US fertilizer company Mosaic Co plans to invest up to $1 billion in a joint venture to produce phosphate in Saudi Arabia, giving the Minnesota-based company a new geographic source of the crop nutrient.
The $7 billion project, including a mine and chemical complexes to make phosphate fertilizer, will be 60 percent owned by Saudi Arabian mining and metals company Ma'aden. Mosaic will own 25 percent and petrochemical company Saudi Basic Industries Corp will hold 15 percent
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