOSIT DEMAND HIGH-MARGIN ECONOMICS EXECUTION CaO organic use FULLY PERMITTED 17% • POLY4 has low CO2 emissions in 2.69bn 10.7 Mtpa 65-85% US$18.0 bn NPV MATERIALLY PROCURED production compared to other TONNE RESOURCE PEAK SUPPLY AGREEMENT GROSS MARGINS3 20 MTPA4 UNDER CONSTRUCTION fertilizer products AGGREGATE VOLUME1 • Our product can be used straight or in a blend 290m US$140 -150/t US$0.8-3.2bn US$11.6 bn NPV TONNE RESERVE AVERAGE SUPPLY AGREEMENT PRICE2 EBITDA3 13 MTPA 4 FOR MORE INFORMATION, 37KM FROM PORT PLEASE VISIT POLY4.COM 88.8% TONNE ORE = TONNE PRODUCT RESERVE GRADE
2 Sirius Minerals Plc Annual Report & Accounts 2018 Strategic Report
TEESSIDE PORT FACILITIES
MATERIALS SIRIUS HANDLING FACILITY PROJECT AREA Governance
Whitby LOCKWOOD BECK
MTS ROUTE Financial Statements North York Moors WOODSMITH MINE National Park POLYHALITE RESOURCE
5km
Scarborough Additional Information
Materials handling facility Mineral transport system Woodsmith mine
2011-2012 2012-2015 NOV 2016 2017-2021 2021
RESOURCE DEFINITION DEVELOPMENT AND STAGE 1 FINANCING CONSTRUCTION AND FIRST POLYHALITE AND MINERAL RIGHTS APPROVALS COMPLETE DEVELOPMENT
LARGEST HIGH-GRADE STRONG GLOBAL LOW- COST, ATTRACTIVE DE-RISKING DEPOSIT DEMAND HIGH-MARGIN ECONOMICS EXECUTION FULLY PERMITTED 2.69bn 10.7 Mtpa 65-85% US$18.0 bn NPV MATERIALLY PROCURED TONNE RESOURCE PEAK SUPPLY AGREEMENT GROSS MARGINS3 20 MTPA4 UNDER CONSTRUCTION AGGREGATE VOLUME1
290m US$140 -150/t US$0.8-3.2bn US$11.6 bn NPV TONNE RESERVE AVERAGE SUPPLY AGREEMENT PRICE2 EBITDA3 13 MTPA 4
37KM FROM PORT
88.8% TONNE ORE = TONNE PRODUCT RESERVE GRADE Note: 1. 10.7 Mtpa as measured by taking the aggregate of the respective peak volumes under each supply agreement 2. US$140-150/t represents the weighted average price point of existing supply agreements over the first five years using independent third party fertilizer price forecasts (e.g. Argus FMB, CRU) for underlying nutrient values expressed on a real 2018 basis 3. Illustrative EBITDA and gross margins in an average steady state year on a price assumption of US$100/t to US$200/t flat real 2018 basis and volume assumptions of 13 Mtpa and 20 Mtpa assuming operating cash costs of US$31.6 and US$29.4 per tonne on a real 2018 basis respectively 4. Production forecasts, pricing, operating costs and capital costs are presented on an unlevered basis and are based on management assumptions. Prices and costs are nominal, inflated at 2% and cashflows are discounted at a nominal rate of 10%
Sirius Minerals Plc Annual Report & Accounts 2018 3 Strategic Report
Our development plan HIGH-VOLUME, LOW-IMPACT MINE DEVELOPMENT
WOODSMITH MINE MTS ACCESS SHAFT AT LOCKWOOD BECK WOODSMITH MINE INTERMEDIATE SHAFT
• Two deep shafts to access the • MTS drive 3 tunnel boring machine (TBM) • MTS drive 2 TBM launch location polyhalite seam launch location • >340m deep • c.1600m deep • >340m deep • 9m internal diameter • 6.75m internal diameter • 9m internal diameter • Constructed using conventional • Production hoist capacity 13 Mtpa • Constructed using vertical sinking drill and blast • Constructed using shaft boring machine and conventional drill and blast roadheaders (SBRs)
0m
250m DRIVE 3 DRIVE 2 DRIVE 1 REDCAR MUDSTONE 500m
800m
BUNTER SANDSTONE
1050m
1300m SYLVINITE SALT
1500m
Up to POLYHALITE 50 m thick
NOT TO SCALE
4 Sirius Minerals Plc Annual Report & Accounts 2018 Strategic Report Governance
MATERIALS HANDLING PORT FACILITY FACILITY
• Facility to process polyhalite into • Port from which our POLY4 product our POLY4 granules is exported • Simple process comprising • 17m deep berth Crushing > Grinding > Granulation > • 10 Mtpa initial capacity Screening > Drying • Additional 20 Mtpa • Installed capacity 10 Mtpa expansion capacity • Expansion capacity 20 Mtpa Financial Statements
Main shafts FOR MORE INFORMATION, SEE P12
0m Additional Information
250m
REDCAR MUDSTONE 500m Mineral transport system MINERAL TRANSPORT FOR MORE INFORMATION, SEE P14 SYSTEM
• Transport system to move our polyhalite ore from the mine head to our materials handling facility • Capacity 20 Mtpa • 37km long • 4.9m internal diameter • Average underground depth 250m • Operating speed 7.5m/sec 800m
BUNTER SANDSTONE
1050m Materials handling facility FOR MORE INFORMATION, SEE P15 1300m SYLVINITE SALT
1500m
MINING
