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Mosaic to sell phosphate mining unit in Brazil to Fosfatados Centro

| By Mary Bailey

The Mosaic Co. (Tampa, Fla.) and Fosfatados Centro SPE Ltda announced that they have entered into an agreement for the sale of a phosphate asset owned by Mosaic located in Patos de Minas, Brazil. Upon the closing of the transaction, Fosfatados Centro will assume responsibility for the Patos de Minas mine and tailings dams and pay Mosaic $125 million  in cash over six years. The transaction is subject to regulatory approvals, including approval by the Brazilian Administrative Council for Economic Defense (CADE), and other conditions precedents.

“This transaction aligns with Mosaic’s strategy to scrutinize and monetize non-core assets and redeploy capital to high-returning areas, and we believe the full value of the Patos asset will be realized in the capable hands of Fosfatados Centro. We are grateful to our employees who have been dedicated to the continued maintenance of the asset”, says Karen Swager, Mosaic’s Executive Vice President, Operations.

“This agreement represents an important step for the phosphate supply to the Brazilian fertilizer market and demonstrates our commitment to advancing the National Fertilizer Plan. We are confident that we will operate the Patos de Minas complex with great efficiency after the completion of the contract,” says Rodolfo Galvani Júnior, owner of Fosfatados Centro.