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News Breaks | | | | March 19, 2013 | | 08:32 EDT |  | MOS | Mosaic enters phosphate joint venture with Ma'aden and SABIC in Saudi Arabia
Mosaic announced that it has entered into a Heads of Agreement with Ma'aden and the Saudi Basic Industries Corporation under which the companies intend to enter a joint venture to develop integrated phosphate production facilities in the Kingdom of Saudi Arabia. The parties contemplate that Ma'aden, Mosaic and SABIC would own 60, 25 and 15 percent of the joint venture, respectively. The acilities are expected to have a production capacity of approximately 3.5M tonnes of finished product per year. Operations are expected to commence in late 2016. Under the terms of the agreement, Mosaic would contribute expertise to the design, construction and operations of the new facilities and acquire a 25% ownership stake. In connection with its equity share, Mosaic would market approximately 25% of the production of the joint venture. Subject to final financing terms, Mosaic's cash investment would be up to $1B , funded over a four-year period beginning in 2013. | |
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News For MOS From The Last 14 Days Check below for free stories on MOS the last two weeks. |
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| May 15, 2013 | | 07:31 EDT |  | MOS | BMO Capital to host a conference
 Subscribe for More Information | | | May 14, 2013 | | 13:10 EDT | | MOS | Mosaic would resume potash expansion if BHP cancels Jansen project, Reuters says
Subscribe for More Information | | | May 13, 2013 | | 14:45 EDT |  | MOS | Mosaic shares defended at Citigroup
Subscribe for More Information | | | 13:28 EDT | | MOS | Mosaic lower after deferring potash expansion
Mosaic, which produces and markets phosphate and potash crop nutrients for the agriculture industry, is trading lower after saying it is scaling back its potash expansion on a company conference call. WHAT'S NOTABLE: Mosaic CFO Larry Stranghoener said the company is deferring a project to add 2M metric tons a year of potash production capacity. Stranghoener added that the company will reassess market conditions within the next 12 to 24 months and "make a determination at that time whether those projects are warranted." PRICE ACTION: Mosaic shares are trading down $2.23 or 3.52% to $61.05 in afternoon trading. | |
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