Intrepid Potash Inc. reports that its third-quarter potash volumes dropped 37 percent to 156,000 st from the year-ago 249,000 st. The company cited a general hesitation by dealers to secure product for fall application season due to the pricing uncertainty for potash and delayed harvest in portions of the U.S. Average net realized potash sales prices were also down at $363/st versus the year-ago $444/st.

Third-quarter Intrepid net income sank to $2 million ($0.03 per diluted share) on sales of $70.6 million, down from the year-ago $33.3 million ($0.44 per share) on sales of $129.3 million. Income was reduced by $3 million due to two one-time items, which included a market inventory adjustment and a reserve for previously recorded wage credits.

The Mosaic Co. has announced plans to sell assets in Argentina and Chile. “After significant evaluation and review, Mosaic has decided to pursue a sale of our operations in Argentina and Chile,” the company said in a statement. “We will immediately begin preparations for a sale process and will work quickly to complete a transaction. Mosaic will continue running our business until a sale is completed.”

Mosaic did not elaborate on the extent of its assets, however, the press in Argentina reported that annual sales are over $300 million and that it employs 130 workers. It also produces phosphates at a plant in Rosario, north of Buenos Aires.

K+S Group said today the suspension of potash and crude salt extraction and surface production at its Unterbreizbach mine is expected to last at least until the end of November. This follows a gas explosion Oct. 1 that killed three employees and injured seven. Work underground continues to focus on ventilating the pit and removing the carbon dioxide still present there.

About 80 employees from the Unterbreizbach site are currently deployed to provide support for mining and production operations at the Werra plant site in Hesse. The continuation of short-time work has been applied for in the case of the overwhelming majority of the Unterbreizbach workforce. This also applies to employees involved in maintenance at the Merkers site.

K+S said the suspension has not affected its ability to make deliveries to customers. Existing orders are being serviced by other K+S plants.

LSB Industries Inc. reported Oct. 24 that its Pryor, Okla., nitrogen facility went offline in October and is not expected back up until mid-November. The plant which can produce up to 700 st/d of anhydrous ammonia and 325,000 st/y of UAN, is a key economic driver for the company. LSB explained that the facility went down to perform unplanned maintenance which was indicated by newly-installed diagnostics equipment. LSB also sought to improve equipment reliability. Since the shutdown, LSB said the scope of the maintenance activities have increased as mechanical issues and opportunities for plant performance improvements were identified.

The Mosaic Company on Oct. 28 announced that it has signed a definitive agreement to acquire the phosphate business of CF Industries Inc. for $1.2 billion in cash plus $200 million to fund CF’s asset retirement obligation escrow.

Under terms of the agreement, Mosaic would acquire the 22,000-acre South Pasture phosphate mine and beneficiation plant in Hardee County, Fla., a phosphate manufacturing facility in Plant City, Fla., and ammonia terminal and finished product warehouse facilities in Tampa. The CF facilities currently produce approximately 1.8 million mt of phosphate fertilizer per year, which would be additive to the annual 8.2 million mt currently produced by Mosaic.

The acquisition is expected to add approximately $0.30 per share to Mosaic’s 2015 earnings per share, excluding any debt financing costs and any changes to outstanding share count.

The proximity of CF’s South Pasture mine to Mosaic’s planned Ona phosphate mine in Hardee County would allow Mosaic to take advantage of the synergies associated with the combined mining assets. The existing infrastructure at South Pasture would result in Mosaic saving approximately $500 million by not having to construct a $1 billion beneficiation plant. Mosaic would instead invest approximately $500 million to develop phosphate rock reserves and improve existing mines.

Mosaic and CF also signed strategic supply agreements under which CF will provide Mosaic with up to approximately 1.0 million mt per year of ammonia. Under one agreement, Mosaic will purchase up to 725,000 mt annually for 15 years with pricing based on a formula tied to the prevailing price of U.S. natural gas. This agreement is expected to commence prior to January 2017. Under a second agreement, Mosaic will purchase approximately 270,000 mt annually for three years from CF’s Trinidad operations at CFR Tampa market-based pricing.

In light of these supply arrangements, Mosaic has decided to forego its proposed ammonia manufacturing plant at its Faustina, La., phosphate facility, saving approximately $1.1 billion in future capital expenditures.

“Uniting CF Industries’ phosphate operations with Mosaic’s creates an ideal combination that provides the opportunity for enhanced operating efficiencies and sustainability efforts, lower production costs and reduced capital investment–creating value for our shareholders, customers and employees,” said Mosaic President and CEO James T. Prokopanko. “The addition of these new phosphate assets and securing access to long-term ammonia supplies solidifies Mosaic’s position among the largest and best phosphate producers in the world.”

The phosphate acquisition would be additive to Mosaic’s existing Florida operations, and complements the company’s plans to mine phosphate rock reserves in Hardee and Desoto counties and extensions of the existing Wingate mine.

“We are thrilled to add CF Industries’ Florida phosphate employees and facilities to the Mosaic family,” said Gary N. "Bo" Davis, Mosaic senior vice president, Phosphate Operations. “We look forward to working together to help the world grow the food it needs while strengthening our operations and deep commitments to the Central Florida communities where our employees live and work.”

In total, the transactions are expected to favorably impact Mosaic’s future capital expenditures. In addition to the $1.4 billion total consideration in connection with the acquisition, Mosaic expects to spend an estimated $500 million to develop reserves and improve existing mines, and an estimated $200 million on marine assets to transport ammonia from Louisiana to its Florida facilities.

The estimated $2.1 billion of investments and capital expenditures is expected to be offset by an estimated $2.1 bill

Potash Corp. of Saskatchewan Inc., citing lower prices for all major nutrients as well as reduced potash volumes, reported a 45 percent drop in third quarter net income to $356 million ($0.41 per share) from the year-ago $645 million.

A stronger first-half allowed the company to hold the line for nine-month results, which were down only 6 percent to $1.6 billion ($1.77 per share) from the year-ago $1.7 billion ($1.89 per share).

Yara International ASA said Oct. 18 that it and BASF are evaluating a possible joint investment in a world scale ammonia plant at the U.S. Gulf Coast.