Mosaic and Rainbow Rare Earths Advance Uberaba Rare Earths Project in Brazil

Rhea-AI Summary

Mosaic (NYSE:MOS) and Rainbow Rare Earths advanced the Uberaba rare earths project in Minas Gerais, Brazil, after completing a favorable preliminary economic assessment and signing a joint project development agreement on March 11, 2026.

The plan targets a PFS, a DFS later in 2026, construction start in 2027, and initial production in 2030. The assessment forecasts processing ~2.7 million tonnes/year of phosphogypsum to produce 1,900 tonnes NdPr oxide and 600 tonnes SEG+, with an IRR above the hurdle rate and a short payback period, subject to approvals, financing, and project decisions.

Positive

• Projected 1,900 tonnes NdPr oxide annual production
• Projected 600 tonnes SEG+ medium/heavy REE annual production
• Plans to treat 2.7 million tonnes/year of phosphogypsum onsite
• Use of existing fertilizer operations to reduce new mining capital

Negative

• Initial production targeted for 2030, creating multi-year execution risk
• Progress subject to DFS, regulatory approvals, financing and partner decisions
• Final returns depend on processing-stage economics and spot-price assumptions

Key Figures

Phosphogypsum throughput: 2.7 million tonnes/year NdPr oxide output: 1,900 tonnes/year SEG+ product output: 600 tonnes/year +3 more

6 metrics

Phosphogypsum throughput 2.7 million tonnes/year Contemplated Uberaba onsite processing facility

NdPr oxide output 1,900 tonnes/year Separated neodymium and praseodymium oxide from Uberaba project

SEG+ product output 600 tonnes/year Samarium, europium and gadolinium-rich SEG+ rare earth product

Prefeasibility timeline PFS then DFS targeted later in 2026 Study sequence for Uberaba rare earths project

Construction start target 2027 Targeted start of processing facility construction in Uberaba

Initial production target 2030 Initial rare earth production start, subject to studies and approvals

Market Reality Check

Price: $26.48 Vol: Volume 8,082,126 is 1.08x...

normal vol

$26.48 Last Close

Volume Volume 8,082,126 is 1.08x the 20-day average of 7,516,520, indicating slightly elevated trading ahead of this news. normal

Technical Shares at $26.48 are trading below the 200-day MA at $30.65 and about 30.74% under the 52-week high.

Peers on Argus

While MOS was down 1.63%, key peers like CF and NTR showed gains of about 2.37% ...

2 Up

While MOS was down 1.63%, key peers like CF and NTR showed gains of about 2.37% and 1.16%, respectively, suggesting this Brazil rare earths update was more stock-specific than sector-driven.

Historical Context

5 past events · Latest: Mar 05 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 05	Dividend declaration	Positive	+0.1%	Announced a quarterly dividend of $0.22 per share with June 2 payment.
Feb 24	Earnings release	Neutral	-5.3%	Reported Q4 and full-year 2025 results and scheduled earnings call.
Feb 03	Investor conferences	Positive	+3.8%	Planned participation in two Q1 2026 investor conferences in the U.S.
Jan 21	Production curtailment	Negative	+2.3%	Extended 30-day curtailments at Brazilian SSP facilities amid higher sulfur costs.
Jan 16	Market and sales update	Negative	-4.5%	Flagged weaker Q4 2025 phosphate shipments and Brazil volume pressure.

Pattern Detected

Recent Mosaic news often saw mixed reactions: dividends and strategic or conference updates tended to align positively with price, while operational curtailments and some earnings/market updates produced larger, sometimes counterintuitive moves.

Recent Company History

Over the past few months, Mosaic has reported a mix of shareholder returns, operating adjustments, and financial updates. A Mar 5 dividend declaration coincided with a small gain, while the Feb 24 earnings release saw shares fall 5.3%. Brazil phosphate curtailments on Jan 21 and a preliminary Q4 sales update on Jan 16 drew sizeable but differing moves. Today’s Uberaba rare earths project news fits a pattern of Brazil-focused portfolio reshaping and value-unlock initiatives.

Regulatory & Risk Context

Active S-3 Shelf

Shelf Active

Active S-3 Shelf Registration 2025-11-07

Mosaic has an effective automatic shelf registration on Form S-3ASR filed on 2025-11-07, allowing it and selling stockholders to offer common stock, preferred stock, debt securities, and warrants via future prospectus supplements. Specific amounts and terms are set in those supplements, and Mosaic only receives proceeds from its own primary offerings.

Market Pulse Summary

This announcement outlines Mosaic’s move to extract rare earth value from Brazilian phosphate operat...

Analysis

This announcement outlines Mosaic’s move to extract rare earth value from Brazilian phosphate operations alongside Rainbow Rare Earths. The Uberaba project targets processing 2.7 million tonnes/year of phosphogypsum into 1,900 tonnes of NdPr oxide and 600 tonnes of SEG+ product, with construction aimed for 2027 and initial output in 2030. Investors may track study milestones (PFS, DFS), regulatory approvals, funding steps under the S-3 shelf, and integration with existing fertilizer operations.

