PLYMOUTH, Minn.--(BUSINESS WIRE)--
The Mosaic Company (NYSE: MOS) announced that Mosaic Fertilizantes will
idle production at its Tapira and Catalão phosphate mines in Brazil. The
company currently has the rock and finished product inventory necessary
to meet near-term market requirements. During this period and as
necessary, the Company will also ship phosphates from its operations in
Florida and rock from its Peruvian mine for use in Brazilian production
to meet customer needs in Brazil, leveraging the Company’s position as a
global, integrated producer.
The company is taking these actions in order to comply with new
Brazilian regulations governing mine tailings dams. Last month, Mosaic
Fertilizantes, with the technical approval of the National Mining Agency
(ANM), filed an application for the extension of the deadline for
submission of the Stability Condition Statements (DCE) for three of its
dams. The requested extension was to allow expert consultants to
finalize additional recommended studies and geotechnical analysis, which
will be completed in April. The company did not receive final agreement
from the ANM regarding the requested extension.
Without final agreement from the ANM, and in alignment with the new ANM
standards, the company has implemented the Emergency Action Plan for
Mining Dams (PAEBM) for the BL1 and BR dams in Tapira (MG) and the BR
dam in Catalão (GO), which were classified as emergency level 1, the
least critical of the three-category rating system.
Mosaic Fertilizantes will make every effort to obtain the DCEs as
quickly as possible. Geotechnical research, analysis with external
consultants and remediation plans will continue until the dams meet the
new standards.
The company reaffirms that the dams do not present imminent risks of
disruption and reiterates its commitment to the communities and regions
where it operates.
About The Mosaic Company
The Mosaic Company is one of the
world's leading producers and marketers of concentrated phosphate and
potash crop nutrients. Mosaic is a single source provider of phosphates
and potash fertilizers and feed ingredients for the global agriculture
industry. More information on the company is available at www.mosaicco.com.
This 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 strategic plans
pertaining to tailings dams in Brazil and other statements that could
impact 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, effects of
Mosaic’s decision to temporarily idle production at the Tapira and
Catalão mines, including the operational and financial impact of
sourcing phosphate and phosphate rock from other locations to meet
production demands in Brazil; the predictability and ability of Mosaic
to comply with Brazilian regulations pertaining to tailings dams, the
effectiveness of the Emergency Action Plan for Mining Dams, 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.
The Mosaic Company cautions investors that actual events and results
could differ materially from those described in the forward-looking
statements and could impact results of operations. New factors emerge
from time to time, and it is not possible for management to predict all
such factors, nor can it assess the impact of each factor on the
business or the extent to which any factor, or a combination of factors,
may differ materially from those contained in any forward-looking
statements.Furthermore, the Mosaic Company cautions its
investors not to place undue reliance on the forward-looking statements,
which speak only as of the date they are made. The Mosaic Company
undertakes no obligation to publicly update or revise any
forward-looking statements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190411005850/en/
Media
Ben Pratt
The Mosaic
Company
763-577-6102
benjamin.pratt@mosaicco.com
Investors
Laura Gagnon
The
Mosaic Company
813-619-4396
investor@mosaicco.com
Source: The Mosaic Company