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What changed in Mosaic Company (The)'s 10-K — 2023 vs 2024

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Paragraph-level year-over-year comparison of Mosaic Company (The)'s 2023 and 2024 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.

+413 added−438 removedSource: 10-K (2025-03-03) vs 10-K (2024-02-22)

Top changes in Mosaic Company (The)'s 2024 10-K

413 paragraphs added · 438 removed · 368 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

112 edited+24 added−41 removed96 unchanged
Biggest changeThe U.S. potash operation in New Mexico purchases physical gas in the southwest respective regional market using the El Paso 10 Table of Co ntent San Juan Basin market pricing reference. We use financial derivative contracts to manage the pricing on portions of our natural gas requirements.
Biggest changeOur Canadian operations purchase physical natural gas from companies in Alberta and Saskatchewan using AECO price indices references and transport the gas to our plants via the TransGas pipeline system. The 9 Table of Content U.S. potash operation in New Mexico purchases physical gas in the southwest respective regional market using the El Paso San Juan Basin market pricing reference.
Alternative transportation and terminaling facilities might not have sufficient capacity to fully serve all of our facilities in the event of a disruption to current transportation or terminaling facilities. Changes in the price of sulfur or disruptions to sulfur transportation or terminaling facilities could have a material impact on our business.
Alternative transportation and terminaling facilities might not have sufficient capacity to fully serve all of our facilities in the event of a disruption to current transportation or terminaling facilities. Changes in the price of sulfur or disruptions to sulfur transportation or terminaling facilities could have a material impact on our business.
Florida Land Holdings We are a significant landowner in the State of Florida, which has in the past been considered one of the fastest areas of population growth in the U.S. We have land holdings totaling over 368,000 acres. These landholdings give Mosaic access to phosphate rock reserves and exist as fee simple, mining agreements or mineral rights.
Florida Land Holdings We are a significant landowner in the State of Florida, which has in the past been considered one of the fastest areas of population growth in the U.S. We have land holdings totaling over 368,000 acres. These land holdings give Mosaic access to phosphate rock reserves and exist as fee simple, mining agreements or mineral rights.
Phosphate Crop Nutrients and Animal Feed Ingredients Our U.S. Phosphate operations have capacity to produce approximately 4.5 million tonnes of phosphoric acid (“ P 2 O 5 ”) per year, or about 7% of world annual capacity and about 60% of North American annual capacity. P 2 O 5 is produced by reacting finely ground phosphate rock with sulfuric acid.
Phosphate Crop Nutrients and Animal Feed Ingredients Our U.S. Phosphates operations have capacity to produce approximately 4.5 million tonnes of phosphoric acid (“ P 2 O 5 ”) per year, or about 7% of world annual capacity and about 60% of North American annual capacity. P 2 O 5 is produced by reacting finely ground phosphate rock with sulfuric acid.
As the world’s second largest producer of concentrated phosphates, as well as the second largest miner of phosphate rock in the world and the largest in the U.S., we maintain an advantage over some competitors as the scale of operations effectively reduces production costs per unit.
As the world’s second largest producer of concentrated phosphate, as well as the second largest miner of phosphate rock in the world and the largest in the U.S., we maintain an advantage over some competitors as the scale of operations effectively reduces production costs per unit.
Annual capacity by plant as of December 31, 2023 and production volumes by plant for 2023 are listed below: (tonnes in millions) Phosphoric Acid Processed Phosphate (a) /DAP/MAP/ MicroEssentials ® /Feed Phosphate Operational Capacity (b) Operational Capacity (b) Facility Production (c) Production (c) Florida: Bartow 1.1 0.8 2.5 1.9 New Wales 1.7 1.1 4.0 2.4 Riverview 0.9 0.7 1.8 1.4 3.7 2.6 8.3 5.7 Louisiana: Faustina — — 1.6 0.9 Uncle Sam 0.8 0.4 — — 0.8 0.4 1.6 0.9 Total 4.5 3.0 9.9 6.6 ______________________________ (a) Our ability to produce processed phosphates has been less than our annual operational capacity stated in the table above, except to the extent we purchase P 2 O 5 .
Annual capacity by plant as of December 31, 2024 and production volumes by plant for 2024 are listed below: (tonnes in millions) Phosphoric Acid Processed Phosphate (a) /DAP/MAP/ MicroEssentials ® /Feed Phosphate Operational Capacity (b) Operational Capacity (b) Facility Production (c) Production (c) Florida: Bartow 1.1 0.9 2.5 2.0 New Wales 1.7 1.0 4.0 2.3 Riverview 0.9 0.5 1.8 0.9 3.7 2.4 8.3 5.2 Louisiana: Faustina — — 1.6 1.1 Uncle Sam 0.8 0.5 — — 0.8 0.5 1.6 1.1 Total 4.5 2.9 9.9 6.3 ______________________________ (a) Our ability to produce processed phosphate has been less than our annual operational capacity stated in the table above, except to the extent we purchase P 2 O 5 .
We have included a discussion of sulfur prices in our Management’s Analysis. Ammonia We use ammonia together with P 2 O 5 to produce DAP, MAP and MicroEssentials ® . We consumed approximately 1.0 million tonnes of ammonia during 2023. Production of one tonne of DAP requires approximately 0.23 tonnes of ammonia.
We have included a discussion of sulfur prices in our Management’s Analysis. Ammonia We use ammonia together with P 2 O 5 to produce DAP, MAP and MicroEssentials ® . We consumed approximately 1.0 million tonnes of ammonia during 2024. Production of one tonne of DAP requires approximately 0.23 tonnes of ammonia.
Although ammonia is readily available from many different suppliers and can be transported to our Phosphate facilities by a variety of means, ammonia is an important raw material used in our business that has in the past been, and may in the future be, the subject of volatile pricing.
Although ammonia is readily available from many different suppliers and can be transported to our Phosphates facilities by a variety of means, ammonia is an important raw material used in our business that has in the past been, and may in the future be, the subject of volatile pricing.
During 2023, we operated five properties; Araxá, Patrocínio and Tapira, in the state of Minas Gerais; Catalão, in the state of Goiás; and Cajati, in the state of São Paulo. Production of one tonne of MAP requires 1.6 to 1.7 tonnes of phosphate rock. Production of one tonne of SSP requires between 0.6 to 0.7 tonnes of phosphate rock.
During 2024, we operated five properties; Araxá, Patrocínio and Tapira in the state of Minas Gerais; Catalão in the state of Goiás; and Cajati in the state of São Paulo. Production of one tonne of MAP requires 1.6 to 1.7 tonnes of phosphate rock. Production of one tonne of SSP requires between 0.6 to 0.7 tonnes of phosphate rock.
We also market our Potash segment’s products through our Mosaic Fertilizantes segment and our China and India distribution businesses, which acquire potash primarily through Canpotex. The countries that account for the largest amount of international potash sales, by volume, are Brazil, China, Indonesia, India and Malaysia.
We also market our Potash segment’s products through our Mosaic Fertilizantes segment and our China and India distribution businesses, which acquire potash primarily through Canpotex. The countries that account for the largest amount of international potash sales, by volume, are Brazil, China, Indonesia, India and Belgium.
During 2023, we operated three active mines in Florida: Four Corners, South Fort Meade and Wingate. We plan to explore and develop the DeSoto property and the South Pasture property, which was previously idled, to offset future depletion at our Florida properties.
During 2024, we operated three active mines in Florida: Four Corners, South Fort Meade and Wingate. We plan to explore and develop the DeSoto property and the South Pasture property, which was previously idled, to offset future depletion at our Florida properties.
We produced approximately 2.6 million tonnes of concentrated phosphate crop nutrients during 2023 which accounted for approximately 48% of estimated Brazilian annual production. Phosphate Rock Phosphate rock is the key mineral used to produce phosphate crop nutrients and animal feed product.
We produced approximately 2.6 million tonnes of concentrated phosphate crop nutrients during 2024 which accounted for approximately 48% of estimated Brazilian annual production. Phosphate Rock Phosphate rock is the key mineral used to produce phosphate crop nutrients and animal feed product.
Canpotex has substantial expertise and logistical resources for the international distribution of potash, including strategically located export assets in Portland, Oregon, St. John, New Brunswick and Vancouver, British Columbia. Our principal methods of competition with respect to the sale of potash include product pricing and offering consistent, high-quality products and superior service.
Canpotex has substantial expertise and logistical resources for the international distribution of 15 Table of Content potash, including strategically located export assets in Portland, Oregon, St. John, New Brunswick and Vancouver, British Columbia. Our principal methods of competition with respect to the sale of potash include product pricing and offering consistent, high-quality products and superior service.
Therefore, while we typically purchase approximately 2.7 million MM BTU of natural gas per year in Florida, it is only used as a thermal fuel for various phosphate production processes.
Therefore, while we typically purchase approximately 3.2 million MM BTU of natural gas per year in Florida, it is only used as a thermal fuel for various phosphate production processes.
We account for approximately 13% of estimated world annual production and 35% of estimated North American annual production. 9 Table of Co ntent The following table shows, for each of our potash mines, annual capacity as of December 31, 2023 and finished product output for 2023: (tonnes in millions) Facility Annualized Proven Peaking Capacity (a)(c) Annual Operational Capacity (a)(b)(e) Finished Product (b) Canada Belle Plaine—MOP (d) 3.9 3.0 2.8 Colonsay—MOP (d)(f) 2.6 1.5 0.6 Esterhazy—MOP (d)(g) 6.3 6.3 4.4 Canadian Total 12.8 10.8 7.8 United States Carlsbad—K-Mag ®(h) 0.9 0.7 0.5 United States Total 0.9 0.7 0.5 Totals 13.7 11.5 8.3 ______________________________ (a) Finished product.
We account for approximately 12% of estimated world annual production and 35% of estimated North American annual production. 8 Table of Content The following table shows, for each of our potash mines, annual capacity as of December 31, 2024 and finished product output for 2024: (tonnes in millions) Facility Annualized Proven Peaking Capacity (a)(c) Annual Operational Capacity (a)(b)(e) Finished Product (b) Canada Belle Plaine—MOP (d) 3.9 3.0 3.0 Colonsay—MOP (d)(f) 2.6 1.5 0.6 Esterhazy—MOP (d)(g) 6.3 6.3 4.7 Canadian Total 12.8 10.8 8.3 United States Carlsbad—K-Mag ®(h) 0.9 0.7 0.5 United States Total 0.9 0.7 0.5 Totals 13.7 11.5 8.8 ______________________________ (a) Finished product.
We have included additional information about these and other developments in our business during 2023 in our Management’s Discussion and Analysis of Financial Condition and Results of Operations (“ Management’s Analysis ”) and in the Notes to Consolidated Financial Statements.
We have included additional information about these and other developments in our business during 2024 in our Management’s Discussion and Analysis of Financial Condition and Results of Operations (“ Management’s Analysis ”) and in the Notes to Consolidated Financial Statements.
Unfavorable changes in trade protection laws, policies and measures, government policies and other regulatory requirements affecting trade; unexpected changes in tax and trade treaties; and strengthening or weakening of foreign economies as well as political relations with the U.S. may cause sales trends to customers in one or more foreign countries to differ from sales trends in the U.S.
Unfavorable changes in trade protection laws, policies and measures, government policies and other regulatory requirements affecting trade, including the imposition of tariffs; unexpected changes in tax and trade treaties; and strengthening or weakening of foreign economies as well as political relations with the U.S. may cause sales trends to customers in one or more foreign countries to differ from sales trends in the U.S.
The following map shows the locations of each of our phosphate concentrates plants in the U.S. and each of our active, temporarily idled, and planned phosphate mine locations, including beneficiation plants, in Florida. The reserves associated with our Ona, Florida location have been allocated to other active mines based on our future mining plans: U.S.
The following map shows the locations of each of our phosphate concentrates plants in the U.S. and each of our active, temporarily idled, and planned phosphate mine locations, including beneficiation plants, in Florida. The reserves associated with our Ona, Florida location have been allocated to other active mines based on our future mining plans: 3 Table of Content U.S.
MAP is a solid granular product that is applied directly or blended with other solid plant nutrient products. • MicroEssentials ® is a value-added ammoniated phosphate product that is enhanced through a patented process that creates very thin platelets of sulfur and other micronutrients, such as zinc, on the granulated product.
MAP is a solid granular product that is applied directly or blended with other solid plant nutrient products. 4 Table of Content • MicroEssentials ® is a value-added ammoniated phosphate product that is enhanced through a patented process that creates very thin platelets of sulfur and other micronutrients, such as zinc, on the granulated product.
Phosphate Crop Nutrients and Animal Feed Ingredients Our Brazilian phosphates operations have capacity to produce approximately 1.1 million tonnes of P 2 O 5 per year, or about 70% of Brazilian annual capacity. Phosphoric acid is produced by reacting ground phosphate rock with sulfuric acid.
Phosphate Crop Nutrients and Animal Feed Ingredients Our Brazilian phosphate operations have capacity to produce approximately 1.1 million tonnes of P 2 O 5 per year, or about 62% of Brazilian annual capacity. Phosphoric acid is produced by reacting ground phosphate rock with sulfuric acid.
We believe these sources to be reliable, but there can be no assurance as to the accuracy and completeness of such information. We have not independently verified the data from third-party sources, nor have we ascertained the underlying economic assumptions relied upon therein.
We believe these sources to be reliable, but there can be no assurance as to the accuracy and completeness of such information. We have not independently verified the data from third-party sources, nor have we ascertained the underlying economic assumptions relied 2 Table of Content upon therein.
In addition to producing crop nutrients, Mosaic Fertilizantes purchases phosphates, potash and nitrogen products which are either used to produce blended crop nutrients (“ Blends ”) or for resale.
In addition to producing crop nutrients, Mosaic Fertilizantes purchases phosphate, potash and nitrogen products which are either used to produce blended crop nutrients (“ Blends ”) or for resale.
Our ownership percentage, along with a contractual agreement, guarantee us unloading priority for ammonia and also provide us unloading capacity for rock, sulfur and crop nutrients. 13 Table of Co ntent Although ammonia is readily available from many different suppliers and can be transported to our phosphates facilities by a variety of means, ammonia is an important raw material used in our business that has in the past been, and in the future could be, subject to volatile pricing.
Our ownership percentage, along with a contractual agreement, guarantee us unloading priority for ammonia and also provide us unloading capacity for rock, sulfur and crop nutrients. 12 Table of Content Although ammonia is readily available from many different suppliers and can be transported to our phosphates facilities by a variety of means, ammonia is an important raw material used in our business that has in the past been, and in the future could be, subject to volatile pricing.
Swager 53 Executive Vice President - Operations Yijun (“Jenny”) Wang 56 Executive Vice President - Commercial Philip E. Bauer . Mr. Bauer was promoted to Senior Vice President, General Counsel and Corporate Secretary in January 2023. Since joining Mosaic in 2007, Mr. Bauer has managed legal support for business development activities, potash operations, offshore finance, commercial transactions and corporate governance.
Swager 54 Executive Vice President - Operations Yijun (“Jenny”) Wang 57 Executive Vice President - Commercial Philip E. Bauer . Mr. Bauer was promoted to Senior Vice President, General Counsel and Corporate Secretary in January 2023. Since joining Mosaic in 2007, Mr. Bauer has managed legal support for business development activities, potash operations, offshore finance, commercial transactions and corporate governance.
We have included a discussion of ammonia prices in our Management’s Analysis. Natural Gas for Phosphates Natural gas is the primary raw material used to manufacture ammonia. At our Faustina facility, ammonia is manufactured on site.
We have included a discussion of ammonia prices in our Management’s Analysis. 6 Table of Content Natural Gas for Phosphates Natural gas is the primary raw material used to manufacture ammonia. At our Faustina facility, ammonia is manufactured on site.
Similarly, we participate on local committees, boards, and associations focused on contributing to the vitality of the people and communities around us. • 2023 was the third year of the Mosaic Employee Giving Program (the “ Program ”) that provides employees with flexibility to connect their personal causes to corporate giving, matching and volunteerism opportunities.
Similarly, we participate on local committees, boards and associations focused on contributing to the vitality of the people and communities around us. • 2024 was the fourth year of the Mosaic Employee Giving Program (the “ Program ”) that provides employees with flexibility to connect their personal causes to corporate giving, matching and volunteerism opportunities.
The following charts show the respective contributions to 2023 sales volumes, net sales and gross margin for each of our business segments in effect at December 31, 2023: We account for approximately 12% of estimated global annual phosphate production. We also account for approximately 13% of estimated global annual potash production.
The following charts show the respective contributions to 2024 sales volumes, net sales and gross margin for each of our business segments in effect at December 31, 2024: We account for approximately 11% of estimated global annual phosphate production. We also account for approximately 12% of estimated global annual potash production.
Our Brazilian phosphoric acid production totaled approximately 1.0 million tonnes in 2023 and accounted for approximately 84% of Brazilian annual output. Our principal phosphate crop nutrient products are: • Monoammonium Phosphate (11-52-0) ( “ MAP ” ): MAP is a crop nutrient composed of two macronutrients, nitrogen and phosphoric acid.
Our Brazilian phosphoric acid production totaled approximately 1.0 million tonnes in 2024 and accounted for approximately 89% of Brazilian annual output. Our principal phosphate crop nutrient products are: • Monoammonium Phosphate (11-52-0) ( “ MAP ” ): MAP is a crop nutrient composed of two macronutrients, nitrogen and phosphoric acid.
This information is incorporated by reference into this section from Part II, Item 8, “Financial Statements and Supplementary Data”. 3 Table of Co ntent Phosphates Segment Our Phosphates business segment owns and operates mines and production facilities in Florida which produce concentrated phosphate crop nutrients and phosphate-based animal feed ingredients, and processing plants in Louisiana which produce concentrated phosphate crop nutrients.
This information is incorporated by reference into this section from Part II, Item 8, “Financial Statements and Supplementary Data”. Phosphates Segment Our Phosphates business segment owns and operates mines and production facilities in Florida which produce concentrated phosphate crop nutrients and phosphate-based animal feed ingredients, and processing plants in Louisiana which produce concentrated phosphate crop nutrients.
We purchase approximately 21% of the volume under annual supply agreements from oil and natural gas refiners, who are required to remove or recover sulfur during the refining process. The remaining 79% is purchased in the spot market.
We purchase approximately 14% of the volume under annual supply agreements from oil and natural gas refiners, who are required to remove or recover sulfur during the refining process. The remaining 86% is purchased in the spot market.
Our potash product is marketed in Brazil to crop nutrient manufacturers, distributors and retailers and is also used in the manufacturing of crop nutrients. In 2023, we paid royalties of approximately $9.8 million related to the leasing of potash assets and mining rights for Taquari.
Our potash product is marketed in Brazil to crop nutrient manufacturers, distributors and retailers and is also used in the manufacturing of crop nutrients. In 2024, we paid royalties of approximately $6.8 million related to the leasing of potash assets and mining rights for Taquari.
Mosaic offers companywide educational reimbursement programs to help employees in 18 Table of Co ntent each of our operating companies acquire new skills and capabilities to better meet their job responsibilities and provide for future career opportunities within the Company.
Mosaic offers companywide educational reimbursement programs to help employees in each of our operating companies acquire new skills and capabilities to better meet their job responsibilities and provide for future career opportunities within the Company.
P 2 O 5 is the key building block for the production of high analysis or concentrated phosphate crop nutrients and animal feed products and is the most comprehensive measure of phosphate capacity and production and a commonly used benchmark in our industry. Our U.S. P 2 O 5 production totaled approximately 3.0 million tonnes during 2023.
P 2 O 5 is the key building block for the production of high analysis or concentrated phosphate crop nutrients and animal feed products and is the most comprehensive measure of phosphate capacity and production and a commonly used benchmark in our industry. Our U.S. P 2 O 5 production totaled approximately 2.9 million tonnes during 2024.
Fospar owns and operates an SSP (defined below) granulation plant, which produces approximately 0.5 million tonnes of SSP per year, and a deep-water port and throughput warehouse terminal facility in Paranagua, Brazil. The port facility at Paranagua handles approximately 11 Table of Co ntent 3.6 million tonnes of imported crop nutrients.
