The Mosaic Company Announces Closure of Plant City Phosphates Manufacturing Facility

PLYMOUTH, Minn.–(BUSINESS WIRE)–The Mosaic Company (NYSE: MOS) today announced that it will close its
idled Plant City phosphates manufacturing facility in Hillsborough
County, Florida.

The small team of Mosaic employees currently responsible for care and
maintenance activities will remain on site to manage closure and
compliance responsibilities over the next several years.

Operational since 1975, Plant City produced approximately 1.3 million
tonnes of finished phosphates in 2017, its last year of operation. The
plant was idled in late 2017 because it was one of the higher cost
phosphates facilities in Mosaic’s Florida Operations and due to global
phosphate market conditions.

“Our decision to close the Plant City phosphate facility reaffirms our
commitment to low-cost operation,” said Mosaic President and CEO Joc
O’Rourke. “We will continue to meet global demand for high-quality
phosphate fertilizers with production from our low-cost facilities in
Florida, Louisiana, Brazil and Peru, and through our joint venture in
Saudi Arabia.”

During the second quarter, Mosaic expects to recognize a notable
non-cash charge of up to $390 million for the permanent closure of the
facility, including asset write-offs and an increase of the asset
retirement obligation liability. Annual cash payments to manage the
closure of the facility over the next five years are expected to be
similar to payments incurred while the plant was idle in 2018. Mosaic
will seek to mitigate a portion of closure costs by evaluating
innovative approaches to water management and to repurposing part of the
facility for productive use.

About The Mosaic Company

The Mosaic Company is one of the world’s leading producers and marketers
of concentrated phosphate and potash crop nutrients. Mosaic is a
single-source provider of phosphate and potash fertilizers and feed
ingredients for the global agriculture industry. More information on the
company is available at www.mosaicco.com.

This release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Such statements
include, but are not limited to, statements about the anticipated
benefits or strategic plans and other statements about anticipated
future financial, production, operating performance, impacts to
financial statements as a result of write-offs and accelerated asset
retirement obligations. Such statements are based upon the current
beliefs and expectations of The Mosaic Company’s management and are
subject to significant risks and uncertainties that could cause actual
results to differ materially from those expressed in, or implied by,
such statements. These risks and uncertainties include, but are not
limited to: difficulties with realization of the benefits or strategic
plans; actual costs of various items differing from management’s current
estimates, price and demand volatility for our products, other changes
in market conditions, accidents and disruptions, including potential
mine fires, floods, explosions, seismic events, sinkholes or releases of
hazardous or volatile chemicals; changes in foreign currency and
exchange rates; international trade risks and other risks associated
with Mosaic’s international operations, changes in government policy,
changes in environmental and other governmental regulation, as well as
other risks and uncertainties reported from time to time in The Mosaic
Company’s reports filed with the Securities and Exchange Commission.
Actual results may differ from those set forth in the forward-looking
statements.

Contacts

Media
Ben Pratt
The Mosaic Company
763-577-6102
[email protected]

Investors
Laura Gagnon
The Mosaic Company
763-577-8213
[email protected]