Cairo-Egypt Hydrocarbon Corp. (EHC), an affiliate of Carbon Holdings, has announced it has concluded financing and has begun work on a world-scale chemical complex in the Suez region of Egypt. The complex includes both nitric acid and ammonium nitrate facilities. The announcement was made by Mr. Basil El-Baz, chairman and CEO of Carbon Holdings, at a signing ceremony for the US$298 million loan facility held in Cairo. “This project is a significant step for Carbon Holdings and EHC in our plan to execute three major projects over the next five years. As a private company, we have the ability to efficiently evaluate market dynamics and implement projects in a timely manner, and this project is the result of that capability,” said El-Baz. The complex will convert ammonia feedstock to 925 mt/d of nitric acid, which is further processed to produce 1,060 mt/d of low density ammonium nitrate. Start-up of the facility is estimated in 2013. The engineering, procurement, and construction contract and technology licenses have been executed with Uhde Gmbh, a wholly-owned subsidiary of ThyssenKrupp AG. The initial mandated lead arrangers for the loan facility are Ahli United Bank (Egypt) and Ahli United Bank (Bahrain) who are the bookrunners, security agent Banque Misr, and Commercial International Bank (Egypt), the facility agent.

Moscow-Uralkali has installed a Siemag-made skip hoist as part of a project to modernize Mine 4. Two further hoisting units will be replaced at Mine 4 in 2011. These steps towards modernization will increase Mine 4’s annual design capacity from 14.5 million to 19.7 million mt of ore in 2012. The Siemag-made skip hoist is a modern and functional unit capable of hoisting up to 30 mt of potash ore from a depth of 400 meters. The old units could hoist a maximum of 24 mt of ore at a time. Another important advantage of the new Siemag hoist is that it is automated and equipped with a self-test system. Start-up and commissioning is being carried out by Siemag experts. As part of its overall effort to increase Mine 4’s capacity, Uralkali is also rehabilitating its conveyer transportation equipment and constructing an additional (third) conveyor belt line. In addition, the number of combine systems will increase from 37 to 40 units by 2012. The project to increase Mine 4’s capacity is part of Uralkali’s facility modernization program, aimed at producing 7 million mt of muriate of potash in 2012.

Plymouth, Minn.-The Mosaic Co. said Dec. 9 that it plans to redeem the remaining $455 million aggregate principal amount of its 7-3/8 percent senior notes due Dec. 2014 pursuant to the terms of the indenture dated Dec. 1, 2006, relating to the notes. The expected redemption date is Jan. 13, 2011. Mosaic expects its annual interest expense will be reduced by approximately $34 million upon the redemption, which will be funded from available cash generated by the ongoing business operations of Mosaic. The notes will be redeemed at a price of $1,036.88 per $1,000 principal amount, together with interest accrued and unpaid to the redemption date. Mosaic will record a charge of approximately $19 million in its fiscal 3Q, primarily related to the call premium and the write-off of unamortized fees.

Moscow-As part of Acron Group’s efforts to streamline its financing structure for purchasing technological equipment in 2010, the Italian Export Credit Agency SACE S.p.A has provided coverage under a contract executed between Acron and DIEMME S.p.A. (Italy) providing for payment in installments over seven years for the equipment supplied from Italy. Based on its successful prior experience, Acron intends to further cooperate with SACE in order to strengthen and expand trade relations with Italian hi-tech equipment manufacturers. Currently Acron is implementing a large-scale investment program, under which it will import equipment for ~US$300 million from the EU, Japan, and the U.S. to upgrade its existing facilities and build new production facilities. These purchases are funded by long-term financing covered by export credit agencies.

Rio de Janeiro-Vale S.A. on Dec. 8 announced the secondary listing of its common shares and Class A preferred shares in the form of Hong Kong depositary receipts (HDRs) on The Stock Exchange of Hong Kong Limited (HKEx).

Overland Park, Kan.-Standard & Poor’s has announced that Compass Minerals is expected to be added to the S&P MidCap 400 Index. “Through our continual focus on building shareholder value, Compass Minerals has grown from a market capitalization of $485 million at our initial public offering in December 2003 to our current market capitalization approaching $3 billion. We are honored that the S&P has recognized this growth, and we are pleased to become a part of this important investor index,” said Angelo Brisimitzakis, president and CEO of Compass Minerals. The MidCap 400 Index is intended to reflect overall risk and return characteristics of midsize U.S. companies and serves as a benchmark for investors. Inclusion in it is based on multiple factors, including location of assets and revenues, corporate structure, and industry and sector representation. Companies in the index must have a market capitalization in the $850 million to $3.8 billion range, as well as at least four consecutive quarters of positive reported earnings. The S&P MidCap 400 Index includes 7 percent of the U.S. equity market.

