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Mosaic Invests in Phosphate Rock Joint Venture

Jul 8 2010

The Mosaic Company (NYSE: MOS) announced today the completion of its previously announced investment in a joint venture with subsidiaries of Vale S.A. and Mitsui & Co., Ltd. that owns a phosphate rock mine in the Bayovar region in Peru.

Terms of the investment include a 35 percent economic interest in the joint venture along with a commercial offtake supply agreement for up to 35 percent of the mine's phosphate rock production. Mosaic paid Vale $385 million for the stake in the joint venture.

"We are pleased to close this transaction that advances our strategic objective to secure our phosphate rock supply," said Jim Prokopanko, Mosaic's President and Chief Executive Officer.

Source: http://www.mosaicco.com/

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