The Mosaic Company reports Hurricane Ian impact on phosphate production

Date:10-07-2022

The Mosaic Company (NYSE:MOS) announced that North American Phosphates was negatively impacted by damage caused by Hurricane Ian.

Significant flooding and high winds were experienced throughout central Florida during the storm, and this caused modest damage to our facilities and to supporting infrastructure. As a result, early assessments indicate phosphate production could be down by approximately 200,000-250,000 tonnes, split roughly evenly between the third and fourth quarters of 2022. Repairs are expected to be completed over the next 1-2 weeks.

In addition to production impacts, the timing of shipments was also affected by the storm. Phosphates sales volumes in the third quarter are now expected to total 1.60-1.65 million tonnes, as port and rail closures delayed late third quarter shipments to October. Mosaic plans to provide further updates when it reports third quarter results.

As Mosaic completes repairs, The Mosaic Company Foundation is also donating $100,000 to its most hard-hit operating areas. These funds will be used to support local recovery efforts in Florida's Hardee, Manatee and DeSoto counties. Prior to hurricane season beginning, Mosaic provided $55,000 in storm preparation funds to organizations across Central Florida.  

In addition, The Mosaic Company Foundation contributed $300,000 to an Employee-to-Employee Assistance Fund. This fund will be dispersed to employees who need financial assistance with hurricane recovery efforts throughout central Florida. The company will also double match any contributions made by Mosaic employees to this fund.