2011 Annual Report

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  • Home
    • To help the world grow the food it needs — that's the mission of The Mosaic Company. We believe in it. It inspires our decisions. But fulfilling that mission and achieving our success doesn't just happen...

  • Letter to Shareholders
    • Over the 30 years of my career in agriculture, the visibility and appreciation for Mosaic's mission has increased dramatically. Agriculture is entering a new green revolution, emerging as one of the global...

  • Financial Highlights
    • To help the world grow the food it needs — that's the mission of The Mosaic Company. We believe in it. It inspires our decisions. But fulfilling that mission and achieving our success doesn't just happen...

  • Best Crop Nutrition
    • Our goal is to be globally known as the best crop nutrition company. Achieving this recognition takes ambition and accountability to the stakeholders...

  • Potash and Phosphate
    • Our core values of sustainability and safety, combined with our portfolio of phosphate and potash, our financial strength and our unparalleled global reach help us to achieve our goal of being recognized as the best...

  • Customers and Suppliers
    • Every day, we strive to deliver what our customers value most — integrity, reliability, flexibility and a deep knowledge of what they need to succeed.

  • Operational Excellence
    • Achieving our goals means achieving higher levels of performance, every day.

  • Global Strength
    • Unlocking the opportunities of a global market takes real-time insights — the kind you only get from having your own presence in the world's major agricultural...

  • Sustainable Practices
    • True stewardship of our environment and our communities means maximizing the benefits we can obtain today, while developing solutions for...

  • Leadership Teams
    • James T. Prokopanko, James "Joc" O'Rourke, Linda K. Thrasher, Gary "Bo" N. Davis, Richard N. McLellan, Norman B. Beug, Lawrence W. Stranghoener, Richard L. Mack, Cindy C. Redding

  • Financial Review
    • Management's Discussion and Analysis of Financial Condition and Results of Operations, Report of Independent Registered Public Accounting Firm, Consolidated Statements of Earnings...

Mosaic's performance in fiscal 2011 clearly demonstrated a company-wide commitment to success. As the overall market recovery was taking hold, we entered the year with ambitious goals and high expectations — and completed the year with great integrity and a resounding sense of accomplishment. This past year we were awarded the Minnesota Business Ethics Award, recognizing Mosaic for the principled and ethical culture we've built.

Continued investment in expanding potash production capacity is fundamental to our future. In fiscal 2011 alone, we invested an additional $600 million in these projects. This multi-year effort will expand Mosaic's annual proven peaking production capacity from over 10 million tonnes today to more than 16 million tonnes by 2021, including the reversion of tolling agreement capacity. During the year, we made considerable progress on expansions at our Belle Plaine, Colonsay and Esterhazy potash production facilities.

In Mosaic's Phosphates business, fiscal 2011 was marked by a relentless focus on operational excellence, important strategic achievements, and record earnings and margins. We have enhanced operating margins through disciplined operational improvements in spite of significantly lowered production at one of our Florida mines. Phosphates is a stronger business — both structurally and operationally — than it was a few years ago, and financial results support this. During the year, we closed on the sale of an investment in Fosfertil and our operations in Cubatão, Brazil. The sale of these interests and assets helped us fund another strategic initiative — acquiring an additional source of phosphate rock through an investment in the Miski Mayo mine in Peru. Investment in this mine bolsters Mosaic's position as the leading integrated phosphate producer in the world. Rock shipments from this world-class phosphate mine have already begun, and the mine offers significant expansion potential in the years ahead.

Mosaic is also committed to the development and refinement of premium products, and fiscal 2011 was a breakout year for us in this category. We have built a global leadership position in next-generation crop nutrients, and the growth rate in this category is remarkable. In fiscal 2011, sales of MicroEssentials®, a phosphate product that contains essential micronutrients such as sulfur and zinc, jumped to over one million tonnes, an increase of 54 percent over the prior year. The sales growth rate for MicroEssentials validates our continued investments in production capabilities, product innovation and the global testing platform we've established to help ensure these crop nutrient formulations are effective around the globe.