BioNitrogen Holdings Corp., Miami, a junior company hoping to use clean technology to produce urea from biomass, announced that on Nov. 3, 2015, it filed for Chapter 11 reorganization in the U.S. Bankruptcy Court for the Southern District of Florida in connection with its efforts to restructure its debt and reorganize its operations. The company’s board of directors approved the bankruptcy filing.

Additionally, on Oct. 30, James Simonton, Carlis “Chic” Sabinson and Roger Imperial resigned as members of the board of directors. The bankruptcy filing and the director resignations are further detailed in the company’s Nov. 4, 2015 Form 8-K filed with the Securities and Exchange Commission.

 “We seek to emerge from this process as quickly as possible in a stronger position as a company” stated Carlos Contreras, chairman and CEO.

BioNitrogen’s most recent efforts have focused on trying to build two plants in Florida. However, it has also eyed Louisiana and other states for potential project sites.

Agrium Inc. reported third-quarter net earnings from continuing operations of $99 million ($0.72 per diluted share) on sales of $2.5 billion compared to the year-ago $91 million ($0.63 per share) and $2.92 billion, respectively.

The company said the increase was due to higher sales volumes in its Wholesale unit combined with lower production costs in the unit. In the meantime, Retail earnings were similar to the prior year period, despite weaker market conditions.

Nine-month earnings from continuing operations were $788 million ($5.52 per share) on sales of $12.4 billion, up from the year-ago $728 million ($5.05 per share) and $13.3 billion, respectively.

A worker died at Belaruskali’s number 3 mine on Nov. 2 at around 17.00 hours local time.  The employee, a 27-year old ‘timberman’, is understood to have been working 420 meters below the surface.  Media reports cite ‘a sudden emission’ of methane, which subsequently exploded as contributing to the fatality. The accident, which occurred during the maintenance shift, is being investigated but production has not been stopped, a Belarus Potash Co. (BPC) spokesperson said.

CF Industries Holdings Inc. reported third-quarter net income attributable to shareholders of $90.9 million ($0.39 per diluted share) on net sales of $927.4 million, down from the year-ago $130.9 million ($0.52 per share) and $921.4 million, respectively. EBITDA was $256.3 million, down from $338.3 million.

Nine-month net income $673.4 million ($2.84 per share) on sales of $3.2 billion, down from $1.15 billion ($4.43 per share) and $3.53 billion, respectively. EBITDA was $1.41 billion, down from $2.2 billion.

CF reported recent highlights:

OCI deal receives U.S. antitrust clearance.

New Donaldsonville urea plant mechanically complete; commissioning has begun.
 
Completion of a 106-day turnaround and refurbishment at the Woodward, Okla. facility, with 75 days of that within the third quarter.

While urea prices have been on a downward trend, CF estimates that Chinese exports, due to the lower prices, have slowed and will be only 12 million mt in 2015 versus 13.6 million mt in 2014.

CF sees a 1.2 percent increase in North American nitrogen demand and corn acreage of 90.5 million acres, up 2.1 million acres than in 2015.

CF continues to benefit from low natural gas prices, with third-quarter costs averaging $3.07/mmBtu, down from the year-ago $4.39/mmBtu.

The Mosaic Co. today reported third quarter 2015 net earnings of $160 million, compared to $202 million in the third quarter of 2014. Earnings per diluted share were $0.45 in the quarter compared to $0.54 last year. Notable items negatively impacted current quarter earnings per share by $0.17, primarily due to non-cash foreign currency transaction losses. Adjusted earnings per share, excluding notable items, were $0.62 per share in the quarter, compared to $0.56 per share last year.

Mosaic’s net sales in the third quarter were $2.1 billion, down from $2.3 billion in sales last year, as a result of lower volumes and prices. Operating earnings during the quarter were $246 million, down from $277 million a year ago. The year-over-year change was driven by lower net sales, partially offset by no restructuring expenses during the current year period.

"Over the course of the last two years, we have transformed Mosaic to become more efficient and made great progress in optimizing our balance sheet. We continued to grow adjusted earnings per share, despite notably weaker crop nutrient prices and a challenging macroeconomic environment," said Joc O’Rourke, Mosaic’s president and CEO.

