|Mosaic Announces Completion of Sales Agreement Between Canpotex and Sinofert|
PLYMOUTH, Minn., Feb. 9 /PRNewswire-FirstCall/ -- The Mosaic Company (NYSE: MOS) announced today that Canpotex Limited, the offshore marketing company for Saskatchewan potash producers, has finalized a potash supply agreement with Sinofert Holdings Limited, a large fertilizer distributor in China, for a $5 per tonne price increase for calendar year 2007. Canpotex volumes shipped to China will be based on market demand in 2007 and will be adjusted during the year in accordance with Canpotex's existing Memorandum of Understanding which targets a 30% market share in China. Mosaic has a 35.37% share of Canpotex shipments.
"We are pleased the negotiations were completed promptly and that an agreement is in place with Sinofert. China has long been a consistent and valued customer for Canpotex," said Jim Prokopanko, President and Chief Executive Officer of Mosaic.
About The Mosaic Company
The Mosaic Company is one of the world's leading producers and marketers of concentrated phosphate and potash crop nutrients. For the global agriculture industry, Mosaic is a single source of phosphates, potash, nitrogen fertilizers and feed ingredients. More information on the company is available at http://www.mosaicco.com .
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results. Such statements are based upon the current beliefs and expectations of The Mosaic Company's management and are subject to significant risks and uncertainties. These risks and uncertainties include but are not limited to the predictability of fertilizer, raw material and energy markets subject to competitive market pressures; changes in foreign currency and exchange rates; international trade risks including, but not limited to, changes in policy by foreign governments; changes in environmental and other governmental regulation; the ability to successfully integrate the former operations of Cargill Crop Nutrition and IMC Global Inc. and the ability to fully realize the expected cost savings from their business combination within expected time frames; adverse weather conditions affecting operations in central Florida or the Gulf Coast of the United States, including potential hurricanes or excess rainfall; actual costs of closure of the South Pierce, Green Bay and Fort Green facilities differing from management's current estimates; realization of management's expectations regarding reduced raw material or operating costs, reduced capital expenditures and improved cash flow and anticipated time frames for the closures and the ability to obtain any requisite waivers or amendments from regulatory agencies with oversight of The Mosaic Company or its phosphate business; management's estimates of the current volumes of brine inflows at the Company's Esterhazy mines, the available capacity of brine storage reservoirs at the Esterhazy mines, the possibility that the rate of the brine inflows could materially increase, management's expectations regarding the potential efficacy of remedial measures to control the brine inflows, and the level of capital and operating expenditures necessary to control the inflows, as well as other risks and uncertainties reported from time to time in The Mosaic Company's reports filed with the Securities and Exchange Commission. Actual results may differ from those set forth in the forward-looking statements.
SOURCE The Mosaic Company
CONTACT: Media, Linda Thrasher, +1-763-577-2864, or Investors, Douglas Hoadley, +1-763-577-2867, both of The Mosaic Company
4220 02/09/2007 16:42 EST http://www.prnewswire.com