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Mosaic To Appeal Preliminary Court Injunction On Mine Extension - Update

(RTTNews) - Fertilizer producer The Mosaic Company (MOS) Saturday said it will appeal an order issued by a U.S. District Court against extension of its phosphate mine in Central Florida.

Friday, the District Court of Florida entered a preliminary injunction that prevents impacts to federal wetlands on the Hardee County extension of Mosaic's South Fort Meade phosphate mine in Central Florida. The court's action resulted from litigation brought against the Army Corps by several non-governmental organizations.

The Plymouth, Minnesota-based company said it expects the court ruling to impact its workforce, including the layoff of up to 221 employees, after the expiration of a 60-day notice period provided under the federal Worker Adjustment Retraining Notification Act.

Richard Mack, Executive Vice President and General Counsel of Mosaic stated, "We're disappointed by the ruling and will immediately seek an expedited appeal of the matter. We do not believe the decision was supported by the overwhelming facts supporting the Army Corps' decision to issue the South Fort Meade permit. This permit has received a higher level of scrutiny and contains more environmental protections than any prior Florida phosphate mining permit."

Mosaic said it plans to conduct a conference call on Monday, August 2, 2010.

MOS shares closed Friday's regular trading at $47.65, up 0.13% on the NYSE.