Mosaic entered into an agreement with Saudi Arabian Mining Company (Ma'aden) to exchange its 25% ownership in the Ma'aden Wa'ad al Shamal Phosphate Company for 111,012,433 shares of Ma'aden. The transaction is expected to close later in 2024.

Capital expenditures were $383.0 million for the quarter, indicating continued investment in the business. This level of spending suggests a focus on maintaining and potentially expanding production capacity.

The operating rate for potash production was 81% compared to 69% in the prior year, driven by higher production across Canadian mines due to higher capability at the Esterhazy mine and the Colonsay mine operating for a portion of the current year period, versus being temporarily idled in the prior year period.

Phosphate sales volumes and production were impacted by planned maintenance and turnaround activity at our sites. This indicates proactive management of asset integrity but also highlights potential operational inefficiencies.

The report notes the invalidation of Florida's Clean Water Act 404 program and the return of permitting authority to federal agencies, which could lead to delays and increased legal risk for Florida mining projects.

The report acknowledges risks related to the Ma'aden transaction, including the inability to receive required approvals and the potential for a material adverse change in the financial performance of Ma'aden and MWSPC.

The report indicates that countervailing duty (CVD) orders on phosphate fertilizers from Morocco and Russia remain in place, with ongoing litigation challenges. These orders provide some protection to the U.S. industry.

The company repurchased 3,398,700 shares of common stock for $108.4 million during the quarter, demonstrating a commitment to returning capital to shareholders.

Cash dividends of $69.7 million were paid, reflecting a consistent dividend policy.

The report highlights the impact of global supply and demand dynamics on sales prices for key products, including phosphate and potash.