Up to POLYHALITE 50 m thick • 1:1 ore to product mining ratio • Initial production capacity 10 Mtpa 1:1 • Expansion capacity 20 Mtpa ORE TO PRODUCT • Combination of continuous MINING RATIO miners and drill and blast Port facility FOR MORE INFORMATION, SEE P15
Sirius Minerals Plc Annual Report & Accounts 2018 5 Strategic Report
Chairman’s letter RESPONSIBLE DEVELOPMENT
Dear Shareholders, Sirius has made a long-term commitment It is with great pleasure that I introduce to farmer education with the foundation of Sirius Minerals’ 2018 Annual Report. this effort being our ongoing research and 2018 has been a year of significant development programme. The guidance progress for Sirius. The transformation and recommendations we provide to of our development sites and the rate farmers, supported by our crop trials, at which construction has advanced is can improve productivity and efficiency for impressive and is testament to the hard farmers, which in turn can help to increase work and commitment of our employees food production and profitability and and partners. More than 900 people enhance sustainability. are now employed on the Project, During 2018, we initiated a total of 110 new demonstrating the transformational trials across 21 countries and 32 crops. Our potential for jobs and growth that the trials continue to demonstrate, in line with Project provides to the local area. previous trials, that POLY4 increases crop Strong construction performance has yields and quality compared to existing been mirrored by further success in fertilizer practice in a range of conditions. the sales and marketing of POLY4. Our trials also demonstrate that POLY4 Our aggregate peak contracted supply can provide a number of environmental agreements for POLY4 now stands at benefits, such as improved soil conditions, 10.7 Mtpa. To have established long-term, greenhouse gas emission reductions and trusted relationships with some of the sustainable intensification (higher yield world’s leading fertilizer blending and from a lower land use). distribution companies truly validates Our sustainable credentials are further the market potential of our unique demonstrated by POLY4’s CO emissions RUSSELL SCRIMSHAW 2 POLY4 product. in production, which are expected to be CHAIRMAN low compared to other fertilizer products. Moreover, our minimal, non-chemical A responsible approach processing methods are expected to to creating value have a lower environmental impact than “Through the large-scale supply Responsibility to the environment and the many other multi-nutrient fertilizer of POLY4, Sirius will make a social and economic sustainability of the production methods. significant and sustainable communities in which we operate is one of contribution to global food our core values. Our approach is built on Our research continues to show that POLY4 has the potential to make a significant impact security and we are already the belief that the Company’s success goes hand in hand with the economic, social and in the future of global food security and can working with a range of environmental sustainability of the achieve this with a significantly lower stakeholders to promote better communities in which we work. environmental impact than many other agricultural practices across fertilizers used today. Environment the world” Facilitating the transition to a more Communities sustainable agricultural sector is a key By maintaining a high level of engagement focus for Sirius. Over the next 35 years with our local communities, we aim to more food needs to be produced than has maintain confidence in the positive and been produced to date in human history. active contribution we make to the local area. In order to feed the planet’s growing We believe our success should be shared population there is a global need to adopt with the local communities in which we sustainable farming practices that boost operate and we have committed to provide crop yields whilst using less land and significant funding for environmental mitigating environmental impact. Through schemes within the local area via our S106 the large-scale supply of POLY4, Sirius agreement with the North York Moors will make a significant and sustainable National Park (NYMNP) authority and the contribution to global food security and surrounding borough councils. Over the next we are already working with a range of 40 years we expect to contribute stakeholders to promote better agricultural approximately £100 million to the local area. practices across the world. On a national scale, a recent independent study estimated that the Project will make a direct contribution to GDP of over £2.3 billion every year at full production. This is the equivalent of permanently adding up to 17% to the economic output of North Yorkshire.
