Corrected: US Mosaic seeks new sources of phosphate as litigation continues

19 July 2011 21:34  [Source: ICIS news]

Correction: In the ICIS news story headlined “US Mosaic seeks new sources of phosphate as litigation continues” dated 19 July 2011, please read in the first and second paragraph … South Fort Meade mine… instead of … South Port Meade mine…. A corrected story follows.

A phosphate processing plantHOUSTON (ICIS)--US fertilizer company Mosaic will continue to look for ways to get more out of existing mines and find new sources of phosphate to make up for the deficit created by ongoing litigation related to its South Fort Meade mine in Florida, the company said on Tuesday.

The South Fort Meade mine is one of the largest phosphate mines in the world, producing about 6m tonnes/year of the fertilizer. It represents a third of Mosaic's phosphate production, as well as 4% of the world's production.

A US district judge recently ordered Mosaic to stop all operations at the mine. At issue is Mosaic's permit from the US Army Corps of Engineers to expand the mine.

"Our first opportunity is to look at our other operations and maximise output from them," said James O'Rourke, executive vice president of operations, during the company's fourth-quarter earnings conference call.

For example, a debottlenecking project at Mosaic's Four Corners mine in Florida has produced 20% more phosphate.

In addition, Mosaic will get about 1m tonnes of phosphate from its Miski Mayo joint venture in Peru, which the company plans to expand.

Mosaic CEO Jim Prokopanko said they are also continually evaluating future mine sites.

"There's not a deposit in the world we are not aware of," he said. "Every week it seems we get a proposal asking us to look at this deposit or that deposit."

For more on Mosaic visit ICIS company intelligence

By: Bobbie Clark
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