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UPDATE 2-Mosaic Co settles U.S. environment claims for over $800 mln

Published 2015-10-01, 10:30 a/m
UPDATE 2-Mosaic Co settles U.S. environment claims for over $800 mln

(Adds details, shares)
Oct 1 (Reuters) - Fertilizer maker Mosaic Co MOS.N has
reached a settlement worth more than $800 million with U.S.
regulators over its waste management practices at plants in
Florida and Louisiana.
The company's shares fell as much as 1.7 percent to a near
seven-year low of $30.58 in morning trading on Thursday.
The claims were related to the storage and disposal of
phosphoric and sulfuric acids at some of Mosaic's plants, the
U.S. Department of Justice and the Environmental Protection
Agency said on Thursday. (http://1.usa.gov/1N4aUj2)
Mosaic will set up a $630 million trust fund, which will be
invested until it reaches $1.8 billion, to "cover future closure
of four Mosaic facilities - the Bartow, New Wales and Riverview
plants in Florida and the Uncle Sam plant in Louisiana..." the
Department of Justice said.
The funds will also be used for the treatment of hazardous
wastewater at the plants and two other plants already undergoing
closure, the department said.
The company will pay a penalty of $8 million and invest $170
million in modifying its waste management practices.
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It will also set up environmental projects valued at $2.2
million in the two states.
Mosaic said it did not expect the settlement to "adversely'
hurt its output volumes.
The deal has to be finalized by the federal court, the
company said.

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