Mosaic Provides Additional Business Update
The Mosaic Company (NYSE:MOS) has provided an update on the impact of recent hurricanes on its North American phosphate operations and other business events. All Florida-based employees are safe, and most production facilities have returned to normal operations. The Riverview facility is expected to resume normal rates by the end of the week, while mining sites are in the process of resuming operations. South Fort Meade is expected to return to normal operations early this week, and Four Corners in the next one to two weeks.
The company anticipates hurricane-related production impacts to be in the range of 200-250 thousand tonnes in the fourth quarter. Additionally, a key customer of the Mosaic Fertilizantes segment has announced initial bankruptcy proceedings, with an outstanding balance of approximately $30 million as of September 30, 2024. Mosaic expects to recover the majority of this balance through credit insurance.
La Mosaic Company (NYSE:MOS) ha fornito un aggiornamento sull'impatto degli uragani recenti sulle sue operazioni di fosfati in Nord America e su altri eventi aziendali. Tutti i dipendenti in Florida sono al sicuro, e la maggior parte degli impianti di produzione è tornata a operare normalmente. Si prevede che l'impianto di Riverview riprenda i tassi normali entro la fine della settimana, mentre i siti minerari sono in fase di ripresa delle operazioni. South Fort Meade dovrebbe tornare a operare regolarmente all'inizio di questa settimana, e Four Corners nelle prossime una o due settimane.
L'azienda prevede che gli impatti sulla produzione legati agli uragani saranno compresi tra 200 e 250 mila tonnellate nel quarto trimestre. Inoltre, un cliente chiave del segmento Mosaic Fertilizantes ha annunciato l'avvio di procedimenti di fallimento, con un saldo in sospeso di circa 30 milioni di dollari al 30 settembre 2024. Mosaic si aspetta di recuperare la maggior parte di questo saldo tramite assicurazione credito.
La Mosaic Company (NYSE:MOS) ha proporcionado una actualización sobre el impacto de los recientes huracanes en sus operaciones de fosfato en América del Norte y otros eventos empresariales. Todos los empleados en Florida están a salvo, y la mayoría de las instalaciones de producción han vuelto a funcionar con normalidad. Se espera que la instalación de Riverview reanude las tasas normales para finales de esta semana, mientras que los sitios mineros están en proceso de reanudar operaciones. Se espera que South Fort Meade vuelva a funciones normales a principios de esta semana, y Four Corners en una o dos semanas.
La empresa anticipa que los impactos de producción relacionados con los huracanes se situarán entre 200 y 250 mil toneladas en el cuarto trimestre. Además, un cliente clave del segmento Mosaic Fertilizantes ha anunciado el inicio de procedimientos de quiebra, con un saldo pendiente de aproximadamente $30 millones al 30 de septiembre de 2024. Mosaic espera recuperar la mayor parte de este saldo a través de un seguro de crédito.
모자이크 컴퍼니 (NYSE:MOS)는 최근 허리케인이 북미 인산염 사업에 미친 영향 및 기타 비즈니스 이벤트에 대한 업데이트를 제공했습니다. 플로리다에 있는 모든 직원은 안전합니다, 그리고 대부분의 생산 시설이 정상 운영으로 돌아왔습니다. 리버뷰 시설은 이번 주 말까지 정상 속도로 복귀할 것으로 예상되며, 채굴 현장도 운영 재개 과정에 있습니다. 사우스 포트 미드가 이번 주 초에 정상 운영으로 돌아올 것으로 예상되며, 포 코너스는 향후 1~2주 내에 복귀할 예정입니다.
회사는 허리케인으로 인한 생산 영향이 4분기 중 20만에서 25만 톤 범위에 이를 것으로 예상하고 있습니다. 또한, 모자이크 비료 부문의 주요 고객이 약 3천만 달러의 미지급 잔액을 보유한 상태로 파산 절차를 시작했다고 발표했습니다. 모자이크는 신용 보험을 통해 이 잔액의 대부분을 회수할 것으로 예상하고 있습니다.
