French firm has secured an eight-year contract to provide power cable and support services for the Mosaic K3 potash mine in Canada.
Mosaic Mining News
The firm will be world’s largest potash miner and No.2 nitrogen fertilizer producer.
The Canadian miner, the world’s largest producer of the fertilizer by capacity, expects strong demand to continue this year as North American farmers seek to replenish soil nutrients after record harvests.
Mosaic was charged with fines of more than more than $85,000 after a worker's leg was crushed in a conveyer in February 2014.
A reworked sale process for plants located in the southeastern city of Cubatão was reportedly launched in recent days.
The firm anticipates “challenging market fundamentals” in the phosphate-fertilizer market, adding that it is currently assessing the value of some assets, which may lead to writedowns.
Decision to resume operations at the mine was based on Mosaic's expectations that 2017 will be a stronger year for the potash industry.
Instead, the company is moving forward with a new prefeasibility study for the Argentina-based asset.
The 114 miners who were trapped underground following a fire are now home and operations will resume today.
Mosaic has agreed to acquire most of Vale's phosphate assets in Brazil, its stake in Peru's Bayovar mine and the firm’s Kronau potash project, in Canada.
The company also said it expects layoffs resulting from temporary production halts at its Lanigan and Allan mines in early 2017.
The last half of 2016 has proven to be extraordinary for potash as several mega deals may finally re-spark the sector.
If prices for the commodities it mines continue to pick up, the firm must cancel plans to sell some of its best assets.
Most of the division’s assets will be acquired by Mosaic, the world’s largest producer of phosphate fertilizer.
The deal, the biggest Canadian merger since CNOOC Ltd. bought Nexen Energy ULC in 2013, would create the world’s largest crop-nutrient supplier, worth about $36 billion.
Case study of how favorable results were achieved with a new wireless communication network at Mosaic Four Corners' phosphate mines.
Long-rumoured deal with US Mosaic to buy Brazilian unit worth up to $3 billion goes quiet.
The combined firm will be the world's largest crop nutrient producer and third largest natural resource company in Canada.
A tie-up could produce a fertilizer giant worth more than $30 billion.
The company has set Jan. 3 as the restart date for the mine, but that may change based on market conditions.
A cash-and-stock deal is said to be the favourite option at this point, though the parties are also discussing other alternatives.
It expects to sell the key crop nutrient for $200-230 a tonne in the current quarter, compared to an average price of $254 a tonne in the previous three-month period.
The company also fell behind the consensus estimates for both earnings and revenue.
Company has laid off 46 unionized workers, or 8 percent of the workforce, at its Colonsay, Saskatchewan potash mine as potash supply is outstripping demand.
After being practically absent from the Indian market for two years, the Russian firm has signed a three-year supply contract with IPL.