The Mosaic Co., Plymouth, Minn. reported second-quarter net earnings attributable to Mosaic of $68 million ($0.18 per diluted share) on net sales of $2.2 billion compared to the year-ago $97.3 million ($0.28 per share) and $1.75 billion, respectively. However, second- quarter EPS included a negative impact of $0.22 per share from notable items, primarily related to non-cash currency translation charges and costs related to the Vale Fertilizantes acquisition, partially offset by discrete tax benefits. Adjusted earnings per share during the second quarter of 2018 were $0.40, ahead of both last year and the first quarter of 2018.

“In fact, we have paid down $500 million in debt this year, which brings us closer to our through-cycle balance sheet targets. As we look ahead, our capital priorities remain unchanged: maintain a strong balance sheet, sustain our assets, invest to grow the business and return excess to shareholders.”

“We are seeing positive developments in potash and phosphate markets and we expect the momentum to continue,” said Joc O’Rourke, president and CEO. “Strong operational performance across our three business units and constructive market developments are driving improved earnings and cash flow. We are making excellent progress on the transformational initiatives at Mosaic Fertilizantes and are well positioned to benefit from today’s improved business environment.”

Yara International ASA, Oslo, and Arab Potash Co., Amman, have decided to end all discussions under the Memorandum of Understanding dated Jan. 29, 2018, in relation to potential cooperation in the field of potassium nitrate through APC’s subsidiary, Kemapco, and to terminate the same, according to a Bloomberg report citing a statement from both companies. As a result, Yara will not be pursuing an ownership stake in Kemapco.

The parties said they appreciate the efforts exerted in this regard by both companies and remain interested in exploring other mutually beneficial avenues.

Intrepid Potash Inc., Denver, reported improved second-quarter results citing higher potash prices and strong domestic Trio volumes, with the latter offset by a challenging international market and reduced production schedule. Water demand continued to be called solid.

The company reported a loss of $1 million ($0.01 per share), though it was an improvement over the year-ago loss of $5.9 million ($0.05 per share). Net sales were $51 million, up from the year-ago $45 million.

In line with Nutrien Ltd.’s plans to cut 80 jobs at its Vanscoy, Sask., potash mine, the company has confirmed plans to shift some 400,000 mt/y of potash production from Vanscoy to other Nutrien mines. This will take effective Vanscoy production down to 2.1 million mt/y from 2.5 million mt/y. Capacity is approximately 3 million mt/y.

Nutien Ltd., Saskatoon, reported net earnings from continuing operations of $741 million on sales of $8.14 billion, up from the year-ago $705 million and $7.35 billion.

The company said it has raised guidance based on firm market fundamentals and the rapid pace of synergy realization as well as a strong balance sheet.

Full-year adjusted earnings guidance has been raised to $2.40-$2.70 per share, up from $2.20-$2.60 and adjusted consolidated EBITDA to $3.7-$4 billion from $3.3-$3.7 billion.

Potash sales volumes have gone to 12.3-12.8 million mt from 12-12.5 million mt and Potash EBITDA to $1.4-$1.6 billion from $1.2-$1.4 billion.

Nitrogen sales volumes are now expected to be 10.3-10.7 million mt up from 10-10.4 million mt. EBITDA was raised to $1.1-$1.2 billion from $1-$1.2 billion.

Phosphate EBITDA guidance was raised to $0.2-$0.3 billion from $0.2-$0.25 billion.

CF Industries Holdings Inc., Deerfield, Ill., reported second-quarter net earnings attributable to common stockholders of $148 million ($0.63 per diluted share) on net sales of $1.3 billion, up from the year-ago $3 million ($0.01 per share) and $1.12 billion, respectively. Adjusted EBITDA was $468 million, up from $303 million.

“Our unmatched logistics capability allowed us to fully capitalize on the weather-delayed application season once it finally appeared in the second quarter, enabling us to ship a record 5.5 million product tons,” said Tony Will, CF president and CEO. He said the story of first-half 2018 was lower North American gas costs and higher nitrogen prices.

CF also reported plans to repurchase $500 million in stock through June 30, 2020 and reaffirmed plans to repay the remaining $500 million in public senior notes on or before the May 2020 maturity.

Nutrien Ltd., Saskatoon, announced Aug. 1 operational and workforce changes at its Vanscoy potash facility that will take effect in the fourth quarter of 2018.  The changes include a reduction of approximately 30 staff and 50 hourly positions with approximately 585 employees expected to remain at the site. These changes are associated with a rebalancing of Nutrien’s overall potash production.

“This is a difficult day for our employees and their families, and we are committed to easing the transition for our impacted employees,” said Susan Jones, president of Nutrien Potash. “The changes will position Vanscoy to operate more efficiently within Nutrien’s entire potash network and ensure we can competitively serve our customers on a long-term basis. We have provided opportunities for Vanscoy employees to transition to other roles since the beginning of 2018 as we rebalance our network and expect to increase staffing levels at other Saskatchewan mines going forward.”

Nutrien will provide severance packages, assistance, transition programs and information on existing openings for affected employees. The company expects to have between 50 to 70 vacancies at other Saskatchewan potash mines over the remainder of 2018 and will continue to provide opportunities for Vanscoy employees to transition to other roles within Nutrien.

Sirius Minerals Plc, Scarborough, England, has announced the signing of an agreement with ADM for the supply of binder for its POLY4 product and names ADM as the company’s North American off-take partner.

Sirius said entered into an offtake agreement with ADM in 2014 and subsequently replaced that agreement with an expanded agreement in 2015. The expanded agreement is for a period of seven years from commercial production and has two five-year extension options to supply volumes of POLY4 increasing to 1.5 million tons per year in year five, with an option for an additional 0.5 million tons per year. ADM’s fertilizer division, ADM Fertilizer, has operated since 2004, growing its distribution footprint to 14 river terminals, 12 interior terminals and operating in the wholesale distribution spaces as well as the farm focus space in 2016.

The agreement between ADM and Sirius covers three principle areas:

1. ADM will supply Sirius with binder for an initial period of five years from commencement of production with renewal options;
2. Sirius will design and construct a binder handling facility with the support and expertise of ADM, at or close to, the Company’s materials handing facility in Teesside; and
3. ADM will continue its existing research and development program on binders for POLY4 for a further period of three years. These research activities will help to evolve processes to develop the most efficient and effective methods for the granulation of POLY4.

As part of the binder supply agreement, ADM is assessing how best to service the contract for the long-term. This assessment will include looking at the potential feasibility of constructing a new processing facility in close proximity to Sirius’ operations in Teesside to service both Sirius’ needs as well as supply for the broader UK market.

August anhydrous ammonia business for Tampa was concluded at $310/mt CFR, up $30/mt CFR from July’s $280/mt CFR.