PLYMOUTH, Minn. (AP) — Fertilizer manufacturer Mosaic Co. said Monday that it expects to incur $200 million in pretax expenses in fiscal 2012 due to a Florida court injunction that prevents mining activity in a Central Florida region where one of its mines is located.
The news sent shares of Mosaic down $3.45, or 4.9 percent, to $67.13 in morning trading.
The injunction prevents all mining activities on the Hardee County extension of Mosaic's South Fort Meade phosphate mine in Central Florida, the company said.
It is the result of a lawsuit filed by the Sierra Club that seeks to prevent Mosaic from extending its mining permit into Hardee County.
