The deal is the biggest-ever overseas venture for the fertilizer company.
Stocks of major fertilizer producers Mosaic and Potash Corp hit their lowest levels in almost two years on Monday, in what is considered yet another sign the commodity “supercycle” is gearing down as slower global growth cools demand.
More than one billion people watched the rescue of 33 Chilean miners from a collapsed mine in 2010. Today, one of them has decided to venture underground for the first time since the accident during a tour to a Saskatchewan potash mine.
The Mosaic Company (NYSE: MOS) has announced a reduction of up to 20 percent in planned potash production from February through May 2012.
Fertilizer producer Mosaic Co. (NYSE:MOS) stocks were up US$2.50 this morning, after the company reported higher-than-expected quarterly profit as better prices helped offset a plunge in phosphate sales and flat potash volumes.
Shares of Mosaic Co. (MOS-N50.430.150.30%) dipped Thursday in the first trading since the U.S. fertilizer company with big operations and profile in Saskatchewan cut its production outlook for phosphate over the next few months.
Potash miner Mosaic will have to continue supplying rival PotashCorp with potash while a court reviews whether a supply deal between the two companies has ended, the Manitoba Co-operator reported:
Minneapolis-based Mosaic Co. said Thursday it has been ordered by Saskatchewan's Court of Queen's Bench to keep supplying PotashCorp with potash from the Mosaic mine at Esterhazy, Sask., as per the terms of a tolling agreement which Mosaic claims was concluded in May.
Two separate Wall Street reports gave fertilizer producers a boost on Tuesday. Investment bank Citigroup upgraded its recommendations for the two top producers Mosaic and Potash Corp. of Saskatchewan to buy citing strong global agricultural fundamentals and reduced Chinese exports.
In a separate opinion Barron's magazine over the weekend said Mosaic's stock is worth a look as potash prices are predicted to rise throughout the year thanks to depleted inventories and consolidation among Russian producers.
Investors have been looking with interest at the potash sector ever since BHP Billiton's $38.6 billion overture for Potash Corp. of Saskatchewan. Even though that takeover battle ended in an outright rejection of the offer, there have been a spate …
Agribusiness giant Cargill Inc. is spinning off its majority stake in fertilizer producer Mosaic (MOS-N72.47-3.68-4.83%) setting the stage for another potential takeover battle over prized Saskatchewan potash reserves, the Globe and Mail reports.
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