Fertilizer maker Mosaic Co. said Thursday it has reached an agreement worth more than $800 million with federal and state environmental regulators to clean up manufacturing operations in Louisiana and Florida.

The settlement, which requires court approval, would resolve government complaints that it mismanaged waste from its fertilizer production.

Under the agreement, Mosaic will pay a $8 million fine and spend about $170 million on new on-site waste management and recovery processes at facilities in the states.

It will also hold an additional $630 million in reserve to cover costs for the closure and long-term care of giant piles of phosphogypsun, a waste byproduct of processing phosphate rock into fertilizer.

The company said it doesn't expect the changes under the settlement to affect its production rates or volumes.

The settlement stems from claims that the U.S. Environmental Protection Agency brought a decade ago.

Write to Ilan Brat at ilan.brat@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

October 01, 2015 09:35 ET (13:35 GMT)

Copyright (c) 2015 Dow Jones & Company, Inc.
Mosaic (NYSE:MOS)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Mosaic Charts.
Mosaic (NYSE:MOS)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Mosaic Charts.