Monsanto (NYSE:MON) has committed to spending another $10 million on its proposed phosphate mine in Idaho in order to increase the safety measures at the project.
The Bureau of Land Management has already approved the safety measures, but the U.S. Environmental Protection Agency said earlier in the year that the $25 million liner proposed to prevent the possibility of selenium reaching the nearby Blackfoot River wasn't satisfactory, saying it could possibly fail.
While the additional $10 million will be included in the final mining plan submitted by Monsanto, the Bureau of Land Management said they'll review the comments to see if the original plan actually needs to be changed.
After the final plan is submitted, a 30-day period to comment will be put in place.
The mine would be used to produce ingredients for Roundup weedkiller.
Showing posts with label Phosphate Mine. Show all posts
Showing posts with label Phosphate Mine. Show all posts
Monday, September 20, 2010
Saturday, July 24, 2010
Mosaic (NYSE:MOS) Doubles Potash Sales, Declares Dividend
In their quarterly report, Mosaic (NYSE:MOS) said they generated a profit of $396.1 million, or $0.89 a share. That was on sales of $696.5 million in potash sales, double last year's total.
Last year, earnings came in at $146.9 million, or 33 cents a share in the same quarter. Revenue in the quarter rose to $1.86 billion, an increase of 17 percent.
Phosphate sales remained level with last year, reaching $1.2 billion.
The downside is their highly productive mine in South Fort Meade, Florida, which a U.S district judge allowed a dubious claim by the Sierra Club that it could harm water, result in a restraining order against them. That particular mine generates about 33 percent of all phosphate production from the company on an annual basis.
Mosaic executives said while they doubt the Sierra Club will be able to prove and/or convince the judge there is a legitimate threat to the water quality, they are putting together a contingency plan in the unlikely case they are ruled against. They added they would immediately seek appeal if that is the case.
Even so, Mosaic likes what they see going forward, and the Board of Directors declared a quarterly dividend of $0.05 a share Friday. Shareholders of record as of the close of business on August 6, 2010 will qualify for the dividend, which will be paid on August 19, 2010.
Last year, earnings came in at $146.9 million, or 33 cents a share in the same quarter. Revenue in the quarter rose to $1.86 billion, an increase of 17 percent.
Phosphate sales remained level with last year, reaching $1.2 billion.
The downside is their highly productive mine in South Fort Meade, Florida, which a U.S district judge allowed a dubious claim by the Sierra Club that it could harm water, result in a restraining order against them. That particular mine generates about 33 percent of all phosphate production from the company on an annual basis.
Mosaic executives said while they doubt the Sierra Club will be able to prove and/or convince the judge there is a legitimate threat to the water quality, they are putting together a contingency plan in the unlikely case they are ruled against. They added they would immediately seek appeal if that is the case.
Even so, Mosaic likes what they see going forward, and the Board of Directors declared a quarterly dividend of $0.05 a share Friday. Shareholders of record as of the close of business on August 6, 2010 will qualify for the dividend, which will be paid on August 19, 2010.
Thursday, July 8, 2010
Mosaic (NYSE:MOS) Investment in Vale (NYSE:VALE), Mitsui Completed
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.
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.
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