Mosaic completes $385M investment in rock mine

PLYMOUTH, Minn.

Mosaic Co., which provides fertilizer to the agriculture industry, said late Wednesday that it completed its $385 million investment in a Peruvian phosphate rock mine.

The project in Peru's Bayovar region is a joint venture with subsidiaries of Vale S.A. and Mitsui & Co. Ltd.

Terms of the investment include a 35 percent economic interest in the venture, Mosaic said in a release Wednesday. The investment also gives Mosaic a commercial offtake supply of up to 35 percent of the mine's phosphate rock production.

Mosaic provides phosphate and potash fertilizers for the agriculture industry. The company's shares climbed $2.11, or 4.9 percent, to $44.85 in afternoon trading Thursday.