Potash, Mosaic Settle Suit over Saskatchewan Mine: report
Potash Corp (POT.TO), the world's top fertilizer maker, said it settled a lawsuit with Mosaic Co ( MOS ) over rights to the Esterhazy potash mine in Saskatchewan, Reuters reported.
Under the settlement, Minnesota-based Mosaic will deliver the output owed to Potash Corp for this year and the next, from the mine, it said. On December 31, 2012, Potash Corp will reallocate the production capacity at the mine to Mosaic.
Saskatoon, Saskatchewan-based Potash Corp and Mosaic have been fighting a legal battle over their respective rights and obligations at Mosaic's Esterhazy mine.
Mosaic's counterclaim for damages arising from Potash Corp's declaration of force majeure in April 2009 will also be dismissed as part of the settlement.