Fospar owns and operates an SSP (defined below) granulation plant, which produces approximately 0.5 million tonnes of SSP per year, and a deep-water port and throughput warehouse terminal facility in Paranagua, Brazil. The port facility at Paranagua handles approximately 10 Table of Content 3.6 million tonnes of imported crop nutrients.
We account for approximately 80% of estimated North American annual production of concentrated phosphate crop nutrients. 1 Table of Co ntent Potash Segment – We sell potash throughout North America and internationally, principally as fertilizer, but also for use in industrial applications and, to a lesser degree, as animal feed ingredients.
We account for approximately 66% of estimated North American annual production of concentrated phosphate crop nutrients. 1 Table of Content Potash Segment – We sell potash throughout North America and internationally, principally as fertilizer, but also for use in industrial applications and, to a lesser degree, as animal feed ingredients.
Our phosphate rock production in Brazil totaled approximately 3.9 million tonnes in 2023, which accounted for approximately 70% of estimated Brazilian annual production. We are the largest producer of phosphate rock in Brazil and currently have an annual capacity of approximately 4.6 million tonnes.
Our phosphate rock production in Brazil totaled approximately 3.9 million tonnes in 2024, which accounted for approximately 74% of estimated Brazilian annual production. We are the largest producer of phosphate rock in Brazil and currently have an annual capacity of approximately 4.6 million tonnes.
We typically purchase approximately 15.5 million MM BTU of natural gas per year for use in ammonia production at Faustina. Our ammonia requirements for our Florida operations are purchased rather than manufactured on site.
We typically purchase approximately 12.0 million MM BTU of natural gas per year for use in ammonia production at Faustina. Our ammonia requirements for our Florida operations are purchased rather than manufactured on site.
We have included a further discussion of the Canadian resource taxes and royalties in our Management’s Analysis. 8 Table of Co ntent The map below shows the location of each of our potash properties: Our North American potash annualized operational capacity totals 11.5 million tonnes of product per year and accounts for approximately 14% of world annual capacity and 41% of North American annual operational capacity.
We have included a further discussion of the Canadian resource taxes and royalties in our Management’s Analysis. 7 Table of Content The map below shows the location of each of our potash properties in North America: Our North American potash annualized operational capacity totals 11.5 million tonnes of product per year and accounts for approximately 14% of world annual capacity and 41% of North American annual operational capacity.
Wang served as Vice President - Global Strategic Marketing. Prior to October 2020, Ms. Wang served as Vice President - Global Product Management and International Distribution and before May 2019, Ms. Wang served as Country Head for China. Ms. Wang serves on the Board of Directors of Canpotex Limited, the Canadian potash marketing association.
Wang served as Vice President - Global Strategic Marketing. Prior to October 2020, Ms. Wang served as Vice President - Global Product Management and International Distribution and before May 2019, Ms. Wang served as Country Head for China since joining Mosaic in 2011. Ms. Wang serves on the Board of Directors of Canpotex Limited, the Canadian potash marketing association.
In 2023, Mosaic Fertilizantes purchased 1.4 million tonnes of phosphate-based products, primarily MicroEssentials ® , from our Phosphates segment, and 2.1 million tonnes of potash products from our Potash segment and Canpotex.
In 2024, Mosaic Fertilizantes purchased 1.2 million tonnes of phosphate-based products, primarily MicroEssentials ® , from our Phosphates segment, and 2.2 million tonnes of potash products from our Potash segment and Canpotex.
In India, we have distribution facilities to import and sell crop nutrients. In 2023, we distributed approximately 536,000 tonnes of phosphate and potash crop nutrient products in India. SALES AND DISTRIBUTION ACTIVITIES United States and Canada We have a U.S. and Canada sales and marketing team that serves our business segments.
In India, we have distribution facilities to import and sell crop nutrients. In 2024, we distributed approximately 201,000 tonnes of potash crop nutrient products in India. SALES AND DISTRIBUTION ACTIVITIES United States and Canada We have a U.S. and Canada sales and marketing team that serves our business segments.
Annual capacity and production volume by plant as of December 31, 2023 are listed below: (tonnes of ore in millions) Phosphoric Acid Processed Phosphate (a) (MAP/TSP/SSP/DCP/Feed) Facility Capacity (b) Production (c) Capacity (b) Production (c) Phosphate Uberaba 0.9 0.8 2.0 1.6 Cajati 0.2 0.2 0.5 0.4 Araxá — — 1.1 0.8 Catalão — — 0.4 0.3 Total 1.1 1.0 4.0 3.1 ______________________________ 12 Table of Co ntent (a) Our ability to produce processed phosphates has been less than our annual operational capacity as stated in the table above, except to the extent we purchase phosphoric acid.
Annual capacity and production volume by plant as of December 31, 2024 are listed below: (tonnes of ore in millions) Phosphoric Acid Processed Phosphate (a) (MAP/TSP/SSP/DCP/Feed) Facility Capacity (b) Production (c) Capacity (b) Production (c) Phosphate Uberaba 0.9 0.8 2.0 1.5 Cajati 0.2 0.2 0.5 0.3 Araxá — — 1.1 0.9 Catalão — — 0.4 0.4 Total 1.1 1.0 4.0 3.1 ______________________________ 11 Table of Content (a) Our ability to produce processed phosphate has been less than our annual operational capacity as stated in the table above, except to the extent we purchase phosphoric acid.
In 2023, Mosaic Fertilizantes sold approximately 9.7 million tonnes of crop nutrient products and accounted for approximately 20% of fertilizer shipments in Brazil. We have the capability to annually produce approximately 4.5 million tonnes of phosphate- and potash-based crop nutrients and animal feed ingredients. Crop nutrient products produced are marketed to crop nutrient manufacturers, distributors, retailers and farmers.
In 2024, Mosaic Fertilizantes sold approximately 9.0 million tonnes of crop nutrient products and accounted for approximately 18% of fertilizer shipments in Brazil. We have the capability to annually produce approximately 4.5 million tonnes of phosphate- and potash-based crop nutrients and animal feed ingredients. Crop nutrient products produced are marketed to crop nutrient manufacturers, distributors, retailers and farmers.
The Program aligns to Mosaic’s strategic priorities, our 2025 Environmental, Social and Governance performance targets, and companywide 2030 global diversity and inclusion goals. Employees can take advantage of Company matching funds through financial contributions, volunteering on personal time, or both - in North America this can be up to $2,000 annually.
The Program aligns to Mosaic’s strategic priorities and our 2025 Environmental, Social and Governance performance goals. Employees can take advantage of Company matching funds through financial contributions, volunteering on personal time, or both. In North America this can be up to $2,000 annually.
Our principal phosphate crop nutrient products are: 4 Table of Co ntent • Diammonium Phosphate (18-46-0): Diammonium Phosphate (“ DAP ”) is the most widely used high-analysis phosphate crop nutrient worldwide. DAP is produced by first combining phosphoric acid with anhydrous ammonia in a reaction vessel.
Our principal phosphate crop nutrient products are: • Diammonium Phosphate (18-46-0): Diammonium Phosphate (“ DAP ”) is the most widely used high-analysis phosphate crop nutrient worldwide. DAP is produced by first combining phosphoric acid with anhydrous ammonia in a reaction vessel.
We are required to pay royalties to mineral owners and resource taxes to the Brazilian government for phosphate and potash production. The resource taxes, known as Compensação Financeira pela Exploração de Recursos Minerais or CFEM , are regulated by the National Mining Agency. In 2023, we paid royalties and resource taxes of approximately $15.5 million.
We are required to pay royalties to mineral owners and resource taxes to the Brazilian government for phosphate and potash production. The resource taxes, known as Compensação Financeira pela Exploração de Recursos Minerais or CFEM , are regulated by the National Mining Agency. In 2024, we paid royalties and resource taxes of approximately $22.1 million.
Our 14,049 colleagues embody Mosaic’s core values of innovation, collaboration, drive and responsibility, and are the key to enabling us to execute our mission to help the world grow the food it needs.
Our 13,765 colleagues embody Mosaic’s core values of innovation, collaboration, drive and responsibility, and are the key to enabling us to execute our mission to help the world grow the food it needs.
Ammonia We use ammonia, together with phosphoric acid, to produce MAP, and to a lesser extent for SSP production. We consumed approximately 129,710 tonnes of ammonia during 2023. Production of one tonne of MAP requires approximately 0.137 tonnes of ammonia. We purchase all of our ammonia under a long-term supply agreement with two suppliers.
Ammonia We use ammonia, together with phosphoric acid, to produce MAP, and to a lesser extent for SSP production. We consumed approximately 118,280 tonnes of ammonia during 2024. Production of one tonne of MAP requires approximately 0.137 tonnes of ammonia. We purchase all of our ammonia under a long-term supply agreement with two suppliers.
We believe that our potash cost structure is competitive in the industry and should improve as we continue to complete our potash expansion projects. 16 Table of Co ntent Mosaic Fertilizantes The Mosaic Fertilizantes segment operates in a highly competitive market in Brazil.
We believe that our potash cost structure is competitive in the industry and should improve as we continue to complete our potash expansion projects. Mosaic Fertilizantes The Mosaic Fertilizantes segment operates in a highly competitive market in Brazil.
They also purchase phosphates, potash and nitrogen products from unrelated third parties, which we either use to produce blended crop nutrients or for resale. In China, we own two 300,000-tonne per year capacity blending plants. In 2023, we sold approximately 271,000 tonnes of Blends and distributed another 1,073,000 tonnes of phosphate and potash crop nutrients in China.
They also purchase phosphate, potash and nitrogen products from unrelated third parties, which we either use to produce blended crop nutrients or for resale. In China, we own two 300,000-tonne per year capacity blending plants. In 2024, we sold approximately 325,000 tonnes of Blends and distributed another 850,000 tonnes of phosphate and potash crop nutrients in China.
We also sell potash to customers for industrial use. In addition, our potash products are used for de-icing and as a water softener regenerant. 7 Table of Co ntent In 2023, we operated three potash mines in Canada, including two shaft mines and one solution mine, as well as one potash shaft mine in the U.S.
We also sell potash to customers for industrial use. In addition, our potash products are used for de-icing and as a water softener regenerant. In 2024, we operated three potash mines in Canada, including two shaft mines and one solution mine, as well as one potash shaft mine in the U.S.
This includes approximately 289 salaried and 424 hourly employees at the Miski Mayo Mine, of which we own 75% and its results are consolidated within our results of operations. Labor Relations As of December 31, 2023: • We had eight collective bargaining agreements with unions covering certain hourly employees in the U.S. and Canada.
This includes approximately 720 salaried employees at the Miski Mayo Mine, of which we own 75% and its results are consolidated within our results of operations. 16 Table of Content Labor Relations As of December 31, 2024: • We had eight collective bargaining agreements with unions covering certain hourly employees in the U.S. and Canada.
The average product mix in our Blends (by volume) contains approximately 19% nitrogen, 51% phosphate and 30% potash, although this mix differs based on seasonal and other factors. All of our production in Brazil is consumed within the country.
The average product mix in our Blends (by volume) contains approximately 22% nitrogen, 45% phosphate and 33% potash, although this mix differs based on seasonal and other factors. All of our production in Brazil is consumed within the country.
In general, the agreements are renewable on an annual basis. Failure to renew any of our union agreements could result in a strike or labor stoppage that could have a material adverse effect on our operations. However, we have not experienced a significant work stoppage in many years and historically have had good labor relations.
Failure to renew any of our union agreements could result in a strike or labor stoppage that could have a material adverse effect on our operations. However, we have not experienced a significant work stoppage in many years and historically have had good labor relations.
Sulfur We use molten sulfur at our phosphates concentrates plants to produce sulfuric acid, one of the key components used in the production of phosphoric acid. We consumed approximately 1.2 million long tons of sulfur for our own production during 2023.
Sulfur We use molten sulfur at our phosphate concentrates plants to produce sulfuric acid, one of the key components used in the production of phosphoric acid. We consumed approximately 1.0 million long tons of sulfur for our own production during 2024.
From these facilities, we distribute Mosaic-produced phosphate and potash products for customers who in turn resell the product into the distribution channel or directly to farmers in the U.S. and Canada. 14 Table of Co ntent We own port facilities in Tampa, Florida which have deep water berth capabilities providing access to the Gulf of Mexico.
From these facilities, we distribute Mosaic-produced phosphate and potash products for customers who in turn resell the product into the distribution channel or directly to farmers in the U.S. and Canada. 13 Table of Content We own port facilities in Tampa, Florida which have deep water berth capabilities providing access to the Gulf Coast of the United States.
Our U.S. operations account for approximately 6% of estimated global annual production and 54% of estimated North American annual output. Our phosphate crop nutrient products are marketed worldwide to crop nutrient manufacturers, distributors, retailers and farmers.
Our U.S. operations account for approximately 6% of estimated global annual production and 53% of estimated North American annual output of P 2 O 5 . Our phosphate crop nutrient products are marketed worldwide to crop nutrient manufacturers, distributors, retailers and farmers.
We produced approximately 6.2 million tonnes of concentrated phosphate crop nutrients during 2023 and accounted for approximately 80% of estimated North American annual production. Phosphate Rock Phosphate rock is the key mineral used to produce phosphate crop nutrients and feed phosphate.
We produced approximately 6.3 million tonnes of concentrated phosphate crop nutrients during 2024 and accounted for approximately 66% of estimated North American annual production. Phosphate Rock Phosphate rock is the key mineral used to produce phosphate crop nutrients and feed phosphate.
We purchase approximately one-third of our ammonia from various suppliers in the spot market with the remaining two-thirds either purchased through our ammonia supply agreement (the “ CF Ammonia Supply Agreement ”) with an affiliate of CF Industries Inc.
We purchase approximately one-third of our ammonia from various suppliers in the spot market with the remaining two-thirds either purchased through our ammonia supply agreement (the “ CF Ammonia Supply Agreement ”) with an affiliate of CF Industries Inc. (“ CF ”) or produced internally at our Faustina, Louisiana location.
We account for approximately 72% of estimated annual production of concentrated phosphate crop nutrients in Brazil and 100% of estimated annual potash production in Brazil.
We account for approximately 70 to 80% of estimated annual production of concentrated phosphate crop nutrients in Brazil and 100% of estimated annual potash production in Brazil.
Ms. Swager serves as a director of MVM Resources International, B.V., the general partner of Compañia Minera Miski Mayo S.R.L., the joint venture that operates the mines in Peru, and as a director of SSR Mining Inc., a publicly traded company. Yijun (“Jenny”) Wang . Ms.
She also led the mine planning and strategy group for the Phosphates business. Ms. Swager serves as a director of MVM Resources International, B.V., the general partner of Compañia Minera Miski Mayo S.R.L., the joint venture that operates the mines in Peru, and as a director of SSR Mining Inc., a publicly traded company. Yijun (“Jenny”) Wang . Ms.
Our international operations are subject to risks from changes in foreign currencies, or government policy, which can affect local farmer economics. OTHER MATTERS Employees We had 14,049 employees as of December 31, 2023, consisting of approximately 10,352 salaried and 3,697 hourly employees.
Our international operations are subject to risks from changes in foreign currencies, or government policy, which can affect local farmer economics. OTHER MATTERS Employees We had 13,765 employees as of December 31, 2024, consisting of approximately 10,454 salaried and 3,311 hourly employees.
Mosaic leases approximately 291,500 acres of mineral rights from the government of Saskatchewan, and approximately 99,700 acres of freehold mineral rights in the Kronau/Regina area, which have not been developed. We pay Canadian resource taxes consisting of the Potash Production Tax and resource surcharge.
Decommissioning of the K1 and K2 shafts at our Esterhazy, Saskatchewan mine was completed in 2022. Mosaic leases approximately 291,500 acres of mineral rights from the government of Saskatchewan, and approximately 99,700 acres of freehold mineral rights in the Kronau/Regina area, which have not been developed. We pay Canadian resource taxes consisting of the Potash Production Tax and resource surcharge.
Our annual capacity is approximately 530,000 tonnes. From time to time, we sell surplus ammonia to unrelated parties and/or may transport surplus ammonia to the Port of Tampa. In certain circumstances, we source ammonia from alternative sources to receive at Faustina.
From time to time, we sell surplus ammonia to unrelated parties and/or may transport surplus ammonia to the Port of Tampa. In certain circumstances, we source ammonia from alternative sources to receive at Faustina.
Bodine was elected our Chief Executive Officer effective January 2024 and our President effective August 2023. He previously served as our Senior Vice President - North America from April 2020 to August 2023, and as our Senior Vice President - Phosphates from January 2019 to April 2020 during which time he also provided executive oversight for the corporate procurement organization.
He previously served as our Senior Vice President - North America from April 2020 to August 2023, and as our Senior Vice President - Phosphates from January 2019 to April 2020 during which time he also provided executive oversight for the corporate procurement organization. Prior to that, Mr.
We have a 75% economic interest in the Miski Mayo Mine, which allows us to supplement our other produced rock to meet our overall fertilizer production needs and is the primary source of rock for our Louisiana operations. We have the right to use or sell to third parties 75% of the Miski Mayo Mine’s annual production. See “Item 2.
We have a 75% economic interest in the Miski Mayo Mine, which allows us to supplement our other produced rock to meet our overall fertilizer production needs and is the primary source of rock for our Louisiana operations.
These operations provide our Phosphates and Potash segments access to key markets outside of North and South America and serve as a marketing agent for our Phosphates segment. In 2023, the India and China operations purchased 341,047 tonnes of phosphate-based products from our Phosphates segment and MWSPC, and 742,528 tonnes of potash products from our Potash segment and Canpotex.
These operations provide our Phosphates and Potash segments access to key markets outside of North and South America and serve as a marketing agent for our Phosphates segment. In 2024, the India and China operations purchased 25,233 tonnes of phosphate-based products from our Phosphates segment, and 1,077,567 tonnes of potash products from our Potash segment and Canpotex.
We process rock into finished phosphate products at facilities in Florida, Louisiana and Brazil. We are typically one of the top four global potash producers in the world. We mine potash in Saskatchewan, New Mexico and Brazil.
We process rock into finished phosphate products at facilities in Florida, Louisiana and Brazil. We are typically one of the top four global potash producers in the world. We mine potash in Saskatchewan, New Mexico and Brazil. We have other production, blending or distribution operations in Brazil, China, India and Paraguay.
Our Florida phosphate rock mines produced approximately 10.0 million tonnes in 2023 and accounted for approximately 47% of estimated North American annual production. We are the world’s second largest miner of phosphate rock (excluding China) and currently 5 Table of Co ntent operate four mines in North America with a combined annual capacity of approximately 18.0 million tonnes.
Our Florida phosphate rock mines produced approximately 8.9 million tonnes in 2024 and accounted for approximately 47% of estimated North American annual production. We are the world’s second largest miner of phosphate rock (excluding China) and currently operate four mines in North America with a combined annual capacity of 17.2 million tonnes.
He had previously served as our Senior Vice President - Strategy and Growth since January 1, 2019. From June 2016 through March 2020 he also provided executive oversight for the EHS organization.
Precourt has responsibility for the Company’s Human Resources, Public Affairs, Procurement and Shared Services teams. He had previously served as our Senior Vice President - Strategy and Growth since January 1, 2019. From June 2016 through March 2020 he also provided executive oversight for the EHS organization.
From January 1, 2019 until her appointment as Senior Vice President - Supply Chain, she served as Senior Vice President - Potash. Previously, Ms. Swager held leadership positions at Mosaic, including Vice President - Minerals, Vice President - Mining Operations and General Manager in our Phosphates business. She also led the mine planning and strategy group for the Phosphates business.
From January 1, 2019 until her appointment as Senior Vice President - Supply Chain, she served as Senior Vice President - Potash. Previously, Ms. Swager held leadership positions at Mosaic, including Vice President - Minerals, Vice President - Mining Operations and General Manager in our Phosphates business since joining Mosaic upon its formation in 2004.
Other competitive factors include product quality, cost and availability of raw materials, customer service, plant efficiency and availability of product. As a result, markets for our products are highly competitive. We compete with a broad range of domestic and international producers, including farmer cooperatives, subsidiaries of larger companies, and independent crop nutrient companies.
As a result, markets for our products are highly competitive. We compete with a broad range of domestic and international producers, including farmer cooperatives, subsidiaries of larger companies, and independent crop nutrient companies.
