Mosaic cuts Q3 potash, phosphates sales volume outlook

The company states: “Mosaic provided an operations update earlier this month. The company is pleased to announce that the production challenges caused by electrical issues at Colonsay have been resolved and production has returned to normal. Esterhazy hoisting capacity, which has been negatively impacted by an electrical issue, has been restored to levels that meet full milling capacity and allow for full production. Additional work will be undertaken over the next few months to complete repairs and ensure the highest-level of reliability. Third quarter 2024 potash sales volumes are expected to be in the range of 1.85-2.05 million tonnes, down from 2.1-2.3 million tonnes in our previous guidance, reflecting the midpoint estimate previously provided regarding the aforementioned production interruptions. The outlook for MOP prices at the mine is unchanged at $200-$220 per tonne. In Phosphates, earlier this month, Mosaic announced production interruptions caused by weather related events including Hurricane Francine in Louisiana. The company is pleased to report production at the Louisiana facility has returned to normal. In addition, in anticipation of Hurricane Helene, product shipments were curtailed beginning September 23 rd as the Tampa port was temporarily shut down. With an average shipment rate of approximately 150,000 tons per week, and uncertainty on whether shipments will resume within the week, Mosaic has further adjusted its volume guidance to reflect a one-week delay in customer shipments. Mosaic expects to recover a portion of those volumes in the fourth quarter. Phosphates third quarter sales volumes are now expected to be in the range of 1.45-1.65 million tonnes, down from our previous guidance of 1.7-1.9 million tonnes. Guidance on DAP prices at the plant is unchanged in the range of $555-$575 per tonne.”