The Mosaic Company has announced that they will begin the process of idling the Araxa Mining and Chemical Complex as well as idling mining activities at the Patrocinio Complex in Brazil. According to the company, the idling of these facilities is expected to reduce annual phosphate production at Mosaic Fertilizantes by approximately 1 million tons.
Bruce Bodine, President and Chief Executive Officer of Mosaic said, “We believe idling the facilities and pursing a potential sale is the right path forward. This decision reflects Mosaic’s continued focus on discipline around capital allocation and returns..” Mosaic further clarified in a post on X saying, “Global fertilizer prices are shaped by a wide range of well-documented market factors, including global supply and demand dynamics, energy costs, weather and crop forecasts, transportation constraints, and geopolitical conditions. These forces, not individual producers, drive the pricing of phosphate and potash fertilizer products. In fact, U.S. prices are lower than in other key agricultural regions of the world.”
U.S. Secretary of Agriculture Brooke Rollins shared comments on X saying, “So disappointed in this response, Mosaic Company, especially as you decide to idle two fertilizer production facilities, removing 1 Million Metric Tons of supply from the world market. Our Great President and this Administration have our farmers’ backs. Any sleight of hand will not be tolerated.”
Audio Reporting by Dale Sandlin for Southeast AgNet.