International Outside of the U.S. and Canada, we market our Phosphates segment’s products through our Mosaic Fertilizantes segment and our China and India distribution businesses, as well as a salesforce focused on geographies outside of North America. The countries that account for the largest amount of our phosphates sales outside the U.S., by volume, are Brazil, Canada, Mexico and Colombia.
International Outside of the U.S. and Canada, we market our Phosphates segment’s products through our Mosaic Fertilizantes segment and our China and India distribution businesses, as well as a sales force focused on geographies outside of North America.
Mosaic Fertilizantes Segment Our Mosaic Fertilizantes segment owns and operates mines, chemical plants, crop nutrient blending and bagging facilities, port terminals and warehouses in Brazil and Paraguay, which produce and sell concentrated phosphates crop nutrients, phosphate-based animal feed ingredients and pot a sh fertilizer.
We use financial derivative contracts to manage the pricing on portions of our natural gas requirements. Mosaic Fertilizantes Segment Our Mosaic Fertilizantes segment owns and operates mines, chemical plants, crop nutrient blending and bagging facilities, port terminals and warehouses in Brazil and Paraguay, which produce and sell concentrated phosphate crop nutrients, phosphate-based animal feed ingredients and pot a sh fertilizer.
The Mosaic Company is a Delaware corporation that was incorporated in March 2004 and serves as the parent company of the business that was formed through the October 2004 combination of IMC Global Inc. (“ IMC ”) and the fertilizer businesses of Cargill, Incorporated.
Our operations serve the top four nutrient-consuming countries in the world: China, India, U.S. and Brazil. The Mosaic Company is a Delaware corporation that was incorporated in March 2004 and serves as the parent company of the business that was formed through the October 2004 combination of IMC Global Inc. (“ IMC ”) and the fertilizer businesses of Cargill, Incorporated.
The annual operational capacity of a mine reported in the table above can exceed the annualized proven peaking capacity until the proving run or engineering audit has been completed. Subject to Note (g), our current entitlement percentage of Canpotex is 36.2%.
The annual operational capacity of a mine reported in the table above can exceed the annualized proven peaking capacity until the proving run or engineering audit has been completed. Our current entitlement percentage of Canpotex is 36.2%, however in 2024, our percentage was 34.5% due to lower shipments as a result electrical equipment problems.
Esterhazy, the largest Potash mine in the world, is expected to complete full ramp up of capacity and production during 2024 or early 2025. The K3 expansion has been supplying the capacity and production needed since the closure of the K1 and K2 mines in the second quarter of 2021.
Esterhazy, the largest potash mine in the world, has completed full ramp up of capacity and production. The K3 mine shaft expansion has been supplying the capacity and production needed since the closure of the K1 and K2 shafts in the second quarter of 2021.
We believe that our extensive North American and 15 Table of Co ntent international production and distribution system provides us with a competitive advantage by allowing us to achieve economies of scale, transportation and storage efficiencies, and obtain market intelligence.
We believe that our extensive North American and international production and distribution system provides us with a competitive advantage by allowing us to achieve economies of scale, transportation and storage efficiencies, and obtain market intelligence. Also, we believe our performance products, such as MicroEssentials ® , provide us a competitive advantage with customers in North and South America.
Of these employees, approximately 33% are covered under agreements that expire in 2024. All are expected to collectively bargain for new contracts in 2024. 17 Table of Co ntent • We had agreements with 35 unions covering all employees in Brazil. More than one agreement may govern our relations with each of these unions.
Of these employees, approximately 15% are covered under agreements that expire in 2025. All are expected to collectively bargain for new contracts in 2025. • We had agreements with 37 unions covering all employees in Brazil. More than one agreement may govern our relations with each of these unions. In general, the agreements are renewable on an annual basis.
Community –Mosaic is a thoughtful and engaged neighbor who invests carefully and generously through long-term partnerships with organizations that are making a difference. We are proud to support organizations and initiatives that create growth and leave a lasting impact in our communities in three main focus areas: food, water and local community. In 2023, we invested $16.7 million.
We are proud to support organizations and initiatives that create growth and leave a lasting impact in our communities in three main focus areas: food, water and local community. In 2023, we invested $16.7 million.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeChanges in tax laws or regulations or their interpretation, or exposure to additional tax liabilities, could materially adversely affect our operating results and financial condition. 33 Table of Co ntent We are subject to taxes, including income taxes, resource taxes and royalties, and non-income based taxes in countries where we operate.
Biggest changeWe are subject to taxes, including income taxes, resource taxes and royalties, and non-income based taxes in countries where we operate. Changes in tax laws or regulations or their interpretation could result in higher taxes, which could materially adversely affect our operating results and financial condition.
Reduced oil refinery operating rates in the U.S. and Canada could, and have resulted in, the past, in decreased availability of molten sulfur, which could increase costs of sulfur procurement or decrease availability of sulfur needed in our phosphate fertilizer production operations.
Reduced oil refinery operating rates in the U.S. and Canada could, and have, in the past, resulted in decreased availability of molten sulfur, which could increase costs of sulfur procurement or decrease availability of sulfur needed in our phosphate fertilizer production operations.
Examples of the types of events that could result, and have resulted, in a disruption at these facilities include: adverse weather; strikes or other work stoppages; civil unrest; deliberate, malicious acts, including acts of terrorism and armed conflict; political or economic instability; cyberattacks; changes in permitting, financial assurance or certain environmental, health and safety laws or other changes in the regulatory environment in which we operate; legal and regulatory proceedings; our relationships with the other member of Canpotex and the other joint ventures in which we participate and their or our exit from participation in such joint ventures; other changes in our commercial arrangements with unrelated third parties; brine inflows at our Esterhazy, Saskatchewan mine or our other shaft mines; mechanical failure and accidents or other failures occurring in the course of operating activities, including at our gypstacks, clay settling areas and tailing dams; accidents occurring in the course of operating activities; lack of truck, rail, barge or ship transportation; and other factors.
Examples of the types of events that could result, and have, in the past, resulted, in a disruption at these facilities include: adverse weather; strikes or other work stoppages; civil unrest; deliberate, malicious acts, including acts of terrorism and armed conflict; political or economic instability; cyberattacks; changes in permitting, financial assurance or certain environmental, health and safety laws or other changes in the regulatory environment in which we operate; legal and regulatory proceedings; our relationships with the other member of Canpotex and the other joint ventures in which we participate and their or our exit from participation in such joint ventures; other changes in our commercial arrangements with unrelated third parties; brine inflows at our Esterhazy, Saskatchewan mine or our other shaft mines; mechanical failure and accidents or other failures occurring in the course of operating activities, including at our gypstacks, clay settling areas and tailing dams; accidents occurring in the course of operating activities; lack of truck, rail, barge or ship transportation; and other factors.
The impacts of climate change could include changes in rainfall patterns, water shortages, changing sea levels, changing storm patterns and intensities, and changing temperature levels and that these changes could be severe. These impacts could vary by geographic location.
The impacts of climate change could include changes in rainfall patterns, water shortages, changing sea levels, changing storm patterns and intensities, and changing temperature levels, and these changes could be severe. These impacts could vary by geographic location.
Adverse weather may also cause a loss of production and may disrupt our supply chain or adversely affect delivery of our products to our customers.
Adverse weather conditions may also cause a loss of production and may disrupt our supply chain or adversely affect delivery of our products to our customers.
If our safety procedures are not effective, an accident involving these other hazardous chemicals could result in serious injuries or death, or result in the shutdown of our facilities. We use sulfuric acid to produce concentrated phosphates in our Florida and Louisiana operations and our Brazil operations. We also use or produce other hazardous chemicals at some of our facilities.
If our safety procedures are not effective, an accident involving these other hazardous chemicals could result in serious injuries or death, or result in the shutdown of our facilities. We use sulfuric acid to produce concentrated phosphate in our Florida and Louisiana operations and our Brazil operations. We also use or produce other hazardous chemicals at some of our facilities.
Mining and processing of potash and phosphate generate residual materials that must be managed both during the operation of the facility and upon facility closure. Potash tailings, consisting primarily of salt and clay, are stored in surface disposal sites. Phosphate residuals from mining or processing are deposited in large tailing dams and in clay settling areas and phosphogypsum stacks.
Mining and processing of potash and phosphate generate residual materials that must be managed both during the operation of the facility and upon facility closure. Potash tailings, consisting primarily of salt and clay, are stored in surface disposal sites. Phosphate residuals from mining or processing are deposited in tailings dams or clay settling areas and phosphogypsum stacks.
For example, i n Florida, local community involvement has become an increasingly important factor in the permitting process for mining companies, and various counties and other parties in Florida have in the past filed and continue to file lawsuits challenging the issuance or renewal of some of the permits we require.
For example, in Florida, local community involvement has become an increasingly important factor in the permitting process for mining companies, and various counties and other parties in Florida have in the past filed and continue to file lawsuits challenging the issuance or renewal of some of the permits we require.
These requirements may include: 28 Table of Co ntent • Increased levels of future investments and expenditures for environmental controls at ongoing operations, which will be charged against income from future operations; increased levels of the financial assurance requirements to which we are subject, and increased efforts or costs to obtain permits or denial of permits. • New or interpretations of existing statutes or regulations that impose new or more stringent standards, restrictions or liabilities related to elevated levels of naturally-occurring radiation that arise on formerly mined land and other matters that could increase our expenses, capital requirements or liabilities or adversely affect our business, liquidity or financial condition.
These requirements may include: • Increased levels of future investments and expenditures for environmental controls at ongoing operations, which will be charged against income from future operations; increased levels of the financial assurance requirements to which we are subject, and increased efforts or costs to obtain permits or denial of permits. • New or interpretations of existing statutes or regulations that impose new or more stringent standards, restrictions or liabilities related to elevated levels of naturally-occurring radiation that arise on formerly mined land and other matters that could increase our expenses, capital requirements or liabilities or adversely affect our business, liquidity or financial condition.
Environmental Protection Agency (“ EPA ”) and the Louisiana Department of Environmental Quality also have similar requirements for water management objectives as outlined in our U.S. Resource Conservation and Recovery Act (“ RCRA ”) Consent Decree ’ s.
Environmental Protection Agency (“ EPA ”) and the Louisiana Department of Environmental Quality also have similar requirements for water management objectives as outlined in our U.S. Resource Conservation and Recovery Act (“ RCRA ”) Consent Decrees.
Drought can reduce farmers’ crop yields and the uptake of phosphates and potash, reducing the need for application of additional phosphates and potash for the next planting season. Drought can also lower river levels, adversely affecting delivery of our products to our customers.
Drought can reduce farmers’ crop yields and the uptake of phosphate and potash, reducing the need for application of additional phosphate and potash for the next planting season. Drought can also lower river levels, adversely affecting delivery of our products to our customers.
For example, the Mississippi River was in drought condition for parts of 2022 and 2023, affecting barge movement on the river. Climate change could adversely affect us. The impact of climate change on our operations and those of our customers remains uncertain.
For example, the Mississippi River was in drought condition for parts of 2022 and 2023, affecting barge movement on the river. Climate change could adversely affect us. The impacts of climate change on our operations and those of our customers remains uncertain.
A significant portion of our workforce, and that of the joint ventures in which we participate, is covered by collective bargaining agreements with unions. Unsuccessful contract negotiations or adverse labor relations could result in strikes or slowdowns. Any disruption may decrease our production and sales or impose additional costs to resolve disputes.
A significant portion of our work force, and that of the joint ventures in which we participate, is covered by collective bargaining agreements with unions. Unsuccessful contract negotiations or adverse labor relations could result in strikes or slowdowns. Any disruption may decrease our production and sales or impose additional costs to resolve disputes.
As a result, these companies may contribute less than anticipated to our earnings and cash flow, negatively impacting our results of operations and liquidity. Strikes or other forms of work stoppage or slowdown could disrupt our business and lead to increased costs. Our financial performance is dependent on a reliable and productive work force.
As a result, these companies may contribute less than anticipated to our earnings and cash flow, negatively impacting our results of operations and liquidity. Strikes or other forms of work stoppage or slowdown could disrupt our business and lead to increased costs. 24 Table of Content Our financial performance is dependent on a reliable and productive work force.
At the present time, we cannot predict the prospective impact of climate change on our results of operations, liquidity or capital resources, or whether any such effects could be material to us.
At the present time, we cannot predict the prospective impacts of climate change on our results of operations, liquidity or capital resources, or whether any such effects could be material to us.
The Company is monitoring the SEC’s proposed rules and recently enacted standards in the European Union and California on climate change disclosure and is taking necessary steps to plan for the anticipated or adopted disclosure requirements.
The Company is monitoring the SEC’s climate-related disclosure rules and recently enacted standards in the European Union and California on climate change disclosure and is taking necessary steps to plan for the anticipated or adopted disclosure requirements.
For example, oil refineries that supply sulfur to us may suspend operations as a result of a hurricane, and incoming shipments of ammonia can be delayed, disrupting production at our Florida or Louisiana facilities and delivery of our products. In the second half of 2021, we experienced production impacts related to Hurricane Ida at our Louisiana operations.
For example, oil refineries that supply sulfur to us may suspend operations as a result of a hurricane, and incoming shipments of ammonia can be delayed, disrupting production at our Florida or Louisiana facilities and delivery of our products. In 2021, we experienced production impacts related to Hurricane Ida at our Louisiana operations.
The international market for crop nutrients is influenced by such 21 Table of Co ntent factors as the relative value of the U.S. dollar and its impact upon the cost of importing crop nutrients, foreign agricultural policies, including subsidy policies, the existence of, or changes in, import or foreign currency exchange barriers in certain foreign markets, changes in the hard currency demands of certain countries and other regulatory policies of foreign governments, as well as the laws and policies of the U.S. affecting foreign trade and investment, including use of tariffs.
The international market for crop nutrients is influenced by such factors as the relative value of the U.S. dollar and its impact upon the cost of importing crop nutrients, foreign agricultural policies, including subsidy policies, the existence of, or changes in, import or foreign currency exchange barriers in certain foreign markets, changes in the hard currency demands of certain countries and other regulatory policies of foreign governments, as well as the laws and policies of the U.S. affecting foreign trade and investment, including use of tariffs.
Strong demand for grain and other products and a strong world economy increases the demand for and reduces the availability of transportation, both domestically and internationally. Shortages of railcars, barges and ocean transport for carrying product and increased transit time may result in customer dissatisfaction, loss of sales and higher equipment and transportation costs.
Strong demand for grain and other products and a strong world economy increases the demand for and reduces the availability of transportation, both domestically and internationally. Shortages of railcars, barges and ocean transport for carrying product and increased transit time may result in customer dissatisfaction, loss of sales and higher equipment and 29 Table of Content transportation costs.
Financial Risks During periods when the prices for our products are falling because of falling raw material prices, we could be required to write-down the value of our inventories. Any such write-down could adversely affect our results of operations and the value of our assets. We carry our inventories at the lower of cost or market.
Financial Risks During periods when the prices for our products are falling because of falling raw material prices, we could be required to write-down the value of our inventories. Any such write-down could adversely affect our results of operations and the value of our assets. 31 Table of Content We carry our inventories at the lower of cost or market.
To the extent other producers of crop nutrients enjoy competitive advantages or are willing to accept lower profit levels, the price of our products, our sales volumes and our profits may be adversely affected. Industry Risks Future product or technological innovation could affect our business.
To the extent other producers of crop nutrients 30 Table of Content enjoy competitive advantages or are willing to accept lower profit levels, the price of our products, our sales volumes and our profits may be adversely affected. Industry Risks Future product or technological innovation could affect our business.
If adverse weather occurs in coming years, our facilities may be required to take additional measures to manage process water to comply with existing or future requirements and these measures could potentially have a material effect on our business and financial condition.
If adverse weather conditions occur in coming years, our facilities may be required to take additional measures to manage process water to comply with existing or future requirements and these measures could potentially have a material effect on our business and financial condition.
We also use ammonia in our Brazil phosphate operations. Our ammonia is generally stored and transported at high pressures or cryogenically. Accidents at any of our ammonia facilities could result in serious injury or death and could adversely impact our operations. • We also use or produce other hazardous chemicals at some of our facilities.
We also use ammonia in our Brazil phosphate operations. Our ammonia is generally stored and transported at high pressures or cryogenically. Accidents at any of our ammonia facilities could result in serious injury or death and could adversely impact our operations. 25 Table of Content • We also use or produce other hazardous chemicals at some of our facilities.
If our safety procedures are not effective, an accident involving these impoundments could result in serious injuries or death, damage to property or the environment, or result in the shutdown of our facilities, any of which could materially adversely affect our results of operations.
If our safety procedures are not effective, an accident involving these 28 Table of Content impoundments could result in serious injuries or death, damage to property or the environment, or result in the shutdown of our facilities, any of which could materially adversely affect our results of operations.
A significant increase in the price of fertilizer, natural gas, ammonia, sulfur or energy costs that is not recovered through an increase in the price of our related crop nutrients products could have a material adverse impact on our business.
A significant increase in the price of fertilizer, natural gas, ammonia, sulfur or energy costs 22 Table of Content that is not recovered through an increase in the price of our related crop nutrients products could have a material adverse impact on our business.
If we 30 Table of Co ntent do not successfully participate in continuing industry consolidation, our ability to compete successfully could be adversely affected and result in the loss of customers or an uncompetitive cost structure, which could adversely affect our sales and profitability. Our strategy for managing market and interest rate risk may not be effective.
If we do not successfully participate in continuing industry consolidation, our ability to compete successfully could be adversely affected and result in the loss of customers or an uncompetitive cost structure, which could adversely affect our sales and profitability. Our strategy for managing market and interest rate risk may not be effective.
We have invested significant capital and expect future capital expenditures associated with the implementation and integration of our information technology systems across our businesses. This process involves the replacement and consolidation of technology platforms, resulting in operational efficiencies and reduced costs.
We have invested significant capital associated with the implementation and integration of our information technology systems across our businesses. This process involves the replacement and consolidation of technology platforms, resulting in operational efficiencies and reduced costs.
The seasonality of crop nutrient demand results in our sales volumes and net sales typically being the highest during the North American spring season and our working capital requirements typically being the highest just prior to the start of the spring season.
The seasonality of crop nutrient demand results in our sales volumes and net sales 21 Table of Content typically being the highest during the North American spring season and our working capital requirements typically being the highest just prior to the start of the spring season.
Environmental justice considerations could have a material adverse effect on our business, financial condition or results of operations. The U.S. federal and some state governments increasingly are adopting standards or policies requiring environmental justice reviews in some permitting actions. In general, they require governmental agencies to evaluate projects for disproportionate impacts to disadvantaged or already burdened communities.
Environmental justice considerations could have a material adverse effect on our business, financial condition or results of operations. Some state governments increasingly are adopting standards or policies requiring environmental justice reviews in some permitting actions. In general, they require governmental agencies to evaluate projects for disproportionate impacts to disadvantaged or already burdened communities.
Adverse weather conditions, including hurricanes, and excess heat, cold, snow, rainfall and drought, have in the past, and may in the future, adversely affect our operations, and result in increased costs, decreased sales or production and potential liabilities. Adverse weather conditions have in the past and may in the future adversely affect our operations, particularly our Phosphates operations.
Adverse weather conditions, including hurricanes, and excess heat, cold, snow, rainfall and drought, have in the past, and may in the future, adversely affect our operations, and result in increased costs, decreased sales or production and potential liabilities. 23 Table of Content Adverse weather conditions have in the past and may in the future adversely affect our operations, particularly our Phosphates operations.
For example: 26 Table of Co ntent • Some of our facilities are subject to potential damage from seismic activity or other geologic concerns. The excavation of mines in some parts of the world can result in potential seismic events or can increase the likelihood or potential severity of a seismic event.
For example: • Some of our facilities are subject to potential damage from seismic activity or other geologic concerns. The excavation of mines in some parts of the world can result in potential seismic events or can increase the likelihood or potential severity of a seismic event.
The extent to which current 31 Table of Co ntent global or local economic and financial conditions, changes in global or local economic and financial conditions, or other factors may cause delays or cancellation of some of these ongoing or planned projects, or result in the acceleration of existing or new projects, is unclear.
