All posts by mickeybarb@charter.net

Yara International ASA – Management Brief

Management Briefs, Norway

Yara International ASA announced on June 20 that Lars Røsæg, currently Deputy CEO and Executive Vice President of Corporate Development, will leave the company by the end of 2023 to take up a new position as investment partner in the Norwegian firm Salvesen & Thams.

Røsæg has been with Yara since 2018, serving first as Executive Vice President and Chief Financial Officer before taking his current position in June 2021 (GM June 25, 2021).

“I’d like to thank Lars for his strong contributions to Yara’s progress and our close professional collaboration over many years and wish him the best of luck in his new position,” said Svein Tore Holsether, Yara President and CEO.

Flint Hills Resources – Management Brief

Management Briefs

Flint Hills Resources, an indirect, wholly owned subsidiary of Koch Industries Inc., announced on June 21 that Rodney Dillon has been named Vice President and Manufacturing Manager at Flint Hill Resources’ Corpus Christi, Texas, refineries. In his new role, Dillon will lead local operations with a workforce of more than 1,000 fulltime employees and contractors.

Dillon has been with Flint Hill Resources since 2005, serving in a variety of leadership roles, including managing several Reliability Centers, Construction Services, Field Services, and Operations Production. He succeeds Brook Vickery, who was recently named Senior Vice President of Operations at Invista, another of Koch’s subsidiaries.

First Phosphate Corp. – Management Brief

Canada, Management Briefs, Phosphate

Junior miner First Phosphate Corp., Saguenay, Quebec, announced on June 12 that Isobel Sheldon has been appointed to the company’s Advisory Board. Sheldon is a 20-year veteran of the lithium ion battery industry, and was awarded an Order of the British Empire for long service to EV battery development.

She currently works with consultancy and advisory firm Oakpolytech Ltd., and has held senior strategy, technical, business, and executive roles with Britishvolt, UK Battery Industrialisation Centre, Cummins Electrified Power, and Johnson Matthey.

“Ms. Sheldon is a great fit for our team, as she is deeply committed to the development and sustainability of the battery industry and has years of experience in the field to guide us with in the next phases of our development,” said John Passalacqua, CEO of First Phosphate. “It is rare to meet individuals with such passion for their profession and, as such, Isobel adds a great splash of dynamism to our team along with her extensive global network of specialists.”

Meristem Crop Performance Group LLC – Management Brief

Eastern Cornbelt, Management Briefs

Crop inputs supplier Meristem Crop Performance Group LLC, Columbus, Ohio, reported on June 15 that Kyle Walden has joined the company as Meristem’s Sales Rep and Dealer Coach in North Dakota. Walden most recently served as Agronomy Manager at Premier Ag Products in Rogers, N.D. Prior to that, he held an ag sales position with ADM in Rogers, N.D.

“Kyle Walden is a service-oriented expert at helping farmers get solid crop production results,” said Mitch Eviston, Meristem Founder and CEO. “Kyle knows his stuff and has a passion for serving farmers. We are excited to gain the value of his experience as we continue to grow our Meristem business in the Dakotas and surrounding states.”

California Department of Food and Agriculture – Management Brief

California, Management Briefs

The California Department of Food and Agriculture (CDFA) on June 21 announced three vacancies on the agency’s Fertilizer Inspection Advisory Board. The board advises the CDFA secretary on CDFA’s Fertilizing Materials Inspection Program (FMIP), which ensures that fertilizers are safe, effective, and meet quality guarantees through routine sampling and inspections.

The board also enforces laws and regulations that govern the manufacturing and distribution of fertilizer materials in the state. FMIP is funded by fertilizing materials license and product registration fees and mill assessments.

The term of office for board members is up to three years. Applicants must hold a current fertilizing materials license or be a representative of a licensed firm. Interested individuals must submit a resume and a completed Prospective Member Appointment Questionnaire (PMAQ), available at http://www.cdfa.ca.gov. Both the resume and PMAQ are due by Aug. 11, 2023, and should be sent to Elizabeth Moseby and Brittnie Williams at Elizabeth.Moseby@cdfa.ca.gov and Brittnie.Williams@cdfa.ca.gov.

April-May Volumes Up, Revenues Down for Mosaic

Brazil, Earnings, News, Phosphate, Potash, Tampa

The Mosaic Co. on June 21 reported higher sales volumes but lower revenues for all three major segments in April-May 2023.

For the second quarter, the company said it expects potash sales volumes toward the high end of the previous guidance range of 2.0-2.2 million mt, reflecting the impact of strong spring demand in North America. Realized MOP prices at the mine are expected near the low end of the company’s previous range of $325-$375/mt, however, with the updated guidance incorporating the recent China contract settlement of $307/mt CFR with Canpotex (GM June 9, p. 15).

