Within the third quarter, relative to historic averages, Mosaic stated it expects manufacturing to be down by roughly 300,000 tonnes. Fourth quarter working charges are doubtless to enhance sequentially, however manufacturing should still be down from historic averages, it added.
The hurricane additionally induced navigational points on the Mississippi River, which may trigger congestion in the course of the busy fall utility season and create logistical dangers for Mosaic’s manufacturing.
The corporate plans to supply an replace, together with estimated monetary impacts of the hurricane, when it reviews third quarter outcomes.
In the meantime, because it completes repairs to operations, Mosaic can also be supporting its staff and communities via a $100,000 catastrophe reduction grant to the Capital Space United Manner and by offering affected staff with entry to funds via the corporate’s employee-to-employee help plan.
Primarily based in Tampa, Mosaic at present operates 9 amenities (mines and shafts) throughout the continent, producing potash and concentrated phosphate crop vitamins. Its merchandise account for 73% and 40% of North America’s phosphate and potash annual manufacturing, respectively.
Shares of Mosaic Co superior 1.9% by midday EDT in New York, giving the corporate a market worth of roughly $12.3 billion.