The extent to which current global or local economic and financial conditions, changes in global or local economic and financial conditions, or other factors may cause delays or cancellation of some of these ongoing or planned projects, or result in the acceleration of existing or new projects, is unclear.
In some jurisdictions, environmental laws change frequently and it may be challenging for us to achieve and maintain compliance 27 Table of Co ntent with all material environmental laws at all times. If we are not in compliance, we may be subject to enforcement or third-party claims, and may require new investment in our business.
In some jurisdictions, environmental laws change frequently and it may be challenging for us to achieve and maintain compliance with all material environmental laws at all times. If we are not in compliance, we may be subject to enforcement or third-party claims, and may require new investment in our business.
As a result, we and our customers generally build inventories during the low demand periods of the year in order to provide timely product availability during the peak sales seasons.
In contrast, we generally produce our products throughout the year. As a result, we and our customers generally build inventories during the low demand periods of the year in order to provide timely product availability during the peak sales seasons.
Severe 25 Table of Co ntent climate change could impact our costs and operating activities, the location and cost of global grain and oilseed production, and the supply and demand for grains and oilseeds.
Severe climate change could impact our costs and operating activities, the location and cost of global grain and oilseed production, and the supply and demand for grains and oilseeds.
In 2023, we derived approximately 66% of our net sales from customers located outside of the U.S.
In 2024, we derived approximately 64% of our net sales from customers located outside of the U.S.
To our knowledge, we have not experienced any material cybersecurity 32 Table of Co ntent incidents of our technology systems.
To our knowledge, we have not experienced any material cybersecurity incidents of our technology systems.
During periods of local or global economic crises, local currencies may be devalued significantly against the U.S. dollar. During times of a strengthening dollar, our net earnings can be reduced due to transaction currency losses arising from these exposures of U.S. dollar denominated liabilities held in the Brazilian and Canadian entities and Brazilian real denominated assets held in U.S. entities.
During times of a strengthening dollar, our net earnings can be reduced due to transaction currency losses arising from these exposures of U.S. dollar denominated liabilities held in the Brazilian and Canadian entities and Brazilian real denominated assets held in U.S. entities.
Due to the global nature of our operations, we are exposed to currency exchange rate changes, which may cause fluctuations in earnings and cash flows. Our primary foreign currency exposures are the Canadian dollar and Brazilian real. The functional currency for our Brazilian subsidiaries is the Brazilian real. However, we finance our Brazilian inventory purchases with U.S. dollar-denominated liabilities.
Due to the global nature of our operations, we are exposed to currency exchange rate changes, which may cause fluctuations in earnings and cash flows. 32 Table of Content Our primary foreign currency exposures are the Canadian dollar and Brazilian real. The functional currency for our Brazilian subsidiaries is the Brazilian real.
A reversal of, or change in, the ITC’s or DOC’s prior determination in the CVD investigations could have an adverse effect on our business, financial condition or operating results. Pandemics, epidemics or other health outbreaks could materially adversely affect our business operations and financial condition.
A reversal of, or change in, the ITC’s or DOC’s prior determination in the CVD investigations could have an adverse effect on our business, financial condition or operating results. U.S. tariffs on Canadian potash and retaliatory tariffs could materially adversely affect our business operations and financial condition.
Our production costs have increased due to higher prices for raw materials, including purchased nitrogen, sulfur and ammonia, as well as supply chain challenges, including increased costs and delays caused by transportation and labor shortages.
Our production costs have increased due to higher prices for raw materials, including purchased nitrogen, sulfur and ammonia, as well as supply chain challenges, including increased costs and delays caused by transportation and labor shortages. These adverse economic events have adversely affected, and may continue to adversely affect our operating results.
In some cases, we comply through the satisfaction of applicable state financial strength tests; but if we are unable to do so, we must utilize alternative methods of complying with these requirements; if we do not, we would be prevented from continuing our operations and also could be subject to enforcement proceedings brought by relevant government agencies.
The purpose of these requirements is to provide comfort to the government that sufficient funds will be available for the ultimate closure, post-closure care or reclamation of our facilities. 27 Table of Content In some cases, we comply through the satisfaction of applicable state financial strength tests; but if we are unable to do so, we must utilize alternative methods of complying with these requirements; if we do not, we would be prevented from continuing our operations and also could be subject to enforcement proceedings brought by relevant government agencies.
In 2021, the DOC issued CVD orders on imports of phosphate fertilizers from Morocco and Russia, in response to petitions filed by Mosaic. The orders were based on DOC’s determination that the imports were unfairly subsidized, and the U.S. International Trade Commission’s determination that the imports materially injure the U.S. phosphate fertilizer industry.
In 2021, the U.S. Department of Commerce (“ DOC ”) issued countervailing duty (“ CVD ”) orders on imports of phosphate fertilizers from Morocco and Russia, in response to petitions filed by Mosaic. The orders were based on DOC’s determination that the imports are unfairly subsidized, and the U.S.
In addition, tax regulations and tax audit practices, currency exchange controls and other restrictions may also make it economically unattractive to: • distribute cash generated by our operations outside the U.S. to our stockholders; or • utilize cash generated by our operations in one country to fund our operations or repayments of indebtedness in another country or to support other corporate purposes. 24 Table of Co ntent Our assets outside of North America are located in countries with volatile conditions, which could subject us and our assets to significant risks.
In addition, tax regulations and tax audit practices, currency exchange controls and other restrictions may also make it economically unattractive to: • distribute cash generated by our operations outside the U.S. to our stockholders; or • utilize cash generated by our operations in one country to fund our operations or repayments of indebtedness in another country or to support other corporate purposes.
Natural gas is also a significant energy source used in the potash solution mining process. From time to time, our profitability has been and may in the future be adversely impacted by the price and availability of these key inputs and other energy costs.
From time to time, our profitability has been and may in the future be adversely impacted by the price and availability of these key inputs and other energy costs.
We also experienced down time and delayed shipments caused by impacts from Hurricane Ian which occurred at the end of the third quarter in 2022. Excess rainfall and drought have in the past, and may in the future, adversely affect us.
We also experienced down time and delayed shipments caused by impacts from Hurricane Ian which occurred in 2022. In 2024, we experienced production and distribution impacts related to Hurricanes Francine, Helene and Milton. Excess rainfall and drought have in the past, and may in the future, adversely affect us.
The due process, audit and appeal practices and procedures of such authorities may vary significantly by jurisdiction, may be unpredictable (and unreliable) in nature and may result in significant risk to us.
We are subject to periodic audits by various tax authorities in all countries where we have meaningful operations. The due process, audit and appeal practices and procedures of such authorities may vary significantly by jurisdiction, may be unpredictable (and unreliable) in nature and may result in significant risk to us.
The functional currency of several of our Canadian entities is the Canadian dollar. For those entities, sales are primarily denominated in U.S. dollars, but the costs are paid principally in Canadian dollars. Canadian entities have significant U.S. dollar denominated intercompany loans and U.S. entities, with the U.S. dollar as functional currency, have Brazilian real denominated loans.
However, we finance our Brazilian inventory purchases with U.S. dollar-denominated liabilities. The functional currency of several of our Canadian entities is the Canadian dollar. For those entities, sales are primarily denominated in U.S. dollars, but the costs are paid principally in Canadian dollars.
Changes in 23 Table of Co ntent the price or availability of these key inputs for production of finished goods have had, and could again have, a material adverse impact on our businesses. Fertilizer is a key input for production of our blended finished goods products.
Changes in the price or availability of these key inputs for production of finished goods have had, and could again have, a material adverse impact on our businesses. Fertilizer is a key input for production of our blended finished goods products. Natural gas, ammonia and sulfur are key raw materials used in the manufacture of phosphate crop nutrient products.
These adverse economic events have adversely affected, and may continue to adversely affect our operating results. 22 Table of Co ntent Our crop nutrient business is seasonal and varies based on application rates, which may result in carrying significant amounts of inventory and seasonal variations in working capital, and our inability to predict future seasonal crop nutrient demand accurately may result in excess inventory or product shortages.
Our crop nutrient business is seasonal and varies based on application rates, which may result in carrying significant amounts of inventory and seasonal variations in working capital, and our inability to predict future seasonal crop nutrient demand accurately may result in excess inventory or product shortages. The use of crop nutrients is seasonal and varies based on application rates.
Natural gas, ammonia and sulfur are key raw materials used in the manufacture of phosphate crop nutrient products. Natural gas is used as both a chemical feedstock and a fuel to produce anhydrous ammonia, which is a raw material used in the production of concentrated phosphate products.
Natural gas is used as both a chemical feedstock and a fuel to produce anhydrous ammonia, which is a raw material used in the production of concentrated phosphate products. Natural gas is also a significant energy source used in the potash solution mining process.
We also hold minority ownership interests in other companies that are not controlled by us. The operations and results of MWSPC and some of the other companies are significant to us, and their operations can affect our earnings.
Together, these factors may lower our equity earnings or cash flow from such businesses and negatively impact our results of operations. We hold minority ownership interests in other companies that are not controlled by us. The operations and results of Ma'aden and some other companies are significant to us, and their operations can affect earnings.
Mosaic has also made claims contesting certain aspects of DOC’s final determinations that, we believe, failed to capture the full extent of Moroccan and Russian subsidies. These litigation challenges remain underway.
Moroccan and Russian producers have initiated federal court actions seeking to overturn the orders. Mosaic has also made claims contesting certain aspects of DOC’s final determinations that, we believe, failed to capture the full extent of Moroccan and Russian subsidies. These litigation challenges remain underway as further described in this Item 3 of Form 10-K.
Most of our products are readily available from a number of competitors, and price and other competition in the crop nutrient industry is intense. In addition, crop nutrient production facilities and distribution activities frequently benefit from economies of scale. As a result, particularly during pronounced cyclical troughs, the crop nutrient industry has a long history of consolidation.
Competitive Risks Our competitive position could be adversely affected if we are unable to participate in continuing industry consolidation. Most of our products are readily available from a number of competitors, and price and other competition in the crop nutrient industry is intense. In addition, crop nutrient production facilities and distribution activities frequently benefit from economies of scale.
In the future, we may not be able to find suitable companies to combine with, assets to purchase or joint venture or partnership opportunities to pursue. Even if we are able to locate desirable opportunities, we may not be able to enter into transactions on economically acceptable terms.
Even if we are able to locate desirable opportunities, we may not be able to enter into transactions on economically acceptable terms.
The contract allows for either party to exercise rights on certain dates through 2032 that can result in changes to terms and conditions. We are subject to risks associated with our international sales and operations, which could negatively affect our sales to customers in foreign countries as well as our operations and assets in foreign countries.
We are subject to risks associated with our international sales and operations, which could negatively affect our sales to customers in foreign countries as well as our operations and assets in foreign countries.
In many cases, as a condition to obtaining or maintaining permits and approvals or otherwise, we are required to comply with financial assurance requirements of governmental authorities. The purpose of these requirements is to provide comfort to the government that sufficient funds will be available for the ultimate closure, post-closure care or reclamation of our facilities.
In many cases, as a condition to obtaining or maintaining permits and approvals or otherwise, we are required to comply with financial assurance requirements of governmental authorities.
The government of Brazil may intervene with new or different policy instruments to meet the goals set out in the 2020 NDC. Canada’s intended NDC aims to achieve, by 2030, an economy-wide target of reducing greenhouse gas emissions by 40-45% below 2005 levels.
The government of Brazil may intervene with new or different policy instruments to meet the goals set out in the 2020 NDC. Canada’s intended NDC aims to achieve significant greenhouse gas emissions reductions. The Canadian federal government has also introduced legislation establishing a long-term target of “net-zero” greenhouse gas emissions by 2050.
As a result, the strongest demand for our products typically occurs during the spring planting season, with a second period of strong demand following the fall harvest. In contrast, we generally produce our products throughout the year.
Farmers tend to apply crop nutrients during two short application periods, the strongest one in the spring, before planting, and the other in the fall, after harvest. As a result, the strongest demand for our products typically occurs during the spring planting season, with a second period of strong demand following the fall harvest.
Our success will continue to depend on our ability to attract and retain highly qualified and motivated employees. Our continued success depends on the collective abilities and efforts of our employees.
Our success will continue to depend on our ability to attract and retain highly qualified and motivated employees. Our continued success depends on the collective abilities and efforts of our employees. We compete for a talented workforce with other businesses, particularly within the mining and chemicals industries, in general, and the crop nutrients industry, in particular.
We are a global business with substantial assets located outside of North America. Our operations in Brazil, China, India and Paraguay are fundamental to our business. We have a majority interest in the joint venture entity operating the Miski Mayo Mine that supplies phosphate rock to us.
Our assets outside of North America are located in countries with volatile conditions, which could subject us and our assets to significant risks. We are a global business with substantial assets located outside of North America. Our operations in Brazil, China, India and Paraguay are fundamental to our business.
We also have a minority joint venture investment in MWSPC, which operates a mine and chemical complexes that produce phosphate fertilizers and other downstream products in the Kingdom of Saudi Arabia. Volatile economic, market and political conditions may have a negative impact on our operations, operating results and financial condition.
We have a majority interest in the joint venture entity operating the Miski Mayo Mine that supplies phosphate rock to us. Volatile economic, market and political conditions may have a negative impact on our operations, operating results and financial condition.
Brazilian federal and state governments have new rules regarding tailings dam safety, construction, licensing and operations. We cannot predict the full impact of these rules or potentially related judicial actions, or future actions, or whether or how it would affect our Brazilian operations or customers.
We cannot predict the full impact of these rules or potentially related judicial actions, or future actions, or whether or how it would affect our Brazilian operations or customers. Any accident involving our tailings or other dams, or any shut down or idling of our related mines, could have a material adverse effect on our results of operations.
The purpose of the CVD orders was to remedy the injury and thereby restore fair competition. CVD orders normally stay in place for at least five years, with possible extensions. Moroccan and Russian producers have initiated actions at the CIT seeking to overturn the orders.
International Trade Commission’s (“ ITC ”) determination that the 20 Table of Content imports materially injure the U.S. phosphate fertilizer industry. The purpose of the CVD orders was to remedy the injury and thereby restore fair competition. CVD orders normally stay in place for at least five years, with possible extensions.
In 2020, Brazil submitted a new NDC, which reaffirms the country’s commitment to reducing total net greenhouse gas emissions by 37% in 2025 and by 43% in 2030. The NDC further commits to achieving climate neutrality in 2060. Complete details surrounding Brazil’s plan for achieving the greenhouse gas emissions reductions and climate neutrality are uncertain.
Brazil ratified the Paris Agreement in September 2016, committing to an NDC that includes economy-wide greenhouse gas reduction targets by 2030. The NDC further commits to achieving climate neutrality in 2060. Complete details surrounding Brazil’s plan for achieving the greenhouse gas emissions reductions and climate neutrality are uncertain.
We have, in the past, and may in the future, be required to write down the value of our goodwill or other long-lived assets, and such future write downs could be material. See Note 10, Goodwill and Note 26, Mine Closure Costs, in the accompanying consolidated financial statements for further information related to charges incurred in 2019.
We have, in the past, and may in the future, be required to write down the value of our goodwill or other long-lived assets, and such future write downs could be material. Changes in tax laws or regulations or their interpretation, or exposure to additional tax liabilities, could materially adversely affect our operating results and financial condition.
Each signatory is expected to develop its own plan (referred to as a Nationally Determined Contribution, or “ NDC ”) for reaching that goal. Previously , the U.S. had submitted an NDC aiming to achieve, by 2025, an economy-wide target of reducing greenhouse gas emissions by 26-28% below its 2005 level.
Each signatory is expected to develop its own plan (referred to as a Nationally Determined Contribution, or “ NDC ”) for reaching that goal. The U.S. formally withdrew from the Paris Agreement in January 2025. Various legislative or regulatory initiatives relating to greenhouse gases have been adopted or considered by the U.S.
Mosaic itself is the result of a number of industry consolidations. We expect consolidation among crop nutrient producers to continue. Our competitive position could suffer to the extent we are not able to expand our own resources either through consolidations, acquisitions, joint ventures or partnerships.
Our competitive position could suffer to the extent we are not able to expand our own resources either through consolidations, acquisitions, joint ventures or partnerships. In the future, we may not be able to find suitable companies to combine with, assets to purchase or joint venture or partnership opportunities to pursue.
The Canadian federal government has also introduced legislation establishing a long-term target of “net-zero” greenhouse gas emissions by 2050. More stringent laws and regulations may be enacted to accomplish the goals set out in Canada’s NDC and Canada’s own long-term emissions reduction targets.
More stringent laws and regulations may be enacted to accomplish the goals set out in Canada’s NDC and Canada’s own long-term emissions reduction targets. In March 2024, the SEC issued final rules on climate-related disclosures that, if adopted, will require disclosure of extensive detailed climate-related information.
While the status of this NDC is unclear, various legislative or regulatory initiatives relating to greenhouse gases have been adopted or 29 Table of Co ntent considered by the U.S. Congress, the EPA or various states and those initiatives already adopted may be used to implement a U.S. NDC.
Congress, the EPA or various states and those initiatives already adopted may be used to implement a U.S. NDC. Additionally, in the future, more stringent laws and regulations may be enacted to accomplish the goals set out in the NDC.
Removed
Most recently, in January 2024, DOC and the ITC issued revised determinations on remand from the CIT, upholding their original determinations that Moroccan phosphate fertilizer is unfairly subsidized, and that Moroccan and Russian imports materially injure the U.S. industry, respectively. The CIT is now reviewing these remand determinations.
Added
In February 2025, the U.S. imposed a 25% tariff on most imports from Canada, including potash crop nutrients. Although the implementation of these tariffs has been temporarily paused for 30 days, there is a risk that they may be reinstated and sustained for an extended period.
Removed
Also in January 2024, the CIT issued a ruling affirming DOC’s original determinations that Russian phosphate fertilizer is unfairly subsidized. When a CVD order is in place, DOC normally conducts annual administrative reviews, which establish a final CVD assessment rate for past imports during a defined period, and a CVD cash deposit rate for future imports.
Added
If these tariffs are reintroduced, they could significantly increase the cost of importing potash from Canada. Higher potash prices may lead to reduced usage by U.S. farmers and negatively impact demand. Additionally, retaliatory tariffs imposed by Canada on U.S. exports, could further exacerbate these challenges.
Removed
In November 2023, DOC announced the final results of the first administrative reviews for the CVD orders on phosphate fertilizers for Russia and Morocco, covering the period November 30, 2020 to December 31, 2021. DOC calculated new subsidy rates of 2.12% for Moroccan producer OCP and 28.50% for Russian producer PhosAgro.
Added
The prolonged imposition of these tariffs could have a material adverse effect on our business, financial condition, and results of operations. Pandemics, epidemics or other health outbreaks could materially adversely affect our business operations and financial condition.
Removed
Mosaic, foreign producers, and a U.S. importer have appealed these decisions to the CIT. DOC is also conducting administrative reviews covering the period January 1, 2022 to December 31, 2022.
Added
A number of our sites are located in areas that are exposed to weather events and have been adversely impacted by hurricanes and excessive rainfall as described elsewhere in these risk factors. To the extent climate change exacerbates these weather events, our operations could experience increased costs and disruptions to our business, which could be material.
Removed
The use of crop nutrients is seasonal and varies based on application rates. Farmers tend to apply crop nutrients during two short application periods, the strongest one in the spring, before planting, and the other in the fall, after harvest.
Added
A recent federal court decision invalidated Florida’s Clean Water Act 404 “dredge and fill” permitting program and returned that permitting authority to the federal agencies. 26 Table of Content While that decision is under appeal, a change in permitting authority may complicate and delay the receipt of 404 Act approvals.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeThe team works closely with the Information Technology department to continuously evaluate and address cybersecurity risks in alignment with our business objectives and operational needs. Our Enterprise Risk Management committee, which is comprised of members from our executive leadership team, reviews and evaluates key risks identified through cybersecurity risk management processes.
Biggest changeWe have a Governance Risk and Compliance team which is a dedicated team within the cybersecurity department that focuses on identifying and mitigating cybersecurity and compliance risk. The team works closely with the Information Technology department to continuously evaluate and address cybersecurity risks in alignment with our business objectives and operational needs.
