Source: Mosaic Company

Mosaic Company has entered into an agreement with Vale S.A. and Mitsui & Co., Ltd. related to a proposed joint venture that will own the Bayovar phosphate rock mine being constructed by Vale in Peru.

The deal gives Mosaic the right to purchase 35 percent of the phosphate rock produced from the mine.

The Bayovar rock will be used in Mosaic's global phosphate operations. Phosphate rock production at Bayovar and deliveries to Mosaic are expected to begin in the second half of calendar 2010.

Original press release