Mosaic sells stake in Saudi JV for $1.5bn
US-based fertiliser company Mosaic on Tuesday announced the sale of its stake in a phosphate production venture to Saudi Arabia’s Ma’aden.
Mosaic will receive 111.01-million shares of the Saudi Arabian mining company, valued at about $1.5-billion, for its 25% stake in the Ma’aden Wa’ad Al Shamal Phosphate Company (MWSPC).
Comprising a phosphate mine, beneficiation, phosphoric acid, sulphuric acid, power and downstream plants, MWSPC produces about three-million tons of fertiliser products a year.
"We have enjoyed a long and successful partnership with Ma'aden, and we look forward to continuing our work together under this evolved structure," said Mosaic president and CEO Bruce Bodine.
"This transaction provides Mosaic with a transparent value for its investment in Ma'aden, greater capital flexibility in the future, and the ability to contribute expertise to Ma'aden's phosphate operations,” said Bodine.
The agreement generally requires Mosaic to hold its Ma'aden shares for a minimum of three years, with one-third of the shares becoming transferable after the third, fourth and fifth anniversary of the closing.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation