The Bureau of Mines investigated the resources, costs, capacities, market relationships, and short- and long-run supply of phosphate rock and phosphoric acid. The 206 mines and deposits evaluated in 30 market economy countries contain an estimated 35.1 billion mt of recoverable phosphate rock (demonstrated resource level). U.S. resources are sufficient to satisfy the domestic and export markets for phosphate products well beyond the year 2000. Because of resource depletion at current producers, however, new properties (with higher cost levels) need to be developed if U.S. production levels are to be maintained. Existing worldwide capacity can satisfy expected demand through the early 1990's. Expansion at existing mines or low demand growth could mean that no new property development will be needed before the late 1990's. Worldwide, almost $8 billion could be required for development of new phosphate rock properties between now and the year 2000, given 3-pct annual growth in demand. Most properties that could develop in the 1990's would require price increases of 20 to 50 pct to break even. To earn a 15-pct rate of return on investment, prices must rise to nearly double the present level of $24 to $29 per metric ton.