Published: May 6, 2024 |

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The Mosaic Company said it has entered into an agreement with the Saudi Arabian Mining Company (Ma’aden) where Mosaic will receive 111,012,433 shares of Ma’aden valued at approximately $1.5 billion in exchange for Mosaic’s current 25 percent stake in Ma’aden Wa’ad Al Shamal Phosphate Company, a joint venture among Mosaic, Ma’aden, and Saudi Basic Industries Corporation.

The agreement generally requires Mosaic to hold its Ma’aden shares for a minimum of three years, with one-third of the shares becoming transferable after the third, fourth, and fifth anniversary of the closing.

“We have enjoyed a long and successful partnership with Ma’aden, and we look forward to continuing our work together under this evolved structure,” said Bruce Bodine, president and CEO of Mosaic.

“This transaction provides Mosaic with a transparent value for its investment in Ma’aden, greater capital flexibility in the future, and the ability to contribute expertise to Ma’aden’s phosphate operations,” added Bodine.

“Having formed our partnership with Mosaic in 2013, more than a decade on, this is an important evolution that we believe will create significant benefits for the growth of our phosphate business. We look forward to working together with the Mosaic team to strengthen our phosphate business as we continue to build the mining sector into the third pillar of the Saudi economy,” said Bob Wilt, CEO of Ma’aden.

The transaction is subject to regulatory approvals, approval by Ma’aden’s shareholders, and other closing conditions that are customary for this type of transaction and is expected to be completed by the end of 2024.

The Mosaic Company is one of the world’s leading producers and marketers of concentrated phosphate and potash crop nutrients. Mosaic is a single source provider of phosphates and potash fertilizers and feed ingredients for the global agriculture industry.

Ma’aden is the largest multi-commodity mining and metals company in the Middle East and among the fastest-growing mining companies in the world. They are developing the mining industry into the third pillar of Saudi economy in line with “Vision 2030”, and aim to be a role model in responsible and sustainable operations. They operate 17 mines and sites, have 6,000+ direct employees, and export products to more than 30 countries. They are embarking on massive growth over the next 18 years across its phosphate, aluminum, gold, copper, and new minerals — to leverage the Kingdom’s estimated $2.5 trillion mineral endowment.

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