Mosaic said it expects phosphate sales volumes in the second quarter to be near the low end of its previous guidance range of 1.8-2.0 million mt, with North American customers deferring inventory restocking to the third quarter after strong spring demand. Realized DAP prices on a FOB basis are expected at the high end of the previous guidance range of $550-$600/mt, Mosaic said, reflecting higher priced sales early in the quarter.

Potash April/May 2023 April/May 2022
Sales Volumes (000 mt) 1,617 1,436
Sales Revenues in millions $672 $976
Phosphates April/May 2023 April/May 2022
Sales Volumes (000 mt) 1,329 959
Sales Revenues in millions $948 $1,027
Mosaic Fertilizantes April/May 2023 April/May 2022
Sales Volumes (000 mt) 1,305 1,424
Sales Revenues in millions $791 $1,426

ICL Expects EBITDA Hit from Low China Potash Price

Earnings, Israel, News, Potash

ICL Group Ltd. reported on June 22 that it expects to see a negative impact on its FY2023 EBITDA outlook of approximately $400 million due to the lower-than-anticipated China potash contract settlement price.

The group also warned of a further reduction in EBITDA guidance of approximate $200 million if a recovery in demand for flame retardants is delayed until the end of this year. ICL said the recovery, which was expected in the second half of 2023, has not yet materialized.

ICL reported on June 22 that it has signed contracts with its customers in China for the supply of potash during 2023 at a selling price of $307/mt CFR, in line with recent contract settlements. The new contracts between ICL and China provide for the supply of an aggregate volume of 800,000 mt of potash in 2023, with mutual options for an additional 350,000 mt.

ICL in May reiterated its guidance for full-year 2023 adjusted EBITDA of $2.2-$2.4 billion, with approximately $1.1 billion of that amount to come from the company’s specialties focused businesses (GM May 12, p. 28).

The group had stuck to its EBITDA outlook view despite a 39% year-over-year drop in first-quarter adjusted EBITDA, to $610 million, amid significant price declines for its products from 2022’s peak levels.

Ammonia Leak Kills One in Philippines

Ammonia, News, News Briefs, Southeast Asia

An ammonia leak on June 19 at a cold storage facility in Navotas City, Philippines, claimed the life of a 16-year-old girl and sent at least 24 other individuals to area hospitals, according to local news reports. A fire also broke out at the facility shortly after the leak was reported.

The temporary closure of Icy Point Cold Storage was ordered by the local government pending an investigation into the cause of the leak and fire by the Bureau of Fire Protection (BFP), the City Health Office, Sanidad, City Environment and Natural Resources Office, and Business Permits and Licensing Office, the Navotas local government said.

The leak was reported before midnight by employees who evacuated the area after smelling ammonia. The BFP responded to close the valve and control the leak, but an explosion and fire shortly thereafter brought 15 fire trucks to the site, GMA Integrated News reported. The BFP declared the fire out by 2 a.m. on June 20.

Ammonia Leak Prompts Evacuation in Texas

Ammonia, News, News Briefs, Texas

An ammonia leak late on June 19 at the New Braunfels Smokehouse food production facility in New Braunfels, Texas, prompted an evacuation of area homes and businesses until 6 a.m. on June 20, KSAT News reported. No injuries were reported, but the facility remained closed at midweek.

The evacuation was ordered for approximately 115 people in homes and business within two-tenths of a mile of the facility, along with employees at the site. Officials said a reverse 911 system and door-to-door notifications were used in the evacuation by the New Braunfels police and fire departments.

Northside Elevator Partners with Meristem

Eastern Cornbelt, Great Lakes, News, News Briefs, Specialty

Northside Elevator Inc. in Loyal, Wisc., has reached a dealership agreement with Meristem Crop Performance Group LLC, Columbus, Ohio, to carry Meristem’s product line in central Wisconsin. Northside operates grain, agronomy, and feed business from Wisconsin locations at Loyal, Stanley, and Arcadia.

“Northside agronomists are professional, knowledgeable, well trained, and have the expertise to make the best recommendations for farmers throughout central Wisconsin,” said Meristem Founder and CEO Mitch Eviston. “We are excited to be working with them and know our product toolbox is going to help them help their customers get more bushels and a better ROI.”

The Meristem products that Northside will add include RaceReady™ seed treatments, Hopper Throttle™ planter box treatments, Revline™ biologicals and plant growth regulators, TruTrack™ drift control, Aquadraft™water conditioners and surfactants, Upshift™ starter fertilizers, Homestretch™ micronutrients and foliar nutritionals, and Excavator™, powered by Microbilize™, a new biological designed to break down tough crop residue and release nutrients faster.

“Teaming with Meristem Crop Performance will allow us to bring innovation to our customers to help them win every crop season,” said Eric Schneider, Northside’s Agronomy Business Development lead. “Meristem’s biotechnology and new delivery systems really fit well with our mission to help our customers gain more yield at an efficient cost per unit.”