Lansing, Mich.-The state’s lawn care and landscape industry says it has no problem with the ban on using fertilizers with phosphorus on residential and commercial lawns that was approved by the legislature. On Jan. 1, 2012, Michigan will be joining Minnesota, Wisconsin, New York, and Illinois, which already have the restrictions to protect the Great Lakes from nutrient runoff. According to Amy Frankmann, executive director of the Michigan Nursery and Landscape Assn., the landscape industry supported the legislation, although the new law still allows local ordinances more restrictive than the state’s to remain in effect. The legislation permits golf courses to continue to use phosphorus if they have appropriate state certification and trained staff. Agricultural operations would be exempt. New lawns would be allowed phosphorus, but a soil test would be required for any residential lawns that homeowners think need additional phosphorus. Retailers would have to stop displaying phosphorus fertilizer, but could make it available upon request if they provide instructions about the new law. Violators would be subject to fines ranging from $50 to $1,000.

St. Paul, Minn.-CHS Inc. on Dec. 10 announced the dissolution of United Harvest, a joint venture company owned equally by CHS and United Grain Corp., a Mitsui company. The jv was formed in December 1998. “CHS has carefully considered its successful 12-year partnership with Mitsui in United Harvest and has made the determination that it is best to dissolve the joint venture,” said Rick Browne, senior vice president, CHS Grain Marketing. “We appreciate the significant value United Harvest has provided for CHS and its stakeholders. However, it has become clear that CHS needs to move in a new direction. CHS pledges to continue to uphold its commitment to ensure long-term, competitive market access in the Pacific Northwest for its stakeholders and customers.” The dissolution is expected to be completed on or before May 31, 2011. Upon United Harvest dissolution, management of the Vancouver, Wash., export terminal will return to United Grain Corp., and management of the Kalama, Wash., export terminal will return to CHS.

Columbus-Farmers in the Grand Lake St. Marys watershed will have to give up spreading manure on frozen land to keep nutrient runoff out of the state’s largest inland lake and other waterways. The go-ahead was given earlier this month by the legislature’s joint committee on agency rule review for the Ohio Department of Natural Resources to put the ban into effect by yearend as part of an effort to restore the algae-plagued waters to a more normal condition. This past summer swimming was restricted at Grand Lake St. Marys in western Ohio, which also experienced a decline in tourism. Environmental groups contend that the winter ban is critical to stopping the manure from flowing into the watershed after the snow melts, the ground thaws, and spring rainfall begins. Agriculture interests indicated the decision was a sensible way to deal with the problem. Ohio Farm Bureau’s Beth Vanderkooi called it “a reasonable approach,” saying the organization plans to monitor how the department moves forward with the plan. Once the department’s regulations take effect, farmers would have two years before they would be banned from putting it on their fields. During that time they would be required to follow federal best management guidelines for manure application and develop a plan for how to get rid of and apply manure in the future. Mike Shelton, a spokesman for the natural resources department, said two years gives farmers the chance to build manure storage facilities that could qualify for state aid and possible federal aid, in addition to possible federal aid to help develop a manure management plant.

Hot Springs, Ark.-The Arkansas Farm Bureau says press coverage didn’t get it straight reporting that Gov. Mike Beebe indicated that tax cuts being proposed by lawmakers next year could jeopardize exemptions on agriculture products such as fertilizer. But that’s not the way Farm Bureau representatives heard it. Actually, according to Farm Bureau spokesman Steve Eddington, the governor’s comments were made while stressing his continued support for maintaining sales tax exemptions for ag input items. “He, in fact, said the exemptions remain a priority for Farm Bureau and emphasized that it will remain a top priority in the governor’s office as long as he’s alive and as long as he’s the governor,” Eddington commented. “I think the news article went askew with that comment. It was not my sense, after hearing the governor speak, that he was sounding the alarm about some coming change in tax policy. He was basically saying ‘I’ve got your back’ on that issue.”