Mosaic Company (NYSE:MOS) has closed the investment deal in a joint venture with Vale (NYSE:VALE) and Japan-based Mitsui.
Jim Prokopanko, Mosaic's President and Chief Executive Officer, said this, "We are pleased to close this transaction that advances our strategic objective to secure our phosphate rock supply."
The phosphate rock supply mentioned by Prokopanko is located in the Bayovar region of Peru.
Mosaic paid Vale $385 million for their stake in the project. Also included in the terms was a 35 percent economic interest, along with supply agreement which they get up to 35 percent of the phosphate produced from the mine.