The Mosaic Company reports 1Q20 results
The company has announced a net loss of US$203 million for 1Q20.
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The company has announced a net loss of US$203 million for 1Q20.
The company has reported sales of US$1.57 billion for 1Q20, a 3% increase y/y.
1Q20 EBITDA excluding special items was US$504 million, up from US$464 million a year earlier.
The company's sales of fertilizer in 1Q20 increased by 10% y/y to 2.8 million t.
In September 2019, the company commenced a strategic review of the Incitec Pivot Fertilisers business with three possible outcomes envisaged – sale, demerger, or retain and invest.
The subsidiary of PhosAgro increased total sales of mineral fertilizers to Russian farmers by 47% y/y in 1Q20.
The company has received the certifications for the Integrated Fertilizer Production Complex in Ras Al Khair Industrial City, Saudi Arabia, as well as the mine and plant in Al Jalamid.
The company has said the 21-day national lockdown in South Africa does not currently affect the timetable of the Elandsfontein phosphate project.
The company is taking steps, such as ensuring proper stocks of critical raw materials, to ensure they remain open.
The company's net profit increased by 80% to US$383 million, from US$212 million in 2018.
The company is currently in the development phase of the project Lac à Paul phosphate mine, in the Saguenay — Lac-Saint-Jean region, in Quebec, Canada.
The appeal hearing against the Elandsfontein project's valid integrated water use licence, which was due to reconvene on 16 March 2020, has been postponed.