"As anticipated, this quarter’s results reflect lower sequential production levels resulting in higher costs per mt at our potash and phosphate facilities during a seasonally slow demand period," said Rich Mack, Mosaic’s executive vice president and CFO. "Cost reduction efforts and focused execution helped maintain margin rates, which, in combination with our share repurchases and a lower effective tax rate, drove an improvement in adjusted earnings per share compared to a year ago."

"Mosaic maintained and will continue to maintain discipline by matching production to expected demand, and our fourth quarter guidance clearly reflects this philosophy," said O’Rourke. "Longer term, stable and profitable farm economics combined with the benefits of our strategic initiatives position Mosaic to generate attractive returns for our shareholders."

Total sales volumes for the Phosphates segment are expected to range from 1.9 to 2.2 million mt for the fourth quarter of 2015, compared to 2.4 million mt last year. Mosaic’s realized DAP price, FOB plant, is estimated to range from $410 to $440 per mt for the fourth quarter. The segment gross margin rate is estimated to be in the high teens and the operating rate is expected to be around 80 percent.

Total sales volumes for the Potash segment are expected to range from 1.8 to 2.1 million mt for the fourth quarter of 2015, compared to 2.3 million mt last year. Mosaic’s realized MOP price, FOB plant, is estimated to range from $235 to $255 per mt. Mosaic’s gross margin rate in the segment is expected to be in the mid 20 percent range during the fourth quarter, reflecting the decision to operate at lower production rates due to softer demand conditions. The company’s operating rate is expected to be around 70 percent, down from 91 percent last year.

Total sales volumes for the International Distribution segment are expected to range from 1.3 to 1.6 million mt for the fourth quarter of 2015, compared to 1.1 million mt last year. The segment gross margin per mt is estimated to be in the range of $23 to $28 per mt.

Belaruskali and Belarusian Potash Co. (BPC) have reported their availability of white potash for the market will be limited for the next three-to-four weeks due to repair work and scheduled maintenance at production unit 4. The repair work follows the collapse of the metal structure of the conveyor gallery at the site on Oct. 26 just ahead of the scheduled annual shutdown of the production unit for maintenance. The production unit 4 produces about 280,000 mt per month of white potash. Belaruskali and BPC said in a statement most shipments of white product will be carried out as planned and outstanding volumes will be delivered immediately after the production unit 4 resumes operations. The companies said the reasons for the incident are being ascertained, and that there were no injuries.

The Indian State Trading Corp. issued counterbids in its urea tender Saturday, Oct. 31. East Coast prices are $262.75-$264.75/mt CFR. West Coast prices are $262.74-$264.74/mt CFR. Prices depend on the port of discharge. Just under 1.5 million mt fit into those price ranges before traders make any major adjustments to their offers. If STC takes that many tons, sources say a follow-up tender may not be necessary. See the Nov. 9 issue of Green Markets for offer and counterbid details and analysis of the tender.

EuroChem Group AG’s subsidiary EuroChem Trading USA completed the acquisition of Ben-Trei Fertilizer Co., a Tulsa-based fertilizer distributor on Oct. 22. EuroChem says the transaction will allow it to benefit from Ben-Trei’s established relationships with local customers as EuroChem seeks to increase its presence in the U.S. For more information, see today’s Green Markets.

Yara International ASA said Oct. 29 that it has acquired 100 percent of the shares in Apache Fertilisers Pty Ltd., which holds Apache’s 49 percent ownership position in Yara Pilbara Holdings Pty Ltd. (YPHL), for US$391 million.

YPHL owns 100 percent of the Yara Pilbara Fertilisers Pty Ltd (YPF). YPF in turn owns the Yara Pilbara ammonia plant, which has a production capacity of approximately 850,000 mt/y. In 2014 the Yara Pilbara ammonia plant delivered an EBITDA of US$218 million. The natural gas contract for the ammonia plant contains a price step-up effective mid-2016.

YPHL also owns 20.4 percent of Yara Pilbara Nitrates Pty Ltd. (YPN). YPN is constructing a technical ammonium nitrate (TAN) plant with a production capacity of 330,000 mt/y, with completion scheduled for early 2016.

"We are pleased to secure full ownership of the Pilbara ammonia plant, which is the largest and most modern ammonia plant in Yara’s portfolio," said Svein Tore Holsether, Yara president and CEO.

"The Pilbara assets are already operated by Yara, and therefore require limited efforts to fully integrate. The investment will also yield synergies within governance and tax structure," said Holsether.

The transaction has been signed and closed, and required approvals by relevant authorities have been obtained.