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Mosaic (MOS) to Idle Phosphate Production Mines in Brazil
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The Mosaic Company (MOS - Free Report) recently declared that Mosaic Fertilizantes will idle production in the Catalao and Tapira phosphate mines in Brazil.
Currently, Mosaic has the rock and finished product inventory that is essential to cater to market requirements in the near term. Also, the company will ship phosphates from operations in Florida along with rock from the Peruvian mine for Brazilian production. This will enable it to address customer needs in Brazil.
Mosaic is undertaking such actions to comply with new Brazilian regulations governing mine tailings dams. In March 2019, Mosaic Fertilizantes filed an application and requested an extension of the deadline for the submission of Stability Condition Statements (DCE) for three of its dams.
The company obtained the technical approval of the National Mining Agency (“ANM”) regarding the matter. The extension was aimed to enable expert consultants to finalize additional recommended studies along with geotechnical analysis, which will be completed in April. However, Mosaic did not receive final agreement from the ANM regarding the requested extension.
Mosaic stated that without the final agreement from the ANM, it has implemented the Emergency Action Plan for Mining Dams for the BR dam in Catalao (GO) as well as BL1 and BR dams in Tapira (MG). The dams have been classified as emergency level 1, which is the least critical of the three-category rating system.
The company is trying to obtain the DCEs as soon as possible. Moreover, analysis with external consultants, geotechnical research and remediation plans are underway. The initiatives will continue until the dams meet the new standards.
Importantly, Mosaic has reaffirmed that the dams do not present imminent risks of disruption. Also, the company reiterated its commitment toward the communities and regions of its operations.
Mosaic’ shares have gained 5.7% in the past year compared with the industry’s 0.7% rise.
Kirkland has an expected earnings growth rate of 8.8% for 2019. The company’s shares have surged 87.1% in the past year.
AngloGold Ashanti has an expected earnings growth rate of 66% for the current year. The company’s shares have gained 42.6% in a year’s time.
Materion has an expected earnings growth rate of 12.6% for 2019. Its shares have gained 10.6% in a year’s time.
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One out of every six people retires a multimillionaire. Get smart tips you can do today to become one of them in a new Special Report, “7 Things You Can Do Now to Retire a Multimillionaire.”
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Mosaic (MOS) to Idle Phosphate Production Mines in Brazil
The Mosaic Company (MOS - Free Report) recently declared that Mosaic Fertilizantes will idle production in the Catalao and Tapira phosphate mines in Brazil.
Currently, Mosaic has the rock and finished product inventory that is essential to cater to market requirements in the near term. Also, the company will ship phosphates from operations in Florida along with rock from the Peruvian mine for Brazilian production. This will enable it to address customer needs in Brazil.
Mosaic is undertaking such actions to comply with new Brazilian regulations governing mine tailings dams. In March 2019, Mosaic Fertilizantes filed an application and requested an extension of the deadline for the submission of Stability Condition Statements (DCE) for three of its dams.
The company obtained the technical approval of the National Mining Agency (“ANM”) regarding the matter. The extension was aimed to enable expert consultants to finalize additional recommended studies along with geotechnical analysis, which will be completed in April. However, Mosaic did not receive final agreement from the ANM regarding the requested extension.
Mosaic stated that without the final agreement from the ANM, it has implemented the Emergency Action Plan for Mining Dams for the BR dam in Catalao (GO) as well as BL1 and BR dams in Tapira (MG). The dams have been classified as emergency level 1, which is the least critical of the three-category rating system.
The company is trying to obtain the DCEs as soon as possible. Moreover, analysis with external consultants, geotechnical research and remediation plans are underway. The initiatives will continue until the dams meet the new standards.
Importantly, Mosaic has reaffirmed that the dams do not present imminent risks of disruption. Also, the company reiterated its commitment toward the communities and regions of its operations.
Mosaic’ shares have gained 5.7% in the past year compared with the industry’s 0.7% rise.
Zacks Rank & Key Picks
Mosaic currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Kirkland Lake Gold Ltd. , AngloGold Ashanti Limited (AU - Free Report) and Materion Corporation (MTRN - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Kirkland has an expected earnings growth rate of 8.8% for 2019. The company’s shares have surged 87.1% in the past year.
AngloGold Ashanti has an expected earnings growth rate of 66% for the current year. The company’s shares have gained 42.6% in a year’s time.
Materion has an expected earnings growth rate of 12.6% for 2019. Its shares have gained 10.6% in a year’s time.
Will you retire a millionaire?
One out of every six people retires a multimillionaire. Get smart tips you can do today to become one of them in a new Special Report, “7 Things You Can Do Now to Retire a Multimillionaire.”
Click to get it free >>