Groundwater cleanup to cost PHI $2.5 M

Madison, Miss.-Phosphate Holdings Inc. (PHI) CEO Robert Jones told analysts Nov. 19 that groundwater contamination found during a recent inspection by federal and state officials will cost about $2.5 million to mitigate. The price tag was less than some had feared. Jones said tests had shown the contamination did not leave the property, which could have caused additional liability for the company. PHI owns Mississippi Phosphates Corp. Jones also noted the NOLA DAP barge market had improved during the past week and would result in greater profitability during the fourth quarter. He said the No. 3 sulfuric acid plant, which had experienced problems after a plant turnaround in August, would be shut down for a turnaround in January.