PLYMOUTH, Minn., July 26 /PRNewswire-FirstCall/ -- The Mosaic Company
(NYSE: MOS) announced today that Mosaic Fertilizer, LLC, a wholly-owned
subsidiary of The Mosaic Company, has signed a 15-year ammonia offtake
agreement with Faustina Hydrogen Products LLC, an affiliate of US Syngas LLC
(USS). The term of the ammonia offtake commences upon startup of a petroleum
coke gasification project to be constructed adjacent to Mosaic's Faustina
phosphate manufacturing plant in St. James Parish, Louisiana. USS is acting
as lead sponsor of the project. The agreement provides that Mosaic will
purchase a majority of the approximately 1.3 million tons of anhydrous ammonia
that would be annually produced at the petroleum coke complex. The agreement
is subject to various conditions, including among others, USS' ability to
obtain adequate financing to construct the petroleum coke complex and the
successful completion and startup of the project. Assuming financing is
obtained prior to the end of this calendar year, the project is anticipated to
begin operations in 2009.
(Logo: http://www.newscom.com/cgi-bin/prnh/20060331/MOSAICLOGO )
In April 2006, Mosaic announced a non-binding letter of intent with USS to
pursue the development of the petroleum coke project. USS is currently
pursuing appropriate financing and regulatory approvals.
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 .
About US Syngas LLC
US Syngas LLC, together with its "teaming" partners and equity sponsors,
is a specialist in developing projects involving the gasification of petroleum
by-products to produce feedstock for the petrochemical industry. HA Capital
Advisors, an affiliate of Hannon Armstrong, Annapolis, Maryland
( http://www.hannonarmstrong.com ), is financial advisor to
US Syngas.
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 relating to obtaining financing
and regulatory approvals for, and completion and successful operation of, the
petroleum coke project 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. Such statements are based upon the current beliefs and
expectations of The Mosaic Company's management and are subject to significant
risks and uncertainties. Actual results may differ from those set forth in the
forward-looking statements.
SOURCE The Mosaic Company