The cybersecurity program is overseen by the Mosaic’s CISO and supporting cybersecurity leadership, who lead teams to protect and preserve the confidentiality, integrity and continued availability of all information owned by, or in the care of, Mosaic.The CISO, along with the leadership team, possess many years of relevant Information Technology, cybersecurity, and risk management experience in the manufacturing, electric, defense, financial, and retail sectors.
The cybersecurity program is overseen by the Mosaic’s CISO and supporting 33 Table of Content cybersecurity leadership, who lead teams to protect and preserve the confidentiality, integrity and continued availability of all information owned by, or in the care of, Mosaic.The CISO, along with the leadership team, possess many years of relevant Information Technology, cybersecurity and risk management experience in the manufacturing, electric, defense, financial and retail sectors.
The CIO and CISO regularly update the Board and/or the Audit Committee on cybersecurity matters and the effectiveness of the cybersecurity program. The Board and Audit Committee also engage directly with senior leaders from the Information Technology department. 35 Table of Co ntent
The CIO and CISO regularly update the Board and/or the Audit Committee on cybersecurity matters and the effectiveness of the cybersecurity program. The Board and Audit Committee also engage directly with senior leaders from the Information Technology department. 34 Table of Content
The Audit Committee then briefs the Board on these matters. Ad hoc updates occur as needed. Management ’ s Role in Managing Risk The Information Technology organization is led by the CIO who is responsible for cybersecurity and risk management, with oversight by the Audit Committee.
Management ’ s Role in Managing Risk The Information Technology organization is led by the CIO who is responsible for cybersecurity and risk management, with oversight by the Audit Committee.
Mosaic develops and continues to refine mitigation plans that adhere to industry best practices. Regularly, Mosaic engages external vendors to provide independent insight to overall cybersecurity program effectiveness and to assist with evaluating response preparedness. As part of our third-party risk oversight, we regularly review the vendor's ratings and conduct assessments and interviews with their personnel.
Regularly, Mosaic engages external vendors to provide independent insight to overall cybersecurity program effectiveness and to assist with evaluating response preparedness. As part of our third-party risk oversight, we regularly review the vendor's ratings and conduct assessments and interviews with their personnel. The results are then reported to leaders in the Information Technology department.
Failure to effectively anticipate, prevent, detect, and recover from the increasing number and sophistication of cyberattacks could have a material adverse 34 Table of Co ntent effect on our results of operations or financial condition. To our knowledge, we have not experienced any material cybersecurity incidents of our technology systems.
As we become more dependent on information technologies to conduct our operations, and as the number and sophistication of cyberattacks increase, the risks associated with cybersecurity increase. Failure to effectively anticipate, prevent, detect and recover from the increasing number and sophistication of cyberattacks could have a material adverse effect on our results of operations or financial condition.
The results are then reported to leaders in the Information Technology department. Governance Board of Director Oversight The Board of Directors oversees Mosaic’s Enterprise Risk Management program, and the Audit Committee is tasked with oversight of risk from cybersecurity threats.
Governance Board of Director Oversight The Board of Directors oversees Mosaic’s Enterprise Risk Management program, and the Audit Committee is tasked with oversight of risk from cybersecurity threats. The Board receives an annual cybersecurity update while the Audit Committee receives reports from the Chief Information Security Officer ( “ CISO ”) and Chief Information Officer ( “ CIO ”) regularly.
Mosaic’s cybersecurity program is comprised of people, processes, and technology that are designed to adequately protect the confidentiality, integrity, and availability of information technology systems and data. Mosaic has strategically integrated cybersecurity risk management into our broader risk management framework to promote a company-wide culture of cybersecurity risk awareness.
To our knowledge, we have not experienced any material cybersecurity incidents of our technology systems. Mosaic’s cybersecurity program is comprised of people, processes and technology that are designed to adequately protect the confidentiality, integrity and availability of information technology systems and data.
The Board receives an annual cybersecurity update while the Audit Committee receives reports from the Chief Information Security Officer ( “ CISO ”) and Chief Information Officer ("CIO") regularly. The reports to the Audit Committee include updates on key performance indicators and key risk indicators, including short-term, intermediate-term and emerging risks.
The reports to the Audit Committee include updates on key performance indicators and key risk indicators, including short-term, intermediate-term and emerging risks. The Audit Committee then briefs the Board on these matters. Ad hoc updates occur as needed.
This integration ensures that cybersecurity considerations are an integral part of our decision-making processes at every level. We have a Governance Risk and Compliance team which is a dedicated team within the cybersecurity department that focuses on identifying and mitigating cybersecurity and compliance risk.
Mosaic has strategically integrated cybersecurity risk management into our broader risk management framework to promote a company-wide culture of cybersecurity risk awareness. This integration ensures that cybersecurity considerations are an integral part of our decision-making processes at every level.
Removed
As we become more dependent on information technologies to conduct our operations, and as the number and sophistication of cyberattacks increase, the risks associated with cybersecurity increase.
Added
Our Enterprise Risk Management committee, which is comprised of members of our executive leadership team, reviews and evaluates key risks identified through cybersecurity risk management processes. Mosaic develops and continues to refine mitigation plans that adhere to industry best practices.

Item 2. Properties

Properties — owned and leased real estate

160 edited+6 added−5 removed289 unchanged
Biggest changeTable 2.7: Summary of Mineral Reserves as of December 31, 2023 (a) (in millions of tonnes) Commodity/Geography/Mine Property Name Proven Mineral Reserves Probable Mineral Reserves Total Mineral Reserves tonnes Grade tonnes Grade tonnes Grade Phosphate (Grade: P 2 O 5 ) (b) United States Florida (c) 47.0 27.8 65.0 26.8 112.0 27.2 Peru Miski Mayo (d) 130.2 16.1 72.1 15.0 202.3 15.7 Brazil Cajati (e) 38.1 5.4 21.0 5.4 59.1 5.4 Catalão (f) 62.3 10.5 8.9 10.1 71.2 10.4 Tapira (g) 131.7 9.1 311.9 8.9 443.6 9.0 Total Phosphate 409.3 13.2 478.9 12.4 888.2 12.8 Potash (Grade: K 2 O) Canada Belle Plaine (h) 264.0 19.3 388.0 19.3 652.0 19.3 Esterhazy (i) 113.0 23.0 402.0 20.7 515.0 21.2 Colonsay (i) 101.0 25.2 163.0 27.2 264.0 26.5 United States Carlsbad (j) 170.3 6.5 0.0 0.0 170.3 6.5 Brazil Taquari (k) 0.0 0.0 26.9 14.7 26.9 14.7 Total Potash 648.3 17.7 979.9 21.1 1,628.2 19.7 ______________________________ (a) A mineral reserve is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted.
Biggest changeTable 2.7: Summary of Mineral Reserves as of December 31, 2024 (a) (in millions of tonnes) Commodity/Geography/Mine Property Name Proven Mineral Reserves Probable Mineral Reserves Total Mineral Reserves tonnes Grade tonnes Grade tonnes Grade Phosphate (Grade: P 2 O 5 ) (b) United States Florida (c) 41.0 27.8 59.0 27.0 100.0 27.4 Peru Miski Mayo (d) 90.5 15.8 54.1 15.0 144.6 15.5 Brazil Cajati (e) 36.0 5.4 19.7 5.4 55.7 5.4 Catalão (f) 57.1 10.5 8.4 10.0 65.5 10.4 Tapira (g) 121.2 9.1 311.3 8.9 432.5 9.0 Total Phosphate 345.8 12.9 452.5 11.9 798.3 12.3 Potash (Grade: K 2 O) Canada Belle Plaine (h) 266.0 19.3 388.0 19.3 654.0 19.3 Esterhazy (i) 158.2 22.9 341.8 20.4 500.0 21.2 Colonsay (i) 104.0 25.3 163.0 27.2 267.0 26.5 United States Carlsbad (j) 150.3 6.5 0.0 0.0 150.3 6.5 Brazil Taquari (k) 0.0 0.0 22.5 27.0 22.5 27.0 Total Potash 678.5 18.2 915.3 21.3 1,593.8 20.0 ______________________________ (a) A mineral reserve is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted.
Titles, mineral rights, leases or options and acreage The property consists of 89% federally owned and 11% state owned land, and 40 acres of privately owned mineral rights that Mosaic leases. We lease approximately 64,267 acres of mineral rights from the U.S. Department of Interior Bureau of Land Management (the “ BLM ”).
Titles, mineral rights, leases or options and acreage The property consists of 89% federally owned and 11% state owned land, and 40 acres of privately owned mineral rights that Mosaic leases. We lease approximately 64,267 acres of mineral rights from the U.S. Department of Interior Bureau of Land Management (“ BLM ”).
Titles, mineral rights, leases or options and acreage Mining rights in Brazil are governed by the Mining Code, Decree 227, dated February 27, 1967, and further regulation enacted by the ANM. All subsoil situated within Brazilian territory is deemed state property, with the mining activities subject to specific permits granted by the ANM.
Titles, mineral rights, leases or options and acreage Mining rights in Brazil are governed by the Mining Code, Decree 227, dated February 27, 1967, and further regulation enacted by the ANM. All subsoil situated within Brazilian territory is deemed state property, with the mining activities subject to specific permits granted by the ANM.
Mineral resources are not mineral reserves and do not meet the threshold for mineral reserve modifying factors, such as estimated economic viability, that would allow for conversion to mineral reserves. There is no certainty that any part of the mineral resources estimated will be converted into mineral reserves.
Mineral resources are not mineral reserves and do not meet the threshold for mineral reserve modifying factors, such as estimated economic viability, that would allow for conversion to mineral reserves. There is no certainty that any part of the mineral resources estimated will be converted into mineral reserves.
CNR and CPR are available to the Belle Plaine Facility to move final product to port. There is a tri party joint operating agreement among Mosaic, CPR and CNR which governs the joint operation and interaction of all parties for freight services at the Mosaic Belle Plaine Facility.
CNR and CPR are available to the Belle Plaine Facility to move final product to port. There is a tri party joint operating agreement among Mosaic, CPR and CNR which governs the joint operation and interaction of all parties for freight services at the Belle Plaine Facility.
Four drum miners cutting K3 shaft pillar development started. Two four rotor miner assembly completed. The K3 South shaft sinking was completed in November. 2020 Completion of the South shaft bottom steel, added a third four-rotor miner, installed the Mainline conveyor, added a fourth rotor miner cutting and completed the K3 South Headframe concrete slip.
Four drum miners cutting K3 shaft pillar development started. Two four rotor miner assembly completed. The K3 South shaft sinking was completed in November. 2020 Completion of the K3 south shaft bottom steel, added a third four-rotor miner, installed the Mainline conveyor, added a fourth rotor miner cutting and completed the K3 south headframe concrete slip.
The methodology for estimating mineral resources consists of interpreting the available geological data in plan view using AutoCAD 2020 software.
The methodology for estimating mineral resources consists of interpreting the available geological data in plan view using AutoCAD 2020 software.
Mining Method At Esterhazy, potash is extracted by underground mining using the room-and-pillar method. The average planned extraction quality of the potash ore is 28.4%. Pillars are left in place between mining rooms to support the overlying tock to prevent a failure of the upper rock formations preventing an inflow of brine from any overlying water bearing zones.
Mining Method At Esterhazy, potash is extracted by underground mining using the room-and-pillar method. The average planned extraction quality of the potash ore is 28.4%. Pillars are left in place between mining rooms to support the overlying rock to prevent a failure of the upper rock formations preventing an inflow of brine from any overlying water bearing zones.
There is no certainty that any part of the mineral resources estimated will be converted into mineral reserves. (b) Mineral resources are reported as mineralization (matrix) tonnage, grade and impurities after beneficiation. (c) Mineral resources assume dragline mining at all sites except Wingate mine where dredging is assumed.
There is no certainty that any part of the mineral resources estimated will be converted into mineral reserves. Mineral resources are reported exclusive of mineral reserves. (b) Mineral resources are reported as mineralization (matrix) tonnage, grade and impurities after beneficiation. (c) Mineral resources assume dragline mining at all sites except Wingate mine where dredging is assumed.
Therefore, you are cautioned not to assume that all or any part of an inferred mineral resource exists, that it can be the basis of an economically viable project, or that it will be upgraded to a higher category. Properties The subsections below describe the property locations, overviews and mineral resource and mineral reserve estimates.
Therefore, you are cautioned not to assume that all or any part of an inferred mineral resource can be the basis of an economically viable project, or that it will be upgraded to a higher category. Properties The subsections below describe the property locations, overviews and mineral resource and mineral reserve estimates.
FLORIDA PHOSPHATES Our three phosphate production stage mining facilities (South Fort Meade, Four Corners and Wingate) and three exploration properties (DeSoto, Pioneer and South Pasture) in Florida consist of over 210,000 acres of property in central Florida (Table 2.8 and Figure 2.3). We idled the mining and beneficiation activities at South Pasture.
FLORIDA PHOSPHATE Our three phosphate production stage mining facilities (South Fort Meade, Four Corners and Wingate) and three exploration properties (DeSoto, Pioneer and South Pasture) in Florida consist of over 210,000 acres of property in central Florida (Table 2.8 and Figure 2.3). We idled the mining and beneficiation activities at South Pasture.
There are five phosphate districts recognized in Florida identified as Northern, Northeast, Hardrock, Southeast and Central. The phosphates of Florida occur in sedimentary rocks and are of secondary origin, having been redeposited either by mechanical or chemical action. During deposition, most of the carbonate platform was drowned, and deposition was widespread.
There are five phosphate districts recognized in Florida identified as Northern, Northeast, Hardrock, Southeast and Central. The phosphate of Florida occur in sedimentary rocks and are of secondary origin, having been redeposited either by mechanical or chemical action. During deposition, most of the carbonate platform was drowned, and deposition was widespread.
Except as otherwise stated, the scientific and technical information relating to Florida contained in this Form 10-K is derived from the 2022 S-K 1300 report for Florida titled “Florida Phosphate Mining Technical Report Summary” effective December 31, 2022 prepared by employees of Mosaic.
Except as otherwise stated, the scientific and technical information relating to Florida Phosphates contained in this Form 10-K is derived from the 2022 S-K 1300 report for Florida Phosphates titled “Florida Phosphate Mining Technical Report Summary” effective December 31, 2022 prepared by employees of Mosaic.
The K3 mineral reserves production is expected to be at full production in 2024 and is expected to ramp down starting in 2051, with mining anticipated to be completed in 2054. The K4 mining resources are currently scheduled to start mining in 2051 and is expected to ramp up to full production in 2055 and ending in 2090.
The K3 mineral reserves production was at full production in 2024 and is expected to ramp down starting in 2051, with mining anticipated to be completed in 2054. The K4 mining resources are currently scheduled to start mining in 2051 and is expected to ramp up to full production in 2055 and ending in 2090.
The Belle Plaine Facility is located between the cities of Moose Jaw and Regina, Saskatchewan. Moose Jaw has a population of approximately 34,000 people and is located 17 miles (28 km) west of the Belle Plaine Potash Facility. The Belle Plaine Facility workforce primarily lives in Regina and Moose Jaw.
The Belle Plaine Facility is located between the cities of Moose Jaw and Regina, Saskatchewan. Moose Jaw has a population of approximately 34,000 people and is located 17 miles (28 km) west of the Belle Plaine Facility. The Belle Plaine Facility workforce primarily lives in Regina and Moose Jaw.
For the purpose of reporting for our total financial statistics, the discounted cash flow was converted from Reals to U.S. dollars at an exchange rate of R$4.86 = US$1.00. 84 Because Tapira is a captive operation supplying rock to other Mosaic-owned chemical plants, there is no transparent mined phosphate rock commodities price market in Brazil.
For the purpose of reporting our total financial statistics, the discounted cash flow was converted from Reals to U.S. dollars at an exchange rate of R$4.86 = US$1.00. 83 Because Tapira is a captive operation supplying rock to other Mosaic-owned chemical plants, there is no transparent mined phosphate rock commodities price market in Brazil.
The net book value for Esterhazy is $3.5 billion as of December 31, 2023. 70 Table of Co ntent Figure 2.5: Location Plan 71 Table of Co ntent Table 2.22: Mineral Lease Crown Lease Number Type Area (Hectares) Expiration Date KL 105 Subsurface Mineral Lease 26,125 November 2, 2044 KL 126 Subsurface Mineral Lease 28,473 October 25, 2026 KLSA 003 Subsurface Mineral Lease 25,498 November 18, 2030 Table 2.23: Sections and Acreages Owned by the Crown Township/Range Sections of Mineral Rights Owned by Crown* Area of Mineral Rights Owned by Crown (acres) 19/30 19-2/16 12,221 20/30 18-1/16 11,542 21/30 18-6/16 11,753 22/30 2-1/16 1,331 19/31 18-1/16 11,561 20/31 19-3/16 12,265 21/31 13-7/16 8,613 22/31 15-15/16 10,238 18/32 5-7/16 3,471 19/32 18-15/16 12,116 20/32 14-11/16 9,388 21/32 17-2/16 10,970 22/32 4-6/16 2,799 18/33 5-12/16 3,662 19/33 10-11/16 6,850 20/33 11-7/16 7,326 21/33 8-5/16 5,313 22/33 1-6/16 878 18/1 15-9/16 9,969 19/1 15-14/16 10,158 20/1 16-7/16 10,533 21/1 14-6/16 9,207 22/1 4-3/16 2,668 19A/1 2-12/16 1,762 18/2 6-1/16 3,865 19/2 4-13/16 3,083 19A/2 1-12/16 1,130 Total 309-4/16 194,672 *Full sections range from 640 acres to 644 acres; total acreage shown above is based on 640 acres per section where actual survey acreage is not available. 72 Table of Co ntent Table 2.24: Sections and Acreages of Mosaic-Owned Mineral Rights Township/Range Sections of Mineral Rights Owned/ Leased by Mosaic* Area of Mineral Rights Owned/Leased by Mosaic (acres) 19/30 17-14/16 11,420 20/30 19-7/16 12,430 21/30 18-8/16 11,822 19/31 16-13/16 10,760 20/31 17-13/16 11,389 21/31 23-6/16 14,954 22/31 4-7/16 2,846 18/32 4-15/16 3,168 19/32 18-8/16 11,843 20/32 22-12/16 14,553 21/32 19-12/16 12,624 22/32 4-8/16 2,868 18/33 5-14/16 3,764 19/33 10-6/16 6,631 20/33 9-8/16 6,087 21/33 12-10/16 8,075 22/33 2-3/16 1,390 18/1 2-8/16 1,583 19/1 18-14/16 12,084 19A/1 4-15/16 3,177 20/1 20-8/16 13,134 21/1 21-7/16 13,707 22/1 9-15/16 6,343 18/2 2-9/16 1,631 19/2 10-4/16 6,579 19A/2 2-2/16 1,365 Total 30-2/16 206,227 *Full sections range from 640 acres to 644 acres; total acreage shown above is based on 640 acres per section where actual survey acreage is not available. 73 Table of Co ntent Table 2.25: Partial Mineral Rights Area Township/Range Crown Mineral Rights Leased by Mosaic, Currently Not Mineable (acres)* Mineral Rights Owned/Leased by Mosaic, Currently Not Mineable (acres)* 21/30 321 — 20/31 80 — 21/31 80 — 22/31 80 514 21/32 321 — 21/33 — 74 18/1 150 — 19/1 1209 138 19A/1 322 — 20/1 221 — 21/1 80 159 18/2 160 — 19/2 161 — 19A/2 61 — Total 3246 885 *Less than 100% share of a mineral rights parcel.
