Fertilizer giant Mosaic to invest US$80mn in Brazil

Mosaic, the largest US producer of phosphates and potash fertilizers, unveiled a plan to invest 400mn reais (US$80mn) in its Brazilian operations. 

The company will build a fertilizer mixing and storage unit in the municipality of Palmeirante, in Tocantins state.

"Our plan is to start [construction] in May, with the expectation of completing the works in two years and entering into operation in the first half of 2025, generating 300 new jobs in the region and with an estimated investment of 400mn reais," said Mosaic Fertilizantes director Henrique de Oliveira in a press release.

The investment announcement was made during a meeting between representatives of the company and the state government.

The Florida-based parent company has six phosphate mines and one potash mine, and besides production is also active in imports, sales and distribution of fertilizers.

With Brazil being a global agriculture powerhouse and the impact of Russia’s war in Ukraine on prices, the government has sought to attract companies to produce fertilizers in the country in order to reduce dependence on imported products.

Of the estimated capex of US$50bn between 2023-2027 for mining firms operating in Brazil, US$5.22bn will go to the fertilizer segment, according to the country's mining association Ibram.