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In addition to these risk factors, we include the following updates:
−Removed: Operational Risks
−Removed: Our operating results are highly dependent upon and fluctuate based upon business and economic conditions and governmental policies affecting the agricultural industry in which we or our customers operate.
−Removed: These factors are outside of our control and may significantly affect our profitability.
−Removed: The most important of these factors are:
−Removed: • weather and field conditions (particularly during periods of traditionally high crop nutrients application);
−Removed: • quantities of crop nutrients imported and exported;
−Removed: • current and projected inventories and prices, which are heavily influenced by U.S.
−Removed: exports and world-wide markets;
−Removed: • governmental policies, including farm and biofuel policies, which may directly or indirectly influence the number of acres planted, the level of inventories, the mix of crops planted or crop prices or otherwise negatively affect our operating results.
−Removed: International market conditions and the success of our countervailing duty petitions, which are also outside of our control, may also significantly influence our operating results.
−Removed: The international market for crop nutrients is influenced by such factors as the relative value of the U.S.
−Removed: dollar and its impact upon the cost of importing crop nutrients, foreign agricultural policies, including subsidy policies, the existence of, or changes in, import or foreign currency exchange barriers in certain foreign markets, changes in the hard currency demands of certain countries and other regulatory policies of foreign governments, as well as the laws and policies of the U.S.
−Removed: affecting foreign trade and investment, including use of tariffs.
−Removed: In April 2021, the U.S.
−Removed: Department of Commerce (“DOC”) issued countervailing duty (“CVD”) orders on imports of phosphate fertilizers from Morocco and Russia, in response to petitions filed by Mosaic.
−Removed: The purpose of the petitions was to remedy the injury to the U.S.
−Removed: phosphate fertilizer industry caused by imports that benefit from unfair foreign subsidies, and thereby restore fair competition.
−Removed: CVD orders normally stay in place for at least five years, with possible extensions.
−Removed: Moroccan and Russian producers have initiated actions at the U.S.
−Removed: Court of International Trade (“CIT”) seeking to overturn the orders.
−Removed: Mosaic has also made claims contesting certain aspects of DOC’s final determinations that, we believe, failed to capture the full extent of Moroccan and Russian subsidies.
−Removed: These litigation challenges remain underway.
−Removed: Most recently, in July and September 2023, the CIT issued three remand rulings – one addressing DOC’s determination in the CVD investigation of phosphate fertilizers from Russia, one addressing DOC’s determination in the CVD investigation of phosphate fertilizers from Morocco, and one addressing the U.S.
−Removed: International Trade Commission’s determination in antidumping and countervailing duty investigations of phosphate fertilizers from Russia and Morocco – instructing the agencies to reconsider certain aspects of the rulings that were the basis for issuing the CVD orders.
−Removed: When a CVD order is in place, DOC normally conducts annual administrative reviews, which establish a final CVD assessment rate for past imports during a defined period, and a CVD cash deposit rate for future imports.
−Removed: In November 2023, DOC announced the final results of the first administrative reviews for the CVD orders on phosphate fertilizers for Russia and Morocco, covering the period November 30, 2020 to December 31, 2021.
−Removed: DOC calculated new subsidy rates of 2.12% for Moroccan producer OCP and 28.50% for Russian producer PhosAgro.
−Removed: These determinations are subject to appeal to the CIT.
−Removed: DOC is also conducting administrative reviews covering the period January 1, 2022 to December 31, 2022.
−Removed: The applicable final CVD assessment rates and cash deposit rates for imports of phosphate fertilizer from Morocco and Russia could change as a result of these various proceedings and potential associated appeals, whether in federal courts or at the World Trade Organization.
−Removed: A reversal of, or change in, the ITC's or DOC's prior determination in the CVD investigations could have an adverse effect on our business, financial condition or operating results.
+Added: Operational Risk
+Added: Risks related to the Ma'aden Share Purchase and Subscription Agreement.
+Added: On April 30, 2024, we entered into an agreement with Ma’aden under which Mosaic will receive 111,012,433 shares of Ma’aden currently valued at approximately $1.5 billion in exchange for Mosaic’s 25 percent stake in MWSPC.
+Added: The anticipated value of the Ma’aden shares to be issued in the proposed transaction at transaction announcement and at closing are subject to risks related to the expected timing and likelihood of completion of the pending transaction, including the inability to receive the required approval by Ma’aden shareholders and other approvals, including potential regulatory approvals, necessary to complete the transaction;
+Added: the occurrence of any event, change or other circumstances that could give rise to the termination of the applicable agreement;
+Added: the risk that there may be a material adverse change with respect to the financial position, performance, operations or prospects of Ma’aden and MWSPC.
+Added: Regulatory Risk
+Added: Our operations are dependent on having the required permits and approvals from governmental authorities.
+Added: Denial or delay by a government agency in issuing any of our permits and approvals or imposition of restrictive conditions on us with respect to these permits and approvals may impair our business and operations.
+Added: Our operations, including our mines, are dependent on having the required permits and approvals from governmental authorities.
+Added: Denial or delay by a government agency in issuing, modifying or renewing any of our permits and approvals or imposition of restrictive or cost prohibitive conditions on us with respect to these permits and approvals may impair our business and operations and could have a material adverse effect on our business, financial condition or results of operations.
+Added: For example, i n Florida, local community involvement has become an increasingly important factor in the permitting process for mining companies, and various counties and other parties in Florida have in the past filed and continue to file lawsuits challenging the issuance or renewal of some of the permits we require.
+Added: A recent federal court decision invalidated Florida’s Clean Water Act 404 “dredge and fill” permitting program and returned that permitting authority to the federal agencies.
+Added: While that decision is under appeal, and a change in permitting authority may complicate and delay the receipt of 404 approvals.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.