The net book value for Esterhazy is $3.2 billion as of December 31, 2024. 69 Table of Content Figure 2.5: Location Plan 70 Table of Content Table 2.22: Mineral Lease Crown Lease Number Type Area (Hectares) Expiration Date KL 105 Subsurface Mineral Lease 26,125 November 2, 2044 KL 126 Subsurface Mineral Lease 28,473 October 25, 2026 KLSA 003 Subsurface Mineral Lease 25,498 November 18, 2030 Table 2.23: Sections and Acreages Owned by the Crown Township/Range Sections of Mineral Rights Owned by Crown* Area of Mineral Rights Owned by Crown (acres) 19/30 19-2/16 12,221 20/30 18-1/16 11,542 21/30 18-6/16 11,753 22/30 2-1/16 1,331 19/31 18-1/16 11,561 20/31 19-3/16 12,265 21/31 13-7/16 8,613 22/31 15-15/16 10,238 18/32 5-7/16 3,471 19/32 18-15/16 12,116 20/32 14-11/16 9,388 21/32 17-2/16 10,970 22/32 4-6/16 2,799 18/33 5-12/16 3,662 19/33 10-11/16 6,850 20/33 11-7/16 7,326 21/33 8-5/16 5,313 22/33 1-6/16 878 18/1 15-9/16 9,969 19/1 15-14/16 10,158 20/1 16-7/16 10,533 21/1 14-6/16 9,207 22/1 4-3/16 2,668 19A/1 2-12/16 1,762 18/2 6-1/16 3,865 19/2 4-13/16 3,083 19A/2 1-12/16 1,130 Total 309-4/16 194,672 *Full sections range from 640 acres to 644 acres; total acreage shown above is based on 640 acres per section where actual survey acreage is not available. 71 Table of Content Table 2.24: Sections and Acreages of Mosaic-Owned Mineral Rights Township/Range Sections of Mineral Rights Owned/ Leased by Mosaic* Area of Mineral Rights Owned/Leased by Mosaic (acres) 19/30 17-14/16 11,420 20/30 19-7/16 12,430 21/30 18-8/16 11,822 19/31 16-13/16 10,760 20/31 17-13/16 11,389 21/31 23-6/16 14,954 22/31 4-7/16 2,846 18/32 4-15/16 3,168 19/32 18-8/16 11,843 20/32 22-12/16 14,553 21/32 19-12/16 12,624 22/32 4-8/16 2,868 18/33 5-14/16 3,764 19/33 10-6/16 6,631 20/33 9-8/16 6,087 21/33 12-10/16 8,075 22/33 2-3/16 1,390 18/1 2-8/16 1,583 19/1 18-14/16 12,084 19A/1 4-15/16 3,177 20/1 20-8/16 13,134 21/1 21-7/16 13,707 22/1 9-15/16 6,343 18/2 2-9/16 1,631 19/2 10-4/16 6,579 19A/2 2-2/16 1,365 Total 30-2/16 206,227 *Full sections range from 640 acres to 644 acres; total acreage shown above is based on 640 acres per section where actual survey acreage is not available. 72 Table of Content Table 2.25: Partial Mineral Rights Area Township/Range Crown Mineral Rights Leased by Mosaic, Currently Not Mineable (acres)* Mineral Rights Owned/Leased by Mosaic, Currently Not Mineable (acres)* 21/30 321 — 20/31 80 — 21/31 80 — 22/31 80 514 21/32 321 — 21/33 — 74 18/1 150 — 19/1 1209 138 19A/1 322 — 20/1 221 — 21/1 80 159 18/2 160 — 19/2 161 — 19A/2 61 — Total 3246 885 *Less than 100% share of a mineral rights parcel.
(c) Mineral reserve tonnages and grade are reported as a beneficiation plant product (phosphate rock) tonnage and P 2 O 5 grade. A LOM commodity price of US$118/tonne of phosphate rock was used to assess prospects for economic extraction but is not used for cut-off purposes. Cut-off based on productivity factors per site have been applied to estimate mineral reserves.
(c) Mineral reserve tonnages and grade are reported as a beneficiation plant product (phosphate rock) tonnage and P 2 O 5 grade. A LOM commodity price of US$143/tonne of phosphate rock was used to assess prospects for economic extraction but is not used for cut-off purposes. Cut-off based on productivity factors per site have been applied to estimate mineral reserves.
The current Tailings Management Area (“ TMA ”) footprint is designed to support the volume and deposition rates indicated in the 2023 LOM plan. The main source of water (non-potable) required for production is provided by SaskWater from Buffalo Pound Lake, an 18 mile (29 km) long, 0.6 mile (1 km) wide lake with an average depth of 10 ft.
The current Tailings Management Area (“ TMA ”) footprint is designed to support the volume and deposition rates indicated in the 2024 LOM plan. The main source of water (non-potable) required for production is provided by SaskWater from Buffalo Pound Lake, an 18 mile (29 km) long, 0.6 mile (1 km) wide lake with an average depth of 10 ft.
Since 1978, Titanium Dioxide (TiO 2 ) bearing material, mainly in the form of anatase, has been stockpiled, with more than 200,000 tonnes awaiting the implementation of an economical beneficiation method. The geological structure of the alkaline complex of Tapira was first recognized in 1953, through magnetometric and radiometric investigations carried out by the Brazil-Germany Project.
Since 1978, Titanium Dioxide (TiO 2 ) bearing material, mainly in the form of anatase, has been stockpiled, with more than 130,000 tonnes awaiting the implementation of an economical beneficiation method. The geological structure of the alkaline complex of Tapira was first recognized in 1953 through magnetometric and radiometric investigations carried out by the Brazil-Germany Project.
Key permit conditions Mosaic currently holds a total of eight permits within the CMC area (2,131 hectares). Permit conditions are dictated by operating licenses, which are maintained and renewed on a regular basis. As of December 31, 2023, all environmental licenses were either valid or were being renewed pursuant to applications filed with the Brazilian Environmental Agency.
Key permit conditions Mosaic currently holds a total of eight permits within the CMC area (2,131 hectares). Permit conditions are dictated by operating licenses, which are maintained and renewed on a regular basis. As of December 31, 2024, all environmental licenses were either valid or were being renewed pursuant to applications filed with the Brazilian Environmental Agency.
Current clay and tailings management areas footprints are expected to meet present demands, with additional capacity planned to meet the maximum volume and deposition rates from the 2023 LOM plan. An integrated operations center remotely controls certain functions at our Florida phosphate mines. Additional infrastructure may be added to increase production reliability or flexibility.
Current clay and tailings management areas footprints are expected to meet present demands, with additional capacity planned to meet the maximum volume and deposition rates from the 2024 LOM plan. An integrated operations center remotely controls certain functions at our Florida phosphate mines. Additional infrastructure may be added to increase production reliability or flexibility.
We lease 53,133 acres of mineral rights from the Crown under Subsurface Mineral Lease KL 106-R. Table 2.14 lists additional information regarding the lease. Table 2.15 outlines the lease acreage designated by township and section. The lease term is for a period of 21 years from July 2012, with renewals at the Company’s option for additional 21-year periods.
We lease 53,131 acres of mineral rights from the Crown under Subsurface Mineral Lease KL 106-R. Table 2.14 lists additional information regarding the lease. Table 2.15 outlines the lease acreage designated by township and section. The lease term is for a period of 21 years from July 2012, with renewals at the Company’s option for additional 21-year periods.
The plan is updated to include the current mineral rights status, seismic survey interpretations, the limits of the current mining footprint, known areas (geological anomalies, town sites and other surface infrastructure) that make the mineral resource inaccessible and the planned cluster sites. Additional details regarding the estimation methodology is listed in Section 11 of the 2021 Belle Plaine Facility TRS.
The plan is updated to include the current mineral rights status, seismic survey interpretations, the limits of the current mining footprint, known areas (geological anomalies, town sites and other surface infrastructure) that make the mineral resource inaccessible and the planned cluster sites. Additional details regarding the estimation methodology is listed in Section 11 of the 2024 Belle Plaine Facility TRS.
The K1 and K2 mines were closed 8 months ahead of schedule in response to brine inflow conditions. 2022 K1 and K2 shaft decommissioning completed. Geology and Mineralization The intracratonic Elk Point Basin is a major sedimentary geological feature in western Canada and the northwest U.S. It contains one of the world’s largest stratabound potash resources.
The K1 and K2 mines were closed eight months ahead of schedule in response to brine inflow conditions. 2022 K1 and K2 shaft decommissioning completed. Geology and Mineralization The intracratonic Elk Point Basin is a major sedimentary geological feature in western Canada and the northwest U.S. It contains one of the world’s largest stratabound potash resources.
(j) A 4% K 2 O cut-off grade with less than 2% kieserite is used to estimate mineral reserves. This is consistent with the definition of mineable potash established by the U.S. Geological Survey. A US $293/tonne price was used to assess economic viability for the mineral resources but was not used for cut-off purposes.
(j) A 4% K 2 O cut-off grade with less than 2% kieserite is used to estimate mineral reserves. This is consistent with the definition of mineable potash established by the U.S. Geological Survey. A US$232/tonne price was used to assess economic viability for the mineral resources but was not used for cut-off purposes.
Pioneer Property This exploration property is bisected by County Road 663 running north and south. Several local roads (Murphy, Bridges, Bennett and Post Plant) cross this parcel. Located at 27.439391 N, 81.940020 W. South Pasture Property The property is situated along a 10 mile stretch of State Road 64 and a seven mile stretch along Country Road 663.
Pioneer Property This exploration property is bisected by County Road 663 running north and south. Several local roads (Murphy, Bridges, Bennett and Post Plant) cross this parcel. Located at 27.439391 N, 81.940020 W. South Pasture Property The property is situated along a ten mile stretch of State Road 64 and a seven mile stretch along Country Road 663.
As of December 31, 2023, all environmental licenses were either valid or being renewed pursuant to applications filed with the Brazilian Environmental Agency within the legal deadlines. Licenses are managed through national and state databases. There are action plans in progress to comply with the environmental conditions that are not met yet within the environmental permits.
As of December 31, 2024, all environmental licenses were either valid or being renewed pursuant to applications filed with the Brazilian Environmental Agency within the legal deadlines. Licenses are managed through national and state databases. There are action plans in progress to comply with the environmental conditions that are not met yet within the environmental permits.
Exploration drilling of 10 holes including two shaft pilot holes completed as part of the K3 expansion project. 2010 Completion of the crushing expansion at K1. 2011 3D seismic surveys at K1 North (19.7 sq. miles, 51.4 sq. km) and Perrin Lake (14.4 sq. miles, 37.3 sq. km). 2012 K3 South shaft pre-sink was completed.
Exploration drilling of ten holes including two shaft pilot holes completed as part of the K3 expansion project. 2010 Completion of the crushing expansion at K1. 2011 3D seismic surveys at K1 North (19.7 sq. miles, 51.4 sq. km) and Perrin Lake (14.4 sq. miles, 37.3 sq. km). 2012 K3 south shaft pre-sink was completed.
Mineral and surface rights are joined at the Four Corners, Wingate, Pioneer and South Pasture properties. Portions of the DeSoto property and South Fort Meade facility have the surface and mineral interests severed. The net book value for our Florida phosphate mining facilities and exploration properties is $1.9 billion as of December 31, 2023.
Mineral and surface rights are joined at the Four Corners, Wingate, Pioneer and South Pasture properties. Portions of the DeSoto property and South Fort Meade facility have the surface and mineral interests severed. The net book value for our Florida phosphate mining facilities and exploration properties is $1.9 billion as of December 31, 2024.
The plant produces phosphate conventional and ultrafine concentrate, which is sent by pipeline (conventional) and truck (ultrafine) to local Mosaic chemical plants for finished product production. 80 Figure 2.6: Project Location Plan Infrastructure Tapira is located in a highly developed region known as Alto Parnaíba.
The plant produces phosphate conventional and ultrafine concentrate, which is sent by pipeline (conventional) and truck (ultrafine) to local Mosaic chemical plants for finished product production. 79 Figure 2.6: Project Location Plan Infrastructure Tapira is located in a highly developed region known as Alto Parnaíba.
(g) We have the ability to reach an annual operating capacity of 2.1 million tonnes over time at Colonsay by increasing our staffing levels and investment in mine development activities. (h) K-Mag ® is a specialty product that we produce at our Carlsbad facility.
(h) We have the ability to reach an annual operating capacity of 2.1 million tonnes over time at Colonsay by increasing our staffing levels and investment in mine development activities. (i) K-Mag ® is a specialty product that we produce at our Carlsbad facility.
(e) Mineral resources amenable to underground mining method are accessed via shaft and scheduled for extraction based on a conceptual room and pillar design using the same technical parameters as for mineral reserves. (f) No cut-off grade or value based on commodity price is used to estimate mineral resources.
(e) Mineral resources amenable to underground mining methods are accessed via shaft and scheduled for extraction based on a conceptual room and pillar design using the same technical parameters as for mineral reserves. (f) No cut-off grade or value based on commodity price is used to estimate mineral resources.
The beneficiation plant produces phosphate conventional and ultrafine concentrate which is sent by pipeline (conventional) and truck (ultrafine) to local Mosaic chemical plants for finished product production. The mining equipment at Tapira is leased and therefore not owned by us. The beneficiation plant has been in operation since Tapira started 44 years ago.
The beneficiation plant produces phosphate conventional and ultrafine concentrate which is sent by pipeline (conventional) and truck (ultrafine) to local Mosaic chemical plants for finished product production. The mining equipment at Tapira is leased and therefore not owned by us. The beneficiation plant has been in operation since Tapira started 45 years ago.
Where CaO / P 2 O 5 ratio was greater than or equal to 1.34, P 2 O 5 ap was equal to the total of P 2 O 5 ; where the CaO / P 2 O 5 ratio was less than 1.35, P 2 O 5 ap was equal to the CaO / 1.35 ratio.
Where CaO / P 2 O 5 ratio was greater than or equal to 1.35, P 2 O 5 ap was equal to the total of P 2 O 5 ; where the CaO / P 2 O 5 ratio was less than 1.35, P 2 O 5 ap was equal to the CaO / 1.35 ratio.
Where CaO / P 2 O 5 ratio was greater than or equal to 1.34, P 2 O 5 ap was equal to the total of P 2 O 5 ; where the CaO / P 2 O 5 ratio was less than 1.35, P 2 O 5 ap was equal to the CaO / 1.35 ratio.
Where CaO / P 2 O 5 ratio was greater than or equal to 1.35, P 2 O 5 ap was equal to the total of P 2 O 5 ; where the CaO / P 2 O 5 ratio was less than 1.35, P 2 O 5 ap was equal to the CaO / 1.35 ratio.
Where CaO / P 2 O 5 ratio was greater than or equal to 1.34, P 2 O 5 ap was equal to the total of P 2 O 5 ; where the CaO / P 2 O 5 ratio was less than 1.35, P 2 O 5 ap was equal to the CaO / 1.35 ratio.
Where CaO / P 2 O 5 ratio was greater than or equal to 1.35, P 2 O 5 ap was equal to the total of P 2 O 5 ; where the CaO / P 2 O 5 ratio was less than 1.35, P 2 O 5 ap was equal to the CaO / 1.35 ratio.
Where CaO / P 2 O 5 ratio was greater than or equal to 1.34, P 2 O 5 ap was equal to the total of P 2 O 5 ; where the CaO / P 2 O 5 ratio was less than 1.35, P 2 O 5 ap was equal to the CaO / 1.35 ratio.
Where CaO / P 2 O 5 ratio was greater than or equal to 1.35, P 2 O 5 ap was equal to the total of P 2 O 5 ; where the CaO / P 2 O 5 ratio was less than 1.35, P 2 O 5 ap was equal to the CaO / 1.35 ratio.
Additional areas of exploration and research include better understanding the non-weathered material and titanium ore for future mining prospects. History of Previous Operations 82 Tapira has been in operation since 1978 and has produced more than 70 million tonnes ( “ Mt ” ) of phosphate concentrate.
Additional areas of exploration and research include better understanding the non-weathered material and titanium ore for future mining prospects. 81 History of Previous Operations Tapira has been in operation since 1978 and has produced more than 70 million tonnes ( “ Mt ” ) of phosphate concentrate.
Mineral reserves were proven to be economic based on internal transfer price that was derived in the discounted cash flow and compared to the gross margin available. Mineral Resources and Mineral Reserves Comparison The comparison of the Mineral Resources as of December 31, 2022 and December 31, 2023 can be found in Table 2.32.
Mineral reserves were proven to be economic based on internal transfer price that was derived in the discounted cash flow and compared to the gross margin available. Mineral Resources and Mineral Reserves Comparison The comparison of the Mineral Resources as of December 31, 2023 and December 31, 2024 can be found in Table 2.32.
Existing Infrastructure The Esterhazy Facility consists of an underground mine and two processing plants that started production in 1962. The mine has an additional expected life, based on mineral reserves of 33 years, to 2054. The Esterhazy Facility has the infrastructure in place to meet the current production goals and LOM plan.
Existing Infrastructure The Esterhazy Facility consists of an underground mine and two processing plants that started production in 1962. The mine has an additional expected life, based on mineral reserves of 30 years, to 2054. The Esterhazy Facility has the infrastructure in place to meet the current production goals and LOM plan.
No significant environmental permitting encumbrances. Section 17 Geotechnical Factors (if any) No concerns/issues. Section 13 Hydrological or Hydrogeological Factors (if any) Undersaturated brines from adjacent aquifers. Section 13 Commodity Prices $219/tonne for the economic evaluation of the 2021 mineral resources and $320/tonne for the mineral reserves.
No significant environmental permitting encumbrances. Section 17 Geotechnical Factors (if any) No concerns/issues. Section 13 Hydrological or Hydrogeological Factors (if any) Undersaturated brines from adjacent aquifers. Section 13 Commodity Prices $219/tonne for the economic evaluation of the 2021 mineral resources and $308/tonne for the mineral reserves.
Assets added the injection wells 3 and 4, reclaim brine system, #4 boiler, process water building, cold leach motor control center room, #5 compaction system, #8 warehouse building, #2 reclaim, reclaim losses system, pond return slurry tank and centrifuge upgrades, rotary dryer #3, #2 loadout system, 37 miles (60 km) of new mine field pipelines, a drilling rig, new substation and replacement of the #4 crystallizer. 65 Table of Co ntent 2010 The Pense 3D seismic survey was completed that covered approximately 15 sq. miles (40 sq. km) and was adjacent to and merged with the previous 3D surveys.
Assets added the injection wells 3 and 4, reclaim brine system, #4 boiler, process water building, cold leach motor control center room, #5 compaction system, #8 warehouse building, #2 reclaim, reclaim losses system, pond return slurry tank and centrifuge upgrades, rotary dryer #3, #2 loadout system, 37 miles (60 km) of new mine field pipelines, a drilling rig, new substation and replacement of the #4 crystallizer. 2010 The Pense 3D seismic survey was completed that covered approximately 15 sq. miles (40 sq. km) and was adjacent to and merged with the previous 3D surveys.
Table 2.1 Summary of Production - Phosphate Properties (in millions of tonnes) December 31, Mine Property Annual Operational Capacity (tonnes) (a)(b) 2023 2022 2021 Production (tonnes) %P 2 O 5 (c) Production (tonnes) %P 2 O 5 (c) Production (tonnes) %P 2 O 5 (c) Phosphate (Grade: P 2 O 5 ) (c) Florida 14.0 9.1 27.8 9.6 27.6 11.1 28.0 Total United States 14.0 9.1 27.8 9.6 27.6 11.1 28.0 Miski Mayo (d) 4.8 4.7 29.7 4.2 29.7 4.2 29.8 Total Peru 4.8 4.7 29.7 4.2 29.7 4.2 29.8 Araxá / Patrocinio 1.1 0.9 34.7 0.9 34.5 0.8 34.9 Cajati 0.5 0.3 33.7 0.3 34.3 0.3 34.1 Catalão 1.0 1.0 34.8 1.1 34.8 1.1 34.9 Tapira 2.0 1.7 35.2 1.9 35.1 1.8 35.1 Total Brazil 4.6 3.9 34.9 4.2 34.8 4.0 34.9 Total Phosphate 23.4 17.7 29.9 18.0 29.8 19.3 29.8 ______________________________ (a) Annual operational capacity is the expected average long-term annual capacity for finished goods considering constraints represented by the grade, quality and quantity of the reserves being mined as well as equipment performance and other operational factors.
