The Mosaic Co., Plymouth, Minn., said on Jan. 8 it has entered into a memorandum of understanding (MOU) with Sinochem, Beijing, China’s largest agricultural inputs company. Sinochem intends to purchase phosphate rock and phosphate fertilizers, including premium products, from Mosaic.
“We are pleased to build on our promising relationship with Sinochem,” said Mosaic President and CEO Joc O’Rourke. “Sinochem is developing a Modern Agriculture Platform for China, and we at Mosaic look forward to partnering with Sinochem to contribute to this important progress for Chinese farmers.”
The MOU establishes a mutually beneficial relationship through which Mosaic could contribute to Sinochem’s success by providing both expertise and products. Terms and conditions of the purchases are to be outlined in a separate contract between the two parties.
“We believe this agreement can lead to meaningful value for Mosaic, Sinochem, and China’s farmers,” O’Rourke added.
Mosaic said it had nothing to add for now regarding quantities, timeline, or prices.