Mosaic Shares Recovery Details After Hurricane Ian

Mosaic’s North American Phosphates operations were negatively impacted by damage caused by Hurricane Ian.

The company says its facilities in central Florida experienced modest damage from flooding and high winds due to the storm. Its early assessments are leading the company to announce its production of phosphates could be down 200,000 to 250,000 tonnes through the fourth quarter. 

Josh Linville, StoneX's vice president of fertilizer says the market has largely shrugged off the potential loses as a quarter million tons of fertilizer is "not that large of a deal" when it comes to the markets.

The company expects the necessary repairs to its facilities will be complete in one to two weeks. 

Additionally, port and rail closures will delay the timing of shipments for the business–pushing scheduled shipments from September into October. As of now, the company says phosphate sales volumes will total 1.60 to 1.65 million tonnes for the third quarter. But they will release more details in their third quarter investor call, which has a date yet to be announced. 

According to the Florida state mining commission, there are a total of 27 phosphate mines–covering more than 450,000 acres in the state. Nine of those mines are currently active. A single phosphate mine can range in size from 5,000 to 100,000 acres. 

In response to Hurricane Ian, the Mosaic Company Foundation is donating $100,000 to the most effected areas of Hardee, Manatee and DeSoto counties. This is in addition to the $55,000 the foundation gave in storm preparation funds. Also, the foundation gave $300,000 toward an employee-to-employee assistance fund, which will be dispersed to employees who need assistance with hurricane recover efforts. The company will double match any contributions made by Mosaic employees to this fund.