TAMPA, FL / ACCESSWIRE / October 21, 2024 / The Mosaic Company (NYSE:MOS) today provided an update on the impact of recent hurricanes on its North American phosphate business and other business events.
Mosaic is pleased to announce that all of our Florida-based employees are safe and sound. Recovery efforts from Hurricanes Milton and Helen are on track, with all production facilities in Florida, except Riverview, which has resumed production, back to normal operations and expected to return to normal operating rates by the end of the week is. The mining site is currently undergoing restoration work. We will resume operations. South Fort Meade is expected to return to normal operations early this week, and Four Corners is expected to return to normal operations within the next week or two. A rapid return to normal operations is the result of proactive and orderly storm management practices.
“Many Mosaic stakeholders have come together to help our Florida operations prepare for the storm and prepare for recovery,” said President and CEO Bruce Bodine. “Their efforts are especially noteworthy given that many of our citizens faced significant storm impacts at home. I am extremely grateful to them all.”
Mosaic expects hurricane-related production impacts to be in the range of 200,000 to 250,000 tonnes in the fourth quarter.
In addition, it has been publicly reported that a major customer of the Mosaic Fertilizantes division has announced that it has initiated its first bankruptcy procedure. This customer had an outstanding balance of approximately $30 million with Mosaic as of September 30, 2024. The majority of this balance will be recovered through credit insurance.
About Mosaic Company
Mosaic Company is one of the world’s leading producers and distributors of concentrated phosphate and potash crop nutrients. Mosaic is a single-source provider of phosphate, potash fertilizer and feed ingredients for the global agricultural industry. For more information about the company, please visit www.mosaicco.com.
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This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, without limitation, statements regarding proposed or pending transactions and strategic plans, and other statements regarding future financial and operating results. Such statements are based on the current beliefs and expectations of Mosaic Company’s management and are subject to significant risks and uncertainties. These risks and uncertainties include, but are not limited to: political and economic instability and changes in government policies in the countries in which we operate; the predictability and volatility of the agricultural, fertilizer, raw materials, energy and transportation markets, which are subject to competitive and other pressures, economic and credit market conditions, and customer expectations; Inventory levels in the crop nutrient distribution chain. the impact of future product innovations or new technology developments on demand for our products; Changes in foreign currencies and exchange rates. international trade risks and other risks associated with Mosaic’s international operations and joint ventures in which Mosaic participates, including MWSPC’s performance, the future success of MWSPC’s current plans and future changes to those plans; related to the expected value of the Marden Shares to be issued in the proposed transaction at the time of transaction announcement and at the time of transaction completion, the expected timing and likelihood of completion of the pending Marden Transaction, including the failure to obtain necessary approvals; risk of doing so. Ma’aden’s stockholders and other approvals required to complete the transaction, including potential regulatory approvals; the occurrence of events, changes or other circumstances that may cause termination of the applicable agreement; risks that could have a material adverse effect on the financial condition, results of operations, operations or prospects of Marden and MWSPC; the difficulty in realizing the benefits of our natural gas-based pricing ammonia supply agreement with CF Industries; This includes the possibility that the cost savings originally anticipated under the contract may not be fully realized over the term of the contract and the risk that natural gas prices will fluctuate. During this period, ammonia is at a level that makes pricing unfavorable to Mosaic. Customer default. the impact of Mosaic’s decision to exit business operations or locations; Changes in government policy. changes in environmental and other government regulations, such as expanding the types and scope of water resources regulated under federal law, carbon taxes or other greenhouse gas regulations, and implementing numerical water quality standards for the discharge of nutrients into Florida waterways; or efforts to reduce environmental pollution) that result in excess nutrients flowing into the Mississippi River Basin, Gulf of Mexico, and elsewhere. further development of judicial or administrative proceedings or complaints that Mosaic’s operations are adversely affecting neighboring farms, business operations, or property; difficulties or delays in receipt, increased costs or challenges to necessary governmental permits or approvals, or increased financial assurance requirements; Resolving global tax audit activities. the effectiveness of Mosaic’s processes for managing its strategic priorities; severe weather impacting operations in central Florida, the Mississippi River Basin, the U.S. Gulf Coast, Canada or Brazil; These include potential hurricanes, excessive heat, cold, snow, rainfall, or drought. the actual costs of various items that differ from management’s current estimates; These include, among other things, asset retirement, environmental remediation, reclamation or other environmental regulations, Canadian resource taxes and royalties. a reduction in Mosaic’s available cash and liquidity and an increase in leverage due to Mosaic’s use of Mosaic’s and/or available debt capacity to fund financial guarantee requirements or strategic investments; Salt water flows into Mosaic’s potash mine. other accidents and disruptions related to Mosaic’s operations, including mine fires, floods, explosions, seismic events, sinkholes or the potential release of hazardous or volatile chemicals; risks related to cybersecurity (including reputational damage); as well as other risks and uncertainties reported from time to time in Mosaic Company’s reports filed with the Securities and Exchange Commission. Actual results may differ from those described in the forward-looking statements.
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Source: Mosaic
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