NYSE-listed Mosaic expects its full-year production to fall by between 200 000 t and 250 000 t, after Hurricane Ian caused modest damage to its facilities and supporting infrastructure in Florida.
Repairs will be completed over the next one to two weeks, the company said on Monday.
In addition to production impacts, the timing of shipments was also affected by the storm. Phosphates sales volumes in the third quarter are now expected to total 1.60-million to 1.65-million tonnes, as port and rail closures delayed late third-quarter shipments to October.
Mosaic plans to provide further updates when it reports third-quarter results.
As Mosaic completes repairs, The Mosaic Company Foundation is also donating $100 000 to its most hard-hit operating areas. These funds will be used to support local recovery efforts in Florida's Hardee, Manatee and DeSoto counties.
Prior to hurricane season beginning, Mosaic provided $55 000 in storm preparation funds to organizations across Central Florida.
In addition, The Mosaic Company Foundation contributed $300 000 to an Employee-to-Employee Assistance Fund. This fund will be dispersed to employees who need financial assistance with hurricane recovery efforts throughout central Florida. The company will also double match any contributions made by Mosaic employees to this fund.