Ecuador court gives green light for Silvercorp, Salazar’s El Domo project
The ruling removes the last major obstacle for the $250 million project, located 150 km northeast of Guayaquil.
Mosaic, the world’s largest phosphate producer, expects the fertiliser price surge will continue.
The company “expects upward pricing momentum to continue” as 90% of fourth quarter sales are committed and priced, with some customers requesting commitments as far forward as second quarter of 2022, the company said Monday in a statement.
Mosaic reported third quarter adjusted earnings that missed the average analyst estimates, with lower potash and phosphate sales volumes, pushing shares lower in afermarket trading.
Fertilizer prices have skyrocketed as soaring natural gas costs have forced some European production plants to halt or curtail production. US spot prices for potash and urea, a form of nitrogen fertilizer, have more than doubled this year, according to Green Markets, a company owned by Bloomberg.
The price surge is stoking fears farmers may pull back on purchases or shift more acres into crops that require less nutrients. A drop in yields could drive crop prices higher, worsening food inflation.
Green Market’s North American fertiliser price index rose 0.4% Friday to $1 017.87 per short ton, just off a record reached earlier this month.
(By Jen Skerritt and Elizabeth Elkin)
Comments