6 Sirius Minerals Plc Annual Report & Accounts 2018 Strategic Report Governance People We require a skilled and engaged workforce to deliver our ambitious growth plans. In 2018, the Group focused on activities to Over everything else inform, engage and empower the wider Project team, including the construction we prioritise the safety workforce, to help create a sense of personal responsibility for the part they play of our workforce in the team’s collective success. Through our focused efforts, we have successfully sourced approximately two-thirds of our Financial Statements total workforce from the local area. We are very proud of this achievement. At full production, we expect 1,000 high skilled jobs to be created, with an additional 1,500 in the supply chain. We expect 1,700 jobs to be created at peak construction. Our long-term target is to source 80% of our direct workforce from the local area. Over everything else we prioritise the safety of our workforce. As the workforce has Additional Information grown throughout 2018, the Group has continued to invest in activities designed to strengthen the Company’s culture and focus on keeping our people safe.
Positioning for the future >900 Our strategy now is to focus on financing PEOPLE CURRENTLY the construction of our world-class asset EMPLOYED in order to deliver value to shareholders. As we move through this critical phase in our Company’s development I would like to take this opportunity to thank all of our employees and partners for their ongoing contribution towards delivering on our 170 0 strategy to build our world-class, long-life, JOBS AT PEAK low-cost production facility and to build CONSTRUCTION a successful market for POLY4. Thank you for your continued support. £100m PAYMENTS TO THE Russell Scrimshaw LOCAL AREA OVER 40 YEARS Chairman £2.3bn ANNUAL DIRECT CONTRIBUTION TO GDP AT FULL PRODUCTION
Sirius Minerals Plc Annual Report & Accounts 2018 7 Strategic Report
Chief Executive Officer’s review CONSTRUCTION PROGRESS
Dear Shareholders, Construction The past year has been one of significant Shaft-sinking activities construction progress. Your Company’s A key construction milestone in 2018 has Project sites have been transformed by been the successful commencement of the construction activities taking place at shaft-sinking activities. At the Woodsmith the Woodsmith Mine site, Lockwood Beck Mine site, efforts are focused on the safe and Wilton, and it is with great pride that and efficient excavation of the two deep we see the design work that formed the vertical mine shafts (the service shaft and basis of our planning approvals being production shaft) and the MTS access constructed at pace. shaft. The service shaft foreshaft is now complete and the excavation of the A number of significant milestones production shaft foreshaft is underway. were achieved in the year, including the The vertical sinking machine (VSM) being completion of procurement of the Project’s used to construct the MTS access shaft major construction packages. We have was launched in October 2018 and chosen some of the world’s leading construction has progressed well. At the construction experts as our contractors time of writing the MTS access shaft has and we look forward to continuing our reached a depth of over 100m. partnerships to deliver our world-class Project. In addition to our procurement Mineral transport system success we have also materially exceeded Progress on our MTS tunnel has been our targeted level of POLY4 supply impressive. During the year the MTS agreements. The total peak aggregate launch portal at Wilton was completed volume of POLY4 under supply agreements and official excavation commenced. At now stands at an impressive 10.7 Mtpa and the time of writing, our tunnel has been CHRIS FRASER work continues to expand this further. excavated to 100m and we look forward MANAGING DIRECTOR AND CEO to the commencement of mechanical tunnelling following delivery of our first Health and