La Mosaic Company (NYSE:MOS) a fourni une mise à jour sur l'impact des récents ouragans sur ses opérations de phosphate en Amérique du Nord et d'autres événements d'affaires. Tous les employés basés en Floride sont en sécurité, et la plupart des installations de production ont repris leurs opérations normales. L'installation de Riverview devrait reprendre des taux normaux d'ici la fin de la semaine, tandis que les sites miniers sont en cours de reprise des opérations. South Fort Meade devrait retrouver des opérations normales en début de semaine, et Four Corners dans une à deux semaines.
L'entreprise prévoit que les impacts de production liés aux ouragans se chiffreront entre 200 000 et 250 000 tonnes au cours du quatrième trimestre. De plus, un client clé du segment Mosaic Fertilizantes a annoncé l'ouverture de procédures de faillite, avec un solde impayé d'environ 30 millions de dollars au 30 septembre 2024. Mosaic s'attend à récupérer la majeure partie de ce solde via une assurance-crédit.
Die Mosaic Company (NYSE:MOS) hat Updates zu den Auswirkungen der jüngsten Wirbelstürme auf ihre Phosphatoperationen in Nordamerika und andere Unternehmensereignisse bereitgestellt. Alle Mitarbeiter in Florida sind in Sicherheit, und die meisten Produktionsanlagen haben den normalen Betrieb wieder aufgenommen. Es wird erwartet, dass die Einrichtung in Riverview bis Ende der Woche wieder mit normalen Raten in Betrieb geht, während die Bergbau-Standorte dabei sind, den Betrieb wieder aufzunehmen. South Fort Meade wird voraussichtlich zu Beginn dieser Woche wieder in den Normalbetrieb zurückkehren, und Four Corners in den nächsten ein bis zwei Wochen.
Das Unternehmen erwartet, dass die von den Wirbelstürmen verursachten Produktionsbeeinträchtigungen im vierten Quartal zwischen 200.000 und 250.000 Tonnen liegen werden. Darüber hinaus hat ein wichtiger Kunde des Segments Mosaic Fertilizantes Insolvenzverfahren eingeleitet, mit einem ausstehenden Restbetrag von etwa 30 Millionen US-Dollar zum 30. September 2024. Mosaic erwartet, den Großteil dieses Betrags über eine Kreditversicherung wiederzuerlangen.
- Most Florida production facilities have returned to normal operations
- Quick recovery from hurricane impacts due to proactive storm management practices
- Expected recovery of majority of $30 million outstanding balance from bankrupt customer through credit insurance
- Hurricane-related production impacts estimated at 200-250 thousand tonnes in Q4
- Key customer of Mosaic Fertilizantes segment has filed for bankruptcy
- Riverview facility still not at normal production rates
- Mining sites not yet fully operational
Insights
The recent hurricanes have had a significant impact on Mosaic's operations, with expected production losses of 200,000 to 250,000 tonnes in Q4. This disruption could potentially affect the company's revenue and earnings for the quarter. However, the quick recovery of most facilities is a positive sign, demonstrating effective risk management practices.
The bankruptcy of a key customer in the Fertilizantes segment poses a financial risk, with an outstanding balance of
Despite these challenges, Mosaic's ability to quickly resume operations and its proactive approach to risk management are encouraging signs for long-term stability. The company's resilience in the face of natural disasters could be viewed positively by investors, potentially offsetting short-term financial impacts.
The phosphate fertilizer market is likely to experience some supply tightness due to Mosaic's production disruption. This could potentially lead to short-term price increases, benefiting Mosaic and other producers who can maintain supply. However, the impact may be given the relatively quick recovery of most facilities.
The bankruptcy of a key customer in Brazil highlights the risks in the global fertilizer market, particularly in emerging economies. This event may prompt Mosaic and other industry players to reassess their credit policies and customer relationships, potentially leading to more conservative sales strategies in certain markets.
Long-term market trends remain favorable for fertilizer producers like Mosaic, driven by global food security concerns and agricultural intensification. Investors should consider these broader trends alongside short-term disruptions when evaluating the company's prospects.
TAMPA, FL / ACCESSWIRE / October 21, 2024 / The Mosaic Company (NYSE:MOS) today provided an update on the impact of the recent hurricanes on North American phosphate operations and other business events.