Table 2.1 Summary of Production - Phosphate Properties (in millions of tonnes) December 31, Mine Property Annual Operational Capacity (tonnes) (a)(b) 2024 2023 2022 Production (tonnes) %P 2 O 5 (c) Production (tonnes) %P 2 O 5 (c) Production (tonnes) %P 2 O 5 (c) Phosphate (Grade: P 2 O 5 ) (c) Florida 14.0 8.9 28.3 9.1 27.8 9.6 27.6 Total United States 14.0 8.9 28.3 9.1 27.8 9.6 27.6 Miski Mayo (d) 4.8 4.8 29.7 4.7 29.7 4.2 29.7 Total Peru 4.8 4.8 29.7 4.7 29.7 4.2 29.7 Araxá / Patrocinio 1.1 0.8 34.5 0.9 34.7 0.9 34.5 Cajati 0.5 0.4 34.3 0.3 33.7 0.3 34.3 Catalão 1.0 0.9 34.7 1.0 34.8 1.1 34.8 Tapira 2.0 1.8 35.0 1.7 35.2 1.9 35.1 Total Brazil 4.6 3.9 34.8 3.9 34.9 4.2 34.8 Total Phosphate 23.4 17.6 30.1 17.7 29.9 18.0 29.8 ______________________________ (a) Annual operational capacity is the expected average long-term annual capacity for finished goods considering constraints represented by the grade, quality and quantity of the reserves being mined as well as equipment performance and other operational factors.
Table 2.2 Summary of Production - Potash Properties (in millions of tonnes) December 31, Facility Annualized Proven Peaking Capacity (tonnes) (a)(b) Annual Operational Capacity (tonnes) (b)(c)(d) 2023 2022 2021 Ore Mined (tonnes) Grade % K 2 O (e) Ore Mined (tonnes) Grade % K 2 O (e) Ore Mined (tonnes) Grade % K 2 O (e) Belle Plaine – MOP (f) 3.9 3.0 10.2 19.3 11.3 19.3 11.0 19.3 Esterhazy – MOP (i) 6.3 6.3 14.1 23.4 13.7 24.5 13.3 23.9 Colonsay – MOP (g) 2.6 1.5 1.8 25.6 2.6 26.4 1.0 26.6 Total Canada 12.8 10.8 26.1 21.9 27.6 22.5 25.3 22.0 Carlsbad – K-Mag ®(h) 0.9 0.7 2.3 6.7 3.0 6.2 3.1 6.3 Total United States 0.9 0.7 2.3 6.7 3.0 6.2 3.1 6.3 Taquari – MOP 0.7 0.5 1.8 14.7 1.5 14.3 1.8 15.1 Total Brazil 0.7 0.5 1.8 14.7 1.5 14.3 1.8 15.1 Total Potash 14.4 12.0 30.2 20.3 32.1 20.6 30.2 20.0 ______________________________ (a) Represents full capacity based on 350 operating days per annum.
Table 2.2 Summary of Production - Potash Properties (in millions of tonnes) December 31, Facility Annualized Proven Peaking Capacity (tonnes) (a)(b) Annual Operational Capacity (tonnes) (b)(c)(d) 2024 2023 2022 Ore Mined (tonnes) Grade % K 2 O (e) Ore Mined (tonnes) Grade % K 2 O (e) Ore Mined (tonnes) Grade % K 2 O (e) Belle Plaine – MOP (f) 3.9 3.0 11.6 19.3 10.2 19.3 11.3 19.3 Esterhazy – MOP (g) 6.3 6.3 15.6 22.2 14.1 23.4 13.7 24.5 Colonsay – MOP (h) 2.6 1.5 1.8 26.5 1.8 25.6 2.6 26.4 Total Canada 12.8 10.8 29.0 21.3 26.1 21.9 27.6 22.5 Carlsbad – K-Mag ®(i) 0.9 0.7 2.3 6.6 2.3 6.7 3.0 6.2 Total United States 0.9 0.7 2.3 6.6 2.3 6.7 3.0 6.2 Taquari – MOP 0.7 0.5 1.7 16.4 1.9 14.7 1.6 14.3 Total Brazil 0.7 0.5 1.7 16.4 1.9 14.7 1.5 14.3 Total Potash 14.4 12.0 33.0 20.0 30.3 20.3 32.1 20.6 ______________________________ (a) Represents full capacity based on 350 operating days per annum.
Permit conditions are dictated by operating licenses, which are maintained and renewed on a regular basis. As of December 31, 2023, all environmental licenses were valid or were being renewed pursuant to applications filed with the Brazilian Environmental Agency.
Permit conditions are dictated by operating licenses, which are maintained and renewed on a regular basis. As of December 31, 2024, all environmental licenses were valid or were being renewed pursuant to applications filed with the Brazilian Environmental Agency.
The tailings dams, water dams and sedimentation ponds have been active at Tapira since mining started 44 years ago as well. Currently the BR1 dam is being raised to its final design height to accommodate the LOM plan.
The tailings dams, water dams and sedimentation ponds have been active at Tapira since mining started 45 years ago as well. Currently the BR1 dam is being raised to its final design height to accommodate the LOM plan.
(b) Mineral resources have an effective date of December 31, 2023. Mineral resources are reported exclusive of those mineral resources that have been converted to mineral reserves. Unlike mineral reserves, mineral resources do not have demonstrated economic viability, but they do demonstrate reasonable prospects for economic extraction.
(b) Mineral resources have an effective date of December 31, 2024. Mineral resources are reported exclusive of those mineral resources that have been converted to mineral reserves. Unlike mineral reserves, mineral resources do not have demonstrated economic viability, but they do demonstrate reasonable prospects for economic extraction.
There is no control on what potash grade the mining solution dissolves to make a concentrate that is pumped to surface from the mining caverns for processing. (g) Tonnages are in US Customary and metric units and are rounded to the nearest million tonnes. (h) Rounding as required by reporting guidelines may result in apparent summation differences.
There is no control on what potash grade the mining solution dissolves to make a concentrate that is pumped to surface from the mining caverns for processing. (g) Tonnages are in U.S. Customary and metric units and are rounded to the nearest million tonnes. (h) Rounding as required by reporting guidelines may result in apparent summation differences.
This is because the mining method used at Esterhazy is not grade selective. The potash mineralization is mined on one level by continuous miners following the well-defined and continuous beds of mineralization with relatively consistent grades (Section 11.2). (g) Tonnages are in US Customary and metric units and are rounded to the nearest million tonnes.
This is because the mining method used at Esterhazy is not grade selective. The potash mineralization is mined on one level by continuous miners following the well-defined and continuous beds of mineralization with relatively consistent grades (Section 11.2). (g) Tonnages are in U.S. Customary and metric units and are rounded to the nearest million tonnes.
Section 7 Average total thickness of the phosphate mineralization 13 to 50 feet (4 to 15 m) Section 6 Minimum Concentrate %P 2 O 5 0.2745 Section 11 Minimum Pebble %P 2 O 5 18.3 to 22.9% Section 11 Maximum pebble magnesium oxide (“ MgO ”) cut-off volume 0.025 Section 11 Maximum Clay Content 40 to 50% Section 11 Maximum Dragline Mining depth 85 feet (26 m) Section 11 Maximum dredge mining depth 109 feet (33 m) Section 11 Production Days per Year 365 days Section 11 Mining Method Dredge and dragline mining Section 13 Production Rate Approximately 9 to 13 million tonnes per year (2023-2033).
Section 7 Average total thickness of the phosphate mineralization 13 to 50 feet (4 to 15 m) Section 6 Minimum Concentrate %P 2 O 5 27.5% Section 11 Minimum Pebble %P 2 O 5 18.3 to 22.9% Section 11 Maximum pebble magnesium oxide (“ MgO ”) cut-off volume 2.5% Section 11 Maximum Clay Content 40 to 50% Section 11 Maximum Dragline Mining depth 85 feet (26 m) Section 11 Maximum dredge mining depth 109 feet (33 m) Section 11 Production Days per Year 365 days Section 11 Mining Method Dredge and dragline mining Section 13 Production Rate Approximately 9 to 13 million tonnes per year (2023-2033).
The 2023 LOM plan for the Esterhazy Facility includes the K3 mineral reserves and the K4 mineral resources. It is based on an average production rate of 17.5 million tonnes per year based on 365 production days per year.
The 2024 LOM plan for the Esterhazy Facility includes the K3 mineral reserves and the K4 mineral resources. It is based on an average production rate of 17.5 million tonnes per year based on 365 production days per year.
The industrial reuse system used to recover water from the dams includes 10 pumps (four operating and six on stand-by) and 36-inch (91 cm) pipes covering varying distances to the different dam areas.
The industrial reuse system used to recover water from the dams includes ten pumps (four operating and six on stand-by) and 36-inch (91 cm) pipes covering varying distances to the different dam areas.
The net book value for Belle Plaine is $0.9 billion as of December 31, 2023. 60 Table of Co ntent Figure 2.4: Location Plan Table 2.14: Mineral Lease Crown Lease Number Type Area (Ha) E Expiration Date KL 106-R Subsurface Mineral Lease 21,501 July 1, 2033 61 Table of Co ntent Table 2.15: Sections and Acreages Owned by the Crown Township/Range Sections of Mineral Rights Owned by Crown* Area of Mineral Rights Owned by Crown (acres) 18/21 2/100 12 19/21 4-13/16 3,087 17/22 4-14/16 3,118 18/22 9-10/16 6,166 19/22 9-6/16 5,991 17/23 9-11/16 6,201 18/23 14-13/16 9,475 17/24 7-1/16 4,500 18/24 18-7/16 11,813 18/25 4-5/16 2,768 Total 83-2/100 53,131 *Full sections range from 640 acres to 644 acres; total acreage shown above is based on 640 acres per section where actual survey acreage is not available.
The net book value for Belle Plaine is $0.9 billion as of December 31, 2024. 59 Table of Content Figure 2.4: Location Plan Table 2.14: Mineral Lease Crown Lease Number Type Area (Ha) E Expiration Date KL 106-R Subsurface Mineral Lease 21,501 July 1, 2033 60 Table of Content Table 2.15: Sections and Acreages Owned by the Crown Township/Range Sections of Mineral Rights Owned by Crown* Area of Mineral Rights Owned by Crown (acres) 18/21 2/100 12 19/21 4-13/16 3,087 17/22 4-14/16 3,118 18/22 9-10/16 6,166 19/22 9-6/16 5,991 17/23 9-11/16 6,201 18/23 14-13/16 9,475 17/24 7-1/16 4,500 18/24 18-7/16 11,813 18/25 4-5/16 2,768 Total 83-2/100 53,131 *Full sections range from 640 acres to 644 acres; total acreage shown above is based on 640 acres per section where actual survey acreage is not available.
Infrastructure includes a phosphate beneficiation plant with associated support infrastructure, including tailings storage facilities, maintenance facilities, warehouses, and various administrative and other support facilities. The mine infrastructure 81 includes overburden storage and other material storage facilities, surface water management features and maintenance, warehouses, and other typical support infrastructure.
Infrastructure includes a phosphate beneficiation plant with associated support infrastructure, including tailings storage facilities, maintenance facilities, warehouses, and various administrative and other support facilities. The mine infrastructure 80 includes overburden storage and other material storage facilities, surface water management features and maintenance, warehouses and other typical support infrastructure.
(d) Mineral resource tonnages and grade are stated in-situ and exclusive of mineral reserves. Cut-off grade of P 2 O 5 ap ≥ 5.0% and 0.9 ≤ Ratio of CaO to P 2 O 5 (RCP) ≤ 3.0 was applied to mineral resources.
(d) Mineral resource tonnages and grade are stated in-situ. Cut-off grade of P 2 O 5 ap ≥ 5.0% and 0.9 ≤ Ratio of CaO to P 2 O 5 (RCP) ≤ 3.0 was applied to mineral resources.
Except as otherwise stated, the scientific and technical information relating to Belle Plaine and Esterhazy in this Form 10-K is derived from the 2021 S-K 1300 reports titled “Belle Plaine Potash Facility Technical Report Summary” and “Esterhazy Potash Facility Technical Report Summary” effective December 31, 2022 prepared by employees of Mosaic.
Except as otherwise stated, the scientific and technical information relating to Belle Plaine is derived from the 2024 S-K 1300 report titled “Belle Plaine Potash Facility Technical Report Summary” prepared by employees of Mosaic and the scientific and technical information relating to Esterhazy in this Form 10-K is derived from the 2021 S-K 1300 report titled “Esterhazy Potash Facility Technical Report Summary” effective December 31, 2021 prepared by employees of Mosaic.
The mineralization is assumed to be laterally continuous and consistent, based on publicly available regional geological information and Mosaic's knowledge of the local geology and area. Mineral resources that are not mineral reserves have not demonstrated economic viability utilizing the criteria and assumptions required at Esterhazy.
The mineralization is assumed to be 77 Table of Content laterally continuous and consistent, based on publicly available regional geological information and Mosaic's knowledge of the local geology and area. Mineral resources that are not mineral reserves have not demonstrated economic viability utilizing the criteria and assumptions required at Esterhazy.
Completion of mill expansion at K2 for an additional 0.7 million tonnes per year. 2014 3D seismic survey at Panel 11Q 3C (3.6 sq. miles, 9.3 sq. km) completed. 2015 3D seismic surveys at Gerald (4.7 sq. miles, 12.1 sq. km) and K3 (89.7 sq. miles, 232.4 sq. km) completed. 2016 Nine exploration drill holes completed. 2017 The K3 north shaft sinking was completed and the first K3 ore from the South shaft was skipped to surface and trucked to the K1 mill. 76 Table of Co ntent 2018 The K3 to K2 overland conveyor construction was completed.
Completion of mill expansion at K2 for an additional 0.7 million tonnes per year. 2014 3D seismic survey at Panel 11Q 3C (3.6 sq. miles, 9.3 sq. km) completed. 2015 3D seismic surveys at Gerald (4.7 sq. miles, 12.1 sq. km) and K3 (89.7 sq. miles, 232.4 sq. km) completed. 2016 Nine exploration drill holes completed. 2017 The K3 north shaft sinking was completed and the first K3 ore from the South shaft was skipped to surface and trucked to the K1 mill. 75 Table of Content 2018 The K3 to K2 overland conveyor construction was completed.
SaskWater operates a dedicated pumping station located on the south shore of Buffalo Pound Lake near the eastern edge of the lake with capacity of approximately 13,000 US gallons per minute. There are three on duty pumps and a fourth on standby to ensure steady supply.
SaskWater operates a dedicated pumping station located on the south shore of Buffalo Pound Lake near the eastern edge of the lake with capacity of approximately 13,000 U.S. gallons per minute. There are three on duty pumps and a fourth on standby to ensure steady supply.
Table 2.12: Mineral Resources at the End of the Fiscal Year Ended December 31, 2023 Based on a LOM Plan Phosphate Rock Price of $103 per tonne (a)(b)(c)(d)(f) (tonnes in millions) Category Tonnes (e) Grade %P 2 O 5 (e) Cut-off Grade Metallurgical Recovery % Measured 102.0 30.0 n/a 100 % Indicated 415.0 30.1 n/a 100 % Measured + Indicated 517.0 30.1 n/a 100 % Inferred 83.0 30.0 n/a 100 % ______________________________ (a) Mineral resources are not mineral reserves and do not meet the threshold for mineral reserve modifying factors, such as estimated economic viability, that would allow for conversion to mineral reserves.
Table 2.12: Mineral Resources at the End of the Fiscal Year Ended December 31, 2024 Based on a LOM Plan Phosphate Rock Price of $143 per tonne (a)(b)(c)(d)(f) (tonnes in millions) Category Tonnes (e) Grade %P 2 O 5 (e) Cut-off Grade Metallurgical Recovery % Measured 102.0 29.9 n/a 100 % Indicated 415.0 30.1 n/a 100 % Measured + Indicated 517.0 30.0 n/a 100 % Inferred 83.0 30.0 n/a 100 % ______________________________ (a) Mineral resources are not mineral reserves and do not meet the threshold for mineral reserve modifying factors, such as estimated economic viability, that would allow for conversion to mineral reserves.
Future projections are modeled with mass and energy balance software to predict the future production and recovery capabilities. History and Exploration The Belle Plaine Facility started production in 1964, after a period of significant research into solution mining, potash recovery and processing plant construction.
Future projections are modeled with mass and energy balance software to predict the future production and recovery capabilities. 63 Table of Content History and Exploration The Belle Plaine Facility started production in 1964, after a period of significant research into solution mining, potash recovery and processing plant construction.
As of December 31, 2023, all environmental licenses were either still valid or were being renewed pursuant to applications with the Peruvian Environmental Agency within the legal deadlines.
As of December 31, 2024, all environmental licenses were either still valid or were being renewed pursuant to applications with the Peruvian Environmental Agency within the legal deadlines.
Table 2.28: Mineral Resources at the End of the Fiscal Year Ended December 31, 2023 Based on a LOM Plan KCl Price of $219 per tonne (a)(b)(c)(d)(e)(g)(h)(i)(j) (tonnes in millions) Category Tonnes Grade %K 2 O (f) Metallurgical Recovery Measured 255.0 23.3 86.1 Indicated 2,092.0 22.8 86.1 Measured + Indicated 2,347.0 22.9 86.1 ___________________________ (a) The mineral resources are reported as in-situ mineralization and are exclusive of mineral reserves.
Table 2.28: Mineral Resources at the End of the Fiscal Year Ended December 31, 2024 Based on a LOM Plan KCl Price of $219 per tonne (a)(b)(c)(d)(e)(g)(h)(i)(j)(k) (tonnes in millions) Category Tonnes Grade %K 2 O (f) Metallurgical Recovery Measured 255.0 23.3 86.1 Indicated 2,092.0 22.8 86.1 Measured + Indicated 2,347.0 22.9 86.1 ___________________________ (a) The mineral resources are reported as in-situ mineralization.
Cut-off grade of P 2 O 5 ap ≥ 5.0% and 0.8 ≤ RCP ≤ 1.6 and MgO (g) The reference point for cut-off grade and pit optimization analysis is tonnes of concentrate at a price of R$1,939.57/tonne concentrate (2023 price evaluation).
Cut-off grade of P 2 O 5 ap ≥ 5.0% and 0.8 ≤ RCP ≤ 1.6 and MgO (g) The reference point for cut-off grade and pit optimization analysis is tonnes of concentrate at a price of R$1,940/tonne concentrate (2023 price evaluation).
Hickory Creek) from Farmland-Hydro. 2004 Cargill Crop Nutrition acquired and reopened the Wingate Facility. 2004 Mosaic created out of a merger between IMC and Cargill Crop Nutrition. 2005 Wingate is shutdown. 2006 The Fort Green site is closed permanently, and the property is consolidated into Four Corners and Wingate. 2008 Wingate is reopened. 2014 Mosaic acquired CF Industries’ phosphate business in Florida, which included the South Pasture property. 2018 South Pasture Facility is idled. 2018 Ona (western portion) property is consolidated into Four Corners. 2020 South Fort Meade acquired the Eastern Reserves Phase I. 2022 South Fort Meade acquired the Eastern Reserves Phase II. 55 Table of Co ntent Geology and Mineralization The phosphate deposits of Florida are sedimentary in origin and part of a phosphate-bearing province that extends from southern Florida north along the Atlantic coast into southern Virginia.
Hickory Creek) from Farmland-Hydro. 2004 Cargill Crop Nutrition acquired and reopened the Wingate Facility. 2004 Mosaic created out of a combination between IMC and Cargill Crop Nutrition. 2005 Wingate is shutdown. 2006 The Fort Green site is closed permanently, and the property is consolidated into Four Corners and Wingate. 2008 Wingate is reopened. 2014 Mosaic acquired CF Industries’ phosphate business in Florida, which included the South Pasture property. 2018 South Pasture Facility is idled. 2018 Ona (western portion) property is consolidated into Four Corners. 2020 South Fort Meade acquired the Eastern Reserves Phase I. 2022 South Fort Meade acquired the Eastern Reserves Phase II. 54 Table of Content Geology and Mineralization The phosphate deposits of Florida are sedimentary in origin and part of a phosphate-bearing province that extends from southern Florida north along the Atlantic coast into southern Virginia.
Cut-off grade of P 2 O 5 ap ≥ 5.0% and 0.9 ≤ RCP ≤ 3.0 was applied to mineral reserves. Mineral reserves were proven to be economic based on internal transfer price of R$543/tonne of phosphate rock (2023 LOM price evaluation) that was derived in the discounted cash flow and compared to the gross margin available.