Safety tunnel boring machine (TBM) in early 2019. Safety of our workforce is our number one Materials handling facility “It is with great pride that we see priority on site, and we are committed to the design work that formed the In parallel to the establishment of the promoting the highest standards of safety in MTS portal, early works to establish the basis of our planning approvals our Group. The Project’s lost time injury MHF construction site have been ongoing being constructed at pace” frequency rate (LTIFR) for 2018 stood at 3.54 at our Wilton site. The MHF site is now and during 2018 five incidents were reported. prepared and ready for civil works, Rigorous investigations have been carried out associated with the construction, and changes to working practices have been to commence. implemented across all sites as a result. We work collaboratively with our contractors to create a one-team approach to health and Procurement safety and significant effort is being made to Through our procurement process, we promote a strong health and safety culture have established strong partnerships with across our business. world-leading construction companies to help deliver our Project. The calibre of our contractors, their technical expertise and wealth of industry experience will ensure the Project we are building will be a world-class production facility capable of sustaining the long-term operations at
8 Sirius Minerals Plc Annual Report & Accounts 2018 10.7 Mtpa Strategic Report PEAK AGGREGATE SUPPLY AGREEMENTS Governance our mine. DMC Mining Services (DMC), our Outlook chosen contractor for the construction of The construction and sales and marketing the four Project shafts, have extensive and progress made in 2018 is truly impressive proven shaft-sinking experience across the and we have made good progress towards world. DMC is one of North America’s our stage 2 financing, including the premier underground contractors and is a US$400m equity issuance launched today. world leader in shaft-sinking activities. With Financing the construction of our Project one of the lowest incident and accident remains critical to our business and critical frequency rates in the industry, DMC has to delivering value to our shareholders, the been called upon by many leading mining coming weeks are a crucial time for the companies to fill critical roles. Our MTS Company as we work towards the Financial Statements contractor, STRABAG, is a global leader in successful execution of our financing plan. tunnelling technologies. Tunnelling requires tremendous skills and extensive experience from all the people involved. STRABAG is a Thank you to all of our shareholders and specialist in providing technically optimised stakeholders for your support and belief in end-to-end tunnelling solutions worldwide the strength of our Project. and we are delighted to be partnering with “The calibre of our contractors, this world-leading tunnelling contractor. their technical expertise and Our philosophy is one of continuous wealth of industry experience will optimisation, as we look for opportunities Additional Information ensure the Project we are building to reduce construction risk and maximise shareholder value. Our port strategy is will be a world-class production Chris Fraser facility capable of sustaining the one such example of this. During the year we signed an agreement with Redcar Bulk Managing Director and CEO long-term operations at our mine” Terminal (RBT) which will enable us to export up to 10 Mtpa of our POLY4 product using existing under-utilised local port infrastructure at Teesside. The agreement reduces construction risk for Sirius and provides benefits to an existing established business in Teesside. Our adjacent Bran Sands site is some of the last undeveloped river frontage in the UK capable of handlingcape size vessels and, like the RBT berth, is only 37km from the Woodsmith Mine site. Ownership of the Bran Sands land has ensured we have room to grow our export capability beyond 10 Mtpa in the future. We took the decision to move the product storage facility from the MHF site to the port following an agreement to lease land from RBT, adjacent to the RBT port. This will result in a greater loading efficiency capability, maximising the potential of the out-loading and ship-loading facility we are constructing at the RBT.
