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We examine the relationships between ocean ventilation, primary production, water column anoxia, and benthic regeneration of phosphorus using a mass balance model of the coupled marine biogeochemical cycles of carbon (C) and phosphorus (P). The elemental cycles are coupled via the Redfield C/P ratio of marine phytoplankton and the C/P ratio of organic matter preserved in marine sediments. The model assumes that on geologic timescales, net primary production in the oceans is limited by the upwelling of dissolved phosphorus to the photic zone. The model incorporates the dependence on bottom water oxygenation of the regeneration of nutrient phosphorus from particulate matter deposited at the water‐sediment interface. Evidence from marine and lacustrine settings, modern and ancient, demonstrates that sedimentary burial of phosphorus associated with organic matter and ferric oxyhydroxides …