Global fertilizer giant Mosaic Co. is partnering with two Saudi Arabian companies on a $7 billion project to produce phosphate fertilizers, animal feed, and other products in the Mideast country, Wall Street Journal reports.
The Star Tribune says the Twin Cities-based company plans to invest up to $1 billion in the joint venture and own a 25 percent stake. The firm's investment will be spread over a four-year period starting this year.
The newspaper says the deal is Mosaic's largest-ever international venture to date.
"Our joint venture with Ma'aden holds great promise for Mosaic, and we expect it to be an excellent complement to our phosphate business in Florida and Louisiana," Mosaic President and CEO Jim Prokopanko said in a news release. "This cost-effective phosphate project would enable Mosaic to further diversify our sources of phosphates and gives us improved access to key agricultural countries. Our growing global reach further enables us to fulfill Mosaic's mission, to help the world grow the food it needs, while delivering compelling shareholder value."
Operations are slated go begin in late 2016.