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Mosaic Reaches Settlement To Allow Mining At Key Florida Site

DOW JONES NEWSWIRES Mosaic Co. (MOS) has settled a dispute with the Sierra Club that will allow mining at a key Florida phosphate mine, the company announced Tuesday. The fertilizer company said the settlement will resolve the pending federal court proceedings "in their entirety." Some investors had expected the dispute could take years to resolve. The Sierra Club and local environmental groups had sued to stop an expansion of the South Fort Meade mine, southwest of Orlando, which represents about a third of the company's phosphate mining capacity. The company had secured permits from the U.S. Army Corps of Engineers, but the environmental groups successfully sought an injunction to halt expansion pending further review. The issue has loomed over the company for the past year and a half. "This settlement provides certainty around our South Fort Meade mine and we look forward to bringing it back to full production," said Richard Mack, Mosaic executive vice president and general counsel. As part of the agreement, which still requires court approval, the Sierra Club will drop its challenge to the permit. In exchange, the company will take several steps to conserve certain land tracts in the area, including a horse range. Mosaic shares climbed 2.3% Tuesday and were up 3.2% to $58.75 in after-hours trading. -By Ian Berry, Dow Jones Newswires; 312-750-4072; ian.berry@dowjones.com

Stock News for Mosaic (MOS)
DateTimeHeadline
04/23/201413:17:25Canada Signs $40 Million Contract to Sell Potash to Bangladesh
04/15/201414:10:29Mosaic to Buy Archer Daniels Fertilizer Business
04/15/201413:41:48Mosaic to Buy Archer Daniels Midland Fertilizer Business in Brazil...
03/20/201417:50:17Mosaic CEO Diagnosed With Cancer
03/20/201416:52:01Mosaic CEO Diagnosed With Cancer, Plans to Continue as CEO
02/11/201409:38:44U.S. Hot Stocks: Hot Stocks to Watch
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11/15/201309:01:27HBK Investments LP 3Q 13F: Largest Sales
11/15/201309:01:27HBK Investments LP 3Q 13F: Largest Purchases
11/15/201308:47:30ValueAct Capital Management LP 3Q 13F: Largest Purchases
11/15/201308:47:28ValueAct Capital Management LP 3Q 13F: Holdings As Of Sep 30
11/15/201308:27:47S.A.C. Capital Advisors LP 3Q 13F: Holdings As Of -2-
11/15/201308:27:47S.A.C. Capital Advisors LP 3Q 13F: Holdings As Of Sep 30
11/15/201307:59:25Soros Fund Management 3Q 13F: Largest Purchases

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