Phosphates

The US Commerce Department has opened an investigation into whether producers of phosphate fertilizers in Morocco and Russia are receiving unfair subsidies.

The company is shipping Apaliqua NP 11-37, a liquid nitrogen-phosphorus fertilizer, to farmers in Bulgaria and Hungary.

Last week The Mosaic Company requested the initiation of countervailing duty investigations into imports of phosphate fertilizers from Morocco and Russia.

Yara has committed 40 000 t of fertilizer, agronomic expertise and digital enablement to smallholder farmers in a public-private partnership supported by the UN World Food Program, the Norwegian government and African institutions.

The company is claiming that large volumes of unfairly subsidised imports from Morocco and Russia are causing significant harm to its operations.

The forecast was made by Andrey Guryev during a round table discussion hosted by the Rossiya-24 television news channel.

The proceeds from the agreements will be used by the company, which operates the phosphate fertilizer production complex located at Wa’ad Al Shamal Minerals Industrial City in Saudi Arabia, to pay down existing loans.

The company is aiming to move its Lac à Paul phosphate project in the Saguenay — Lac-Saint-Jean region of Quebec, Canada, towards development.

The targets include reducing greenhouse gas emissions by 20% per tonne of product, reducing freshwater use by 20% per tonne of product and implementing 4R Nutrient Stewardship on 25 million acres, all by 2025.

Kropz has launched an open offer to existing shareholders to raise up to US$4 million to bring the company's Elandsfontein phosphate project, located in South Africa, into production.

EBITDA amounted to US$345 million in 1Q20, down from US$448 million in 1Q19.

The company's consolidated net profit after tax for the quarter ended 31 March 2020 was US$30.8 million, compared to US$14.58 million in the quarter ended 31 March 2019.

The company recorded a net loss of CAN$0.4 million in 1Q20, compared to a loss of CAN$0.6 million in 1Q19.

The company's net loss in 1Q20 was US$153 million, compared to a profit of US$133 million in 1Q19.

The company's Fertilisers Asia Pacific segment recorded an EBIT loss of of AUS$9.9 million, an improvement from a loss of AUS$32.5 million in HY19.