Mosaic is pleased to announce that all Florida based employees are safe and accounted for. The recovery efforts post Hurricanes Milton and Helene have progressed well with all Florida production facilities having returned to normal operations except Riverview which has resumed production and is expected to return to normal rates by the end of the week, The mining sites are in the process of resuming operations. South Fort Meade is expected to return to normal operations early this week, and Four Corners in the next one to two weeks. The quick return to normal operations is a result of the proactive and orderly storm management practices followed.
"Many Mosaic people came together to ensure that our Florida operations were prepared for the storms, and prepared to recover," said President and CEO Bruce Bodine. "Their efforts are particularly noteworthy given that many of our people faced significant storm impacts at home. I am extremely grateful to all of them."
Mosaic expects the hurricane related production impacts to be in the range of 200-250 thousand tonnes in the fourth quarter.
Additionally, it has been publicly reported that a key customer of the Mosaic Fertilizantes segment announced its initial bankruptcy proceedings. This customer had an outstanding balance with Mosaic of approximately
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.
Contacts:
Investors: Jason Tremblay, 813-775-4226 | Media: |
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This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, but are not limited to, statements about proposed or pending transactions or strategic plans and other 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: political and economic instability and changes in government policies in countries in which we have operations; the predictability and volatility of, and customer expectations about, agriculture, fertilizer, raw material, energy and transportation markets that are subject to competitive and other pressures and economic and credit market conditions; the level of inventories in the distribution channels for crop nutrients; the effect of future product innovations or development of new technologies on demand for our products; changes in foreign currency and exchange rates; international trade risks and other risks associated with Mosaic's international operations and those of joint ventures in which Mosaic participates, including the performance of MWSPC, the future success of current plans for MWSPC and any future changes in those plans; risks related to the anticipated value of the Ma'aden shares to be issued in the proposed transaction at transaction announcement and at closing, the expected timing and likelihood of completion of the pending Ma'aden transaction, including the inability to receive the required approval by Ma'aden shareholders and other approvals, including potential regulatory approvals, necessary to complete the transaction; the occurrence of any event, change or other circumstances that could give rise to the termination of the applicable agreement; the risk that there may be a material adverse change with respect to the financial position, performance, operations or prospects of Ma'aden and MWSPC; difficulties with realization of the benefits of our natural gas based pricing ammonia supply agreement with CF Industries, Inc., including the risk that the cost savings initially anticipated from the agreement may not be fully realized over its term or that the price of natural gas or ammonia during the term are at levels at which the pricing is disadvantageous to Mosaic; customer defaults; the effects of Mosaic's decisions to exit business operations or locations; changes in government policy; changes in environmental and other governmental regulation, including expansion of the types and extent of water resources regulated under federal law, carbon taxes or other greenhouse gas regulation, implementation of numeric water quality standards for the discharge of nutrients into Florida waterways or efforts to reduce the flow of excess nutrients into the Mississippi River basin, the Gulf of Mexico or elsewhere; further developments in judicial or administrative proceedings, or complaints that Mosaic's operations are adversely impacting nearby farms, business operations or properties; difficulties or delays in receiving, increased costs of or challenges to necessary governmental permits or approvals or increased financial assurance requirements; resolution of global tax audit activity; the effectiveness of Mosaic's processes for managing its strategic priorities; adverse weather conditions affecting operations in Central Florida, the Mississippi River basin, the Gulf Coast of the United States, Canada or Brazil, and including potential hurricanes, excess heat, cold, snow, rainfall or drought; actual costs of various items differing from management's current estimates, including, among others, asset retirement, environmental remediation, reclamation or other environmental regulation, Canadian resources taxes and royalties; reduction of Mosaic's available cash and liquidity, and increased leverage, due to its use of cash and/or available debt capacity to fund financial assurance requirements and strategic investments; brine inflows at Mosaic's potash mines; other accidents and disruptions involving Mosaic's operations, including potential mine fires, floods, explosions, seismic events, sinkholes or releases of hazardous or volatile chemicals; and risks associated with cyber security, including reputational loss; 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
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FAQ
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