Sirius Minerals Plc Annual Report & Accounts 2018 9 Strategic Report
About POLY4 POLY4 A GAME-CHANGING FERTILIZER
What is POLY4? MgO Se B K2O POLY4 is a naturally occurring, low-chloride, multi-nutrient fertilizer certified for organic use. POLY4 includes Zn four of the six key macro-nutrients that all plants need to grow: potassium, sulphur, Sr magnesium and calcium. It has no Mo requirement for chemical processing and has the lowest CO2 emissions CaO compared to other fertilizer products. Fe Cu S Mn
Our product is an efficient and effective Macro-nutrients essential fertilizer that allows farmers to maximise crop yield, increase quality, improve soil for effective plant growth: structure and enables more sustainable fertilizer practices. POLY4 has a number of positive characteristics which make it POLY4 suitable for widespread commercial use, 19 Aids plant metabolism, water including suitability for chloride-sensitive regulation and drought resistance crops, a desired nutrient-release profile K Potassium improves disease resistance and and compatibility for use with other plant health fertilizer products.
16 Is required by plants for healthy S growth. An essential component Sulphur to produce proteins, amino acids, How does POLY4 work? enzymes and vitamins Fertilizers are a fundamental requirement of modern agriculture and the global food 12 Enhances a broad-spectrum supply chain. Mg nutrient uptake. Is a key Magnesium component of chlorophyll, which Every growing season, plants take up makes leaves appear green nutrients from the soil, depleting those that are naturally available. Unless the nutrients 20 Important for soil stability and are replaced, soil will become nutrient plant tissue integrity, particularly Trial results show deficient and a plant’s ability to grow Ca Calcium for cell wall structure and root that POLY4: efficiently will be reduced. nutrient uptake • Delivers greater nutrient uptake There are six macro-nutrients that all Other fertilizer products • Improves yield and quality plants require: nitrogen (N), phosphorus Can be used as a straight fertilizer 7 Increases plant yield by promoting • (P), potassium (K), magnesium (Mg), sulphur protein formation, which is essential or as part of a blend (S) and calcium (Ca). Each nutrient serves a N Improves soil strength, structure Nitrogen for growth and development in • different vital role in plant function, structure plants. Nitrogen determines size, and nutrient legacy and development, and must be available in vigour, colour and yield of the plant • Low-chloride and pH neutral a balance appropriate for a particular crop and soil condition in order to achieve 15 Vital for root development and maximum yield. P plays a key role in the Phosphorus photosynthesis process
10 Sirius Minerals Plc Annual Report & Accounts 2018 Strategic Report WELL POSITIONED TO MEET DEMAND Governance
Demand dynamics
Over the next 35 years more food needs Financial Statements to be produced than has been to date in human history. Global food security is the macro-driver which underpins the The key demand drivers market demand for fertilizers. Sirius for fertilizer use include: Minerals has the potential to make a Population growth Reduction in arable land major, positive contribution to global • According to the UN Population • A reduction in arable land from food security as it becomes one Division, the world’s population is 2,100m 2 in 2010 to just 1,800m2 of the largest producers of multi- predicted to increase to 9 billion by per person by 2050 will require nutrient fertilizer. 2050, placing increased demand on more efficient fertilizer practises food production • In many places, soil is becoming Additional Information • As economies become wealthier, the increasingly deficient in the nutrients demand for protein rich and high- required for plant growth quality diets increases. Sustaining increased livestock herds requires greater efficiency from grain Increasing nutrient demand production and arable land • Additional nutrient application will be necessary to improve crop yields • An increase in agricultural production to meet future anticipated demand of 60% between 2010 and 2050 is for food required to meet rising global food demand • There is an increasing recognition of benefits of balanced fertilization which supports the use of multi-nutrient fertilizers such as POLY4
Population vs Fertilizer Consumption bn 9 FORECAST WORLD POPULATION BY 2050 o i i