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Mosaic and Mitsui & Co. Acquire Stakes in Bayovar Phosphate Rock Mine in Peru

1:20 AM MDT | April 1, 2010 | Natasha Alperowicz

Vale SA (Sao Paulo) has reached an agreement with The Mosaic Company and Mitsui & Co. to sell minority stakes in its Bayovar phosphate mine project in Peru for a combined $660 million. Mosaic will pay $385 million for a 35% stake and Mitsui & Co. $275 million for a 25% share in the project, which  will be operated by a newly formed company. Vale will maintain control of the project with 51% of the voting shares and 40% of the total capital. Mosaic's agreement gives it the right to purchase 35% of the phosphate rock produced from the Bayovar mine...

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