Cut-off grade of P 2 O 5 ap ≥ 5.0% and 0.9 ≤ RCP ≤ 3.0 was applied to mineral reserves. Mineral reserves were proven to be economic based on internal transfer price of R$525/tonne of phosphate rock (2024 LOM price evaluation) that was derived in the discounted cash flow and compared to the gross margin available.
The phosphate ore is extracted through surface mining by drilling and blasting, loaded into trucks and transported to the beneficiation plant onsite at Cajati. 44 Table of Co ntent Processing plants and other facilities Beneficiation plant Complexo Mineração de Catalão (“ CMC ”) Location Near Catalão, Minas Gerais (and Goias), Brazil Type and amount of ownership interests 100% owned by Mosaic Fertilizantes P&K S.A., a wholly-owned indirect subsidiary of Mosaic.
The phosphate ore is extracted through surface mining by drilling and blasting, loaded into trucks and transported to the beneficiation plant onsite at Cajati. 43 Table of Content Processing plants and other facilities Beneficiation plant Complexo Mineração de Catalão (“ CMC ”) Location Near Catalão, Minas Gerais (and Goias), Brazil Type and amount of ownership interests 100% owned by Mosaic Fertilizantes P&K S.A., a wholly-owned indirect subsidiary of Mosaic.
A revenue factor of 1.0 with a sales price of R$1,939.57 per tonne of phosphate concentrate (2023 LOM price evaluation) was used to develop the mineral resource pit shell. (j) %K 2 O refers to the total %K 2 O of the samples.
A revenue factor of 1.0 with a sales price of R$1,940 per tonne of phosphate concentrate (2023 LOM price evaluation) was used to develop the mineral resource pit shell. (j) %K 2 O refers to the total %K 2 O of the samples.
The Esterhazy Member is mined using conventional underground techniques at the Esterhazy Facility in southeastern Saskatchewan, and by solution mining techniques at the Belle Plaine Facility. The mineable potash mineralization at Belle Plaine occurs in the three major potash bearing members, all of which are included in the solution mining.
The Esterhazy Member is mined using conventional underground techniques at the Esterhazy Facility in southeastern Saskatchewan, and by solution mining techniques at the Belle Plaine Facility. 65 Table of Content The mineable potash mineralization at Belle Plaine occurs in the three major potash bearing members, all of which are included in the solution mining.
For Araxá, a revenue factor of 1.0 with sales price in Brazilian Reais ($R) of R$1,953 per tonne of phosphate concentrate (2023 price evaluation) was used to develop mineral resource pit shell. Patrocínio BEB-OXI Cut-off grade: P 2 O 5 ≥ 2.5, Fe 2 O 3 ≤ 62.0.
For Araxá, a revenue factor of 1.0 with sales price in Brazilian Reais ($R) of R$1,953 per tonne of phosphate concentrate was used to develop mineral resource pit shell. Patrocínio BEB-OXI Cut-off grade: P 2 O 5 ≥ 2.5, Fe 2 O 3 ≤ 62.0. Patrocínio CBN-OXI Cut-off grade: P 2 O 5 ≥ 3.2, SiO 2 ≥ 0.1.
This region is known for its excellent, modern infrastructure with high standards of living compared with other regions in Brazil. The local infrastructure available to Tapira is excellent, as it is situated within a well-established mining area, 22 miles (35 km) from the well-developed city of Araxá and within 16 miles (25 km) of two other mining operations.
This region is known for its modern infrastructure with high standards of living compared with other regions in Brazil. The local infrastructure available to Tapira is situated within a well-established mining area, 22 miles (35 km) from the city of Araxá and within 16 miles (25 km) of two other mining operations.
The 2023 Belle Plaine LOM plan based on mineral reserves has a total mine life of 61 years, ending in 2084. Processing Recovery Method The Belle Plaine Facility processing plant receives KCl-NaCl rich brine, known as raw feed, from the mine and achieves KCl recovery through the refinery and cooling pond areas.
The 2024 Belle Plaine LOM plan based on mineral reserves has a total mine life of 60 years, ending in 2084. Processing Recovery Method The Belle Plaine Facility processing plant receives KCl-NaCl rich brine, known as raw feed, from the mine and achieves KCl recovery through the refinery and cooling pond areas.
(h) Rounding as required by reporting guidelines may result in apparent summation differences. (i) %K 2 O refers to the total %K 2 O of the sample. (j) The percent carnallite refers to the mineral associated with potash ore at Esterhazy (KCl.MgCl3.6H 2 O). It is considered an impurity.
(h) Rounding as required by reporting guidelines may result in apparent summation differences. (i) %K 2 O refers to the total %K 2 O of the sample. (j) The percent carnallite refers to the mineral associated with potash ore at Esterhazy (KCl.MgCl3.6H 2 O). It is considered an impurity. (k) 2024 LOM price evaluation.
The mining solution dissolves the potash, regardless of its grade, to make a concentrate that is pumped to surface from the mining caverns for processing. A KCl commodity price of US $325/tonne was used for 2024 to 2084 to assess prospects for economic extraction for the mineral resources but is not used for cut-off purposes.
The mining solution dissolves the potash, regardless of its grade, to make a concentrate that is pumped to the surface from the mining caverns for processing. A KCl commodity price of US $314/tonne was used for 2025 to 2084 to assess prospects for economic extraction for the mineral resources but is not used for cut-off purposes.
Araxá/Patrocínio is an operating mine but is considered an exploration stage mine because Mosaic is extracting minerals from this 40 Table of Co ntent mine without having determined there are mineral reserves under S-K 1300. Information concerning our material properties is located in this Item 2 under the headings “Florida Phosphates,” “Esterhazy,” “Belle Plaine” and “Tapira”.
Araxá/Patrocínio is an operating mine but is considered an exploration stage mine because Mosaic is extracting minerals from this 39 Table of Content mine without having determined there are mineral reserves under S-K 1300. Information concerning our material properties is located in this Item 2 under the headings “Florida Phosphates,” “Esterhazy,” “Belle Plaine” and “Tapira”.
All infrastructure, including the processing plant, TMA, cluster sites, and pipeline rights of way, are located on Mosaic-owned land. 42 Table of Co ntent Key permit conditions Primary environmental resource areas identified include groundwater quality and shorebird habitat. Environmental monitoring for effluents, air and surface/groundwater is in place. Currently, 11 permits or approvals are active for the property.
All infrastructure, including the processing plant, TMA, cluster sites, and pipeline rights of way, are located on Mosaic-owned land. 41 Table of Content Key permit conditions Primary environmental resource areas identified include groundwater quality and shorebird habitat. Environmental monitoring for effluents, air and surface/groundwater is in place. Currently, 11 permits or approvals are active for the property.
All subsoil situated within Brazilian territory is deemed state property, with the mining activities subject to specific permits granted by the ANM. 45 Table of Co ntent Key permit conditions Mosaic currently holds one mining permit within the Taquari area (92,498 hectares). Permit conditions are dictated by operating licenses, which are maintained and renewed on a regular basis.
All subsoil situated within Brazilian territory is deemed state property, with the mining activities subject to specific permits granted by the ANM. 44 Table of Content Key permit conditions Mosaic currently holds one mining permit within the Taquari area (92,498 hectares). Permit conditions are dictated by operating licenses, which are maintained and renewed on a regular basis.
All parcels are bisected by County Road 663, State Road 62, State Road 64 and several local roads. The mining and beneficiation activities at this location have been idled. Located at 27.585787 N, 81.942888 W. 51 Table of Co ntent Figure 2.3: Location Plan The table below includes only land holdings associated with our mining properties.
All parcels are bisected by County Road 663, State Road 62, State Road 64 and several local roads. The mining and beneficiation activities at this location have been idled. Located at 27.585787 N, 81.942888 W. 50 Table of Content Figure 2.3: Location Plan The table below includes only land holdings associated with our mining properties.
Colonsay Potash Facility (“ Colonsay Facility ”) Location Saskatchewan, Canada Type and amount of ownership interests 100% owned by Mosaic Potash Colonsay ULC, a wholly-owned, indirect subsidiary of Mosaic. 41 Table of Co ntent Titles, mineral rights, leases or options and acreage We lease approximately 118,378 acres of mineral rights for the Colonsay Facility from the Province of Saskatchewan (the “ Crown ”) under Subsurface Mineral Lease KL 108.
Colonsay Potash Facility (“ Colonsay Facility ”) Location Saskatchewan, Canada Type and amount of ownership interests 100% owned by Mosaic Potash Colonsay ULC, a wholly-owned, indirect subsidiary of Mosaic. 40 Table of Content Titles, mineral rights, leases or options and acreage We lease approximately 118,378 acres of mineral rights for the Colonsay Facility from the Province of Saskatchewan (the “ Crown ”) under Subsurface Mineral Lease KL 108.

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Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

11 edited+4 added−3 removed8 unchanged
Biggest changeThe purpose of the petitions was to remedy the injury to the U.S. phosphate fertilizer industry caused by imports that benefit from unfair foreign subsidies, and thereby restore fair competition. CVD orders normally stay in place for at least five years, with possible extensions. Moroccan and Russian producers have initiated actions at the U.S.
Biggest changeCVD orders normally stay in place for at least five years, with possible extensions. Moroccan and Russian producers have initiated actions at the U.S. Court of International Trade (“ CIT ”) and the U.S. Court of Appeals for the Federal Circuit (“ CAFC ”) seeking to overturn the orders.
In November 2023, DOC announced the final results of the first administrative reviews for the CVD orders on phosphate fertilizers for Russia and Morocco, covering the period November 30, 2020 to December 31, 2021. DOC calculated new subsidy rates of 2.12% for Moroccan producer OCP and 28.50% for Russian producer PhosAgro. These determinations are subject to appeal to the CIT.
In November 2023, DOC announced the final results of the first administrative reviews for the CVD orders on phosphate fertilizers for Russia and Morocco covering the period November 30, 2020 to December 31, 2021. DOC calculated new subsidy rates of 2.12% for Moroccan producer OCP and 28.50% for Russian producer PhosAgro.
The CAFO requires a penalty payment of $217,085 and the completion of two supplemental environmental projects: (1) installation of ammonia monitors and monitoring at the plant for a period of two years and (2) donation of two generators to the St. James Parish Department of Emergency Preparedness.
The CAFO also requires the completion of two supplemental environmental projects: (1) installation of ammonia monitors and monitoring at the plant for a period of two years, and (2) donation of two generators to the St. James Parish Department of Emergency Preparedness. We completed the donation to the St.
Part 68, commonly known as the Risk Management Plan Rule (“ RMP Rule ”). The NOPVOC relates to a compliance evaluation inspection conducted by the EPA at the Faustina Plant from February 22-25, 2022 and alleges violations of the RMP Rule. We conferred with the EPA regarding the allegations in the NOPVOC on November 30, 2022.
The NOPVOC relates to a compliance evaluation inspection conducted by the EPA at the Faustina Plant from February 22-25, 2022 and alleges violations of the RMP Rule. We conferred with the EPA regarding the allegations in the NOPVOC on November 30, 2022.
Court of International Trade ( “ CIT ” ) seeking to overturn the orders. Mosaic has also made claims contesting certain aspects of DOC’s final determinations that, we believe, failed to capture the full extent of Moroccan and Russian subsidies. These litigation challenges remain underway.
Mosaic has also made claims contesting certain aspects of DOC’s final determinations that, we believe, failed to capture the full extent of Moroccan and Russian subsidies. 85 These litigation challenges remain underway.
On December 23, 2021, plaintiffs opposed that motion and Mosaic replied to that opposition on January 26, 2022. On April 6, 2022, the court heard argument on the motions to dismiss filed by Mosaic and each other co-defendant. In late March 2023, the court denied Mosaic's motions to dismiss, and discovery now is underway.
On December 23, 2021, plaintiffs opposed that motion and Mosaic replied to that opposition on January 26, 2022. On April 6, 2022, the court heard argument on the motions to dismiss filed by Mosaic and each other co-defendant. In late March 2023, the court denied Mosaic's motions to dismiss. We intend to continue to vigorously defend this matter.
We intend to continue to vigorously defend this matter. Faustina Plant Risk Management Plan . On September 14, 2022, EPA Region 6 issued a Notice of Potential Violation and Opportunity to Confer (“ NOPVOC ”) regarding compliance of our Faustina Plant with Section 112(r) of the Federal Clean Air Act and 40 C.F.R.
Faustina Plant Risk Management Plan . On September 14, 2022, EPA Region 6 issued a Notice of Potential Violation and Opportunity to Confer (“ NOPVOC ”) regarding compliance of our Faustina Plant with Section 112(r) of the Federal Clean Air Act and 40 C.F.R. Part 68, commonly known as the Risk Management Plan Rule (“ RMP Rule ”).
We negotiated a Consent Agreement and Final Order (“ CAFO ”) with the agency that was filed on January 30, 2024.
We negotiated a Consent Agreement and Final Order (“ CAFO ”) with the agency that was filed on January 30, 2024. As required by the CAFO, we paid a penalty in the amount of $217,085.
The South Pasture Mine – Hardee County Enforcement Action. On January 8, 2020, Hardee County issued a Notice of Violation (“ NOV ”) for Mosaic’s delay in meeting the required reclamation schedule for two designated reclamation units within the South Pasture Mine.
On January 8, 2020, Hardee County issued a Notice of Violation (“ NOV ”) for Mosaic’s delay in meeting the required reclamation schedule for two designated reclamation units within the South Pasture Mine. The delay resulted from idling the South Pasture beneficiation plant in 2018; because the plant was idled, no sand was available for reclamation activities.
DOC is also conducting administrative reviews covering the period January 1, 2022 to December 31, 2022. The applicable final CVD assessment rates and cash deposit rates for imports of phosphate fertilizer from Morocco and Russia could change as a result of these various proceedings and potential associated appeals, whether in federal courts or at the World Trade Organization.
The applicable final CVD assessment rates and cash deposit rates for imports of phosphate fertilizer from Morocco and Russia could change as a result of these various proceedings and potential associated appeals, whether in federal courts or at the World Trade Organization. The South Pasture Mine – Hardee County Enforcement Action.
Department of Commerce ( “ DOC ” ) issued countervailing duty ( “ CVD ”) orders on imports of phosphate fertilizers from Morocco and Russia, in response to petitions filed by Mosaic.
Department of Commerce (“ DOC ”) issued countervailing duty (“ CVD ”) orders on imports of phosphate fertilizers from Morocco and Russia in response to petitions filed by Mosaic. The purpose of the CVD order is to remedy the injury to the U.S. phosphate fertilizer industry caused by imports that benefit from unfair foreign subsidies, and thereby restore fair competition.
Removed
Most recently, in July and September 2023, the CIT issued three remand rulings – one addressing DOC’s determination in the CVD investigation of phosphate fertilizers from Russia, one addressing DOC’s determination in the CVD investigation of phosphate fertilizers from Morocco, and one addressing the U.S.
Added
The CAFC is reviewing a challenge to DOC’s final determination in the CVD investigation for Russia; DOC is expected to issue a second remand determination for the CVD investigation for Morocco, which will then be reviewed by the CIT; and the CIT is reviewing a January 2024 ITC remand determination upholding its original affirmative injury determination.
Removed
International Trade Commission’s determination in 86 antidumping and countervailing duty investigations of phosphate fertilizers from Russia and Morocco – instructing the agencies to reconsider certain aspects of the rulings that were the basis for issuing the CVD orders.
Added
In addition, in November and December 2024 DOC announced the final results of the second administrative reviews for the CVD orders on phosphate fertilizers for Russia and Morocco covering calendar year 2022. DOC calculated subsidy rates of 16.60% for OCP and 18.21% for PhosAgro.
Removed
The delay resulted from idling the South Pasture beneficiation plant in 2018; because the plant was idled, no sand was available for reclamation activities.
Added
Mosaic, as well as parties that oppose the duties, have appealed the final results of DOC’s first and second administrative reviews to the CIT. Currently, DOC is conducting an administrative review for imports from Russia, covering calendar year 2023. DOC is not conducting an administrative review for Morocco for this period.
Added
James Parish Department of Emergency Preparedness on March 14, 2024, and we completed installation and began operation of the ammonia monitors on April 24, 2024. 86

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeThe actual number of shares to be issued under a TSR performance unit award will depend on the change in the market price of our common stock over a three-year vesting period, with no shares issued if the market price of a share of our common stock at the vesting date plus dividends thereon is less than 50% of its market price on the date of grant and the maximum number issued only if the market price of a share of our common stock at the vesting date plus dividends thereon is at least twice its market price on the date of grant.
Biggest changeNo shares will be issued if the market price of a share of our common stock at the vesting date plus dividends thereon is less than 50% of its market price on the date of grant and the maximum number will be issued only if the market price of one share of our common stock at the vesting date plus dividends thereon is at least twice its market price on the date of grant.
The following provides information related to equity compensation plans: Plan category Number of shares to be issued upon exercise of outstanding options, warrants and rights (a) Weighted-average exercise price of outstanding options, warrants and rights (b) Number of shares remaining available for future issuance under equity compensation plans (excluding shares reflected in first column) Equity compensation plans approved by stockholders 3,766,769 $ 34.46 17,924,996 Equity compensation plans not approved by stockholders — — — Total 3,766,769 $ 34.46 17,924,996 ______________________________ (a) Includes grants of 596,216 stock options, 1,485,573 time-based restricted stock units and 1,684,980 total stockholder return (“ TSR ”) performance units settled in stock.
The following provides information related to equity compensation plans: Plan category Number of shares to be issued upon exercise of outstanding options, warrants and rights (a) Weighted-average exercise price of outstanding options, warrants and rights (b) Number of shares remaining available for future issuance under equity compensation plans (excluding shares reflected in first column) Equity compensation plans approved by stockholders 3,736,021 $ 32.68 15,843,627 Equity compensation plans not approved by stockholders — — — Total 3,736,021 $ 32.68 15,843,627 ______________________________ (a) Includes grants of 534,126 stock options, 1,592,931 time-based restricted stock units and 1,608,964 total stockholder return (“ TSR ”) performance units settled in stock.
The following table sets forth information with respects to shares of our Common Stock that we purchased under the repurchase programs during the quarter ended December 31, 2023: Period Total number of shares purchased Average price paid per share Total number of shares purchased as part of a publicly announced program Maximum approximate dollar value of shares that may yet be purchased under the program (a) Common Stock October 1, 2023- October 31, 2023 1,416,915 $ 35.29 1,416,915 $ 1,267,818,328 November 1, 2023- November 30, 2023 1,444,352 34.62 1,444,352 1,217,818,369 December 1, 2023- December 31, 2023 1,378,073 36.28 1,378,073 1,167,818,473 Total 4,239,340 $ 35.38 4,239,340 $ 1,167,818,473 (a) At the end of the month shown. 88 Item 6.
The following table sets forth information with respects to shares of our Common Stock that we purchased under the repurchase programs during the quarter ended December 31, 2024: Period Total number of shares purchased Average price paid per share Total number of shares purchased as part of a publicly announced program Maximum approximate dollar value of shares that may yet be purchased under the program (a) Common Stock October 1, 2024- October 31, 2024 — $ — — $ 957,429,576 November 1, 2024- November 30, 2024 937,875 26.63 937,875 932,458,629 December 1, 2024- December 31, 2024 — — — 932,458,629 Total 937,875 $ 26.63 937,875 $ 932,458,629 (a) At the end of the month shown.
“Financial Statements and Supplementary Data”. The principal stock exchange on which our common stock is traded is The New York Stock Exchange under the symbol “MOS”.
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. The principal stock exchange on which our common stock is traded is The New York Stock Exchange under the symbol “MOS”.
Removed
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. We have included information about the market price of, dividends on and the number of holders of our common stock under “Quarterly Results (Unaudited)” in the financial information that is incorporated by reference in this Form 10-K in Part II, Item 8.
Added
The actual number of shares to be issued under a TSR performance unit award will depend on the change in the market price of our common stock over a three-year vesting period.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeItem 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. The Management’s Discussion and Analysis of Financial Condition and Results of Operations listed in the Financial Table of Contents included in this report is incorporated herein by reference.
Biggest changeItem 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. 88 The Management’s Discussion and Analysis of Financial Condition and Results of Operations listed in the Financial Table of Contents included in this report is incorporated herein by reference.

Other MOS 10-K year-over-year comparisons