US Mosaic to close Michigan potash mine

05 November 2013 14:29  [Source: ICIS news]

HOUSTON (ICIS)--Mosaic will close its small potash mine at Hersey, Michigan, and plans to sell the site’s salt operation, the US-based fertilizer firm said on Tuesday.

Mosaic did not comment on how many jobs may be affected, and it did not disclose timelines or expected proceeds from the sale of the salt operation.

However, the company added that in the third quarter ended 30 September it took a $48m (€36m) loss on write-down of assets in Hersey.

Mosaic also confirmed plans to exit its “underperforming" distribution businesses in Argentina and Chile. The company will instead focus on its growing presence in Brazil, it said.

Earlier on Tuesday, Mosaic reported that its third-quarter net earnings fell steeply as sales fell 28% year on year.

Additional reporting by Franco Capaldo

($1 = €0.74)

By: Stefan Baumgarten
+1 713 525 2653

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