Key Terms

prefeasibility study, definitive feasibility study, internal rate of return, phosphogypsum, +2 more

6 terms

prefeasibility study technical

"the parties will jointly pursue a prefeasibility study ("PFS"), with the intention"

A prefeasibility study is an early, high-level assessment that tests whether a proposed project is likely to be technically workable and economically viable before committing large resources. Like a rough blueprint and budget for a construction project, it provides preliminary estimates of costs, potential returns, key risks and data gaps so investors can decide whether to proceed to more detailed studies or funding.

definitive feasibility study technical

"subject to favorable results, to progress to a definitive feasibility study ("DFS")"

A definitive feasibility study is a detailed, near-final assessment that shows whether a proposed project—often a mine, infrastructure or major industrial venture—can be built and operated profitably. It combines precise engineering plans, realistic cost estimates, production schedules and risk analysis to give lenders and investors a clear picture of expected returns and potential pitfalls, like a full blueprint and budget that helps decide whether to greenlight financing and construction.

internal rate of return financial

"the project is expected to deliver compelling economics, including an internal rate of return"

A percentage that represents the annualized yield an investment would earn, taking into account the timing and amount of all cash inflows and outflows; mathematically it is the rate that makes the discounted sum of future cash flows equal the initial cost. Investors use it to compare different projects or deals the way they compare interest rates — a higher internal rate of return suggests a stronger potential payoff, but it does not by itself show risk, scale, or timing nuances.

phosphogypsum technical

"onsite processing facility would treat approximately 2.7 million tonnes per year of phosphogypsum"

A sand‑ or plaster‑like waste left over when phosphate rock is processed into fertilizer; it often contains small amounts of naturally occurring radioactive elements and other contaminants. Investors care because storing or cleaning up phosphogypsum can create large, long‑lasting costs, regulatory limits and land‑use restrictions for companies—think of it like a toxic backyard that must be fenced, monitored and managed for decades.

neodymium technical

"producing 1,900 tonnes of separated neodymium and praseodymium ("NdPr") oxide"

Neodymium is a metallic rare-earth element used to make extremely strong permanent magnets and specialized alloys; it looks silvery and behaves like other metals but has unique magnetic properties. Investors care because those magnets are critical components in electric vehicle motors, wind turbines, hard drives and other high-growth technologies, so neodymium’s supply, price and geopolitical concentration can act like a bottleneck or cost driver for companies that rely on those products.

rare earth elements technical

"product rich in medium and heavy rare earth elements (REE). Using pricing assumptions"

Rare earth elements are a set of 17 chemical metals used to make powerful magnets, batteries, catalysts and many tiny components inside electronics, renewable energy equipment and defense systems. They matter to investors because they are essential inputs for fast‑growing industries, and limited or concentrated supply can drive prices, create production bottlenecks or shift competitive advantage — like a factory running short of a specialized ingredient that halts output and affects profits.

AI-generated analysis. Not financial advice.

TAMPA, FL / ACCESS Newswire / March 11, 2026 / Mosaic Fertilizantes P&K Limitada, a subsidiary of the Mosaic Company ("Mosaic") and Rainbow Rare Earths Limited ("Rainbow") have completed a favorable preliminary economic assessment and entered into a joint project development agreement to advance the Uberaba rare earths project in Minas Gerais, Brazil.

Under the agreement, the parties will jointly pursue a prefeasibility study ("PFS"), with the intention, subject to favorable results, to progress to a definitive feasibility study ("DFS") targeted later in 2026. Subject to the favorable outcome of the DFS and a decision by both parties to proceed, Mosaic and Rainbow would expect to negotiate definitive agreements for a jointly owned project company, with construction of a processing facility in Uberaba targeted to start in 2027.

"Brazil is emerging as a strategically important jurisdiction for rare earth development in the Americas," said Bruce Bodine, President and Chief Executive Officer of Mosaic. "The Uberaba project brings together Mosaic's Brazilian operations with Rainbow's rare earth expertise. Together, we will evaluate the responsible recovery of critical materials from our existing phosphate operations. This initiative aligns with our strategy to unlock additional value from our existing assets."

The economic assessment, completed in February, indicates that the contemplated onsite processing facility would treat approximately 2.7 million tonnes per year of phosphogypsum, producing 1,900 tonnes of separated neodymium and praseodymium ("NdPr") oxide, and 600 tonnes of a samarium, europium, and gadolinium ("SEG+") product rich in medium and heavy rare earth elements (REE). Using pricing assumptions aligned with current spot markets, the project is expected to deliver compelling economics, including an internal rate of return above the hurdle rate and a relatively short payback period. The capital-intensive mining activities for these elements are expected to be largely incorporated within existing fertilizer operations, and the project's return profile is expected to reflect the final processing steps associated with rare earth elements. Initial production is targeted for 2030, subject to further studies, regulatory approvals, financing arrangements, investment decisions, and successful project execution.

About The Mosaic Company

The Mosaic Company (NYSE:MOS) helps the world grow the food it needs. Headquartered in Tampa, Florida, Mosaic is a leading producer and marketer of potash and phosphate fertilizer which are essential inputs for the world's farmers. Through the Mosaic Biosciences platform, the company is advancing the next generation of biological solutions designed to improve nutrient use efficiency, strengthen crop performance, and support more sustainable agricultural systems. As a Fortune 500 company with 13,000 employees serving customers in more than 40 countries, Mosaic is helping build resilient and productive food systems for the future. More information on the company is available at www.mosaicco.com.

About Rainbow Rare Earths

Rainbow Rare Earths is a London Stock Exchange - listed company that specializes in recovering rare earth elements from phosphogypsum, a byproduct of fertilizer production. This approach avoids traditional mining and allows projects to be advanced more quickly and at lower cost. The company is currently progressing two projects: Phalaborwa in South Africa and Uberaba in Brazil. One of Rainbow's principal shareholders is TechMet Limited, an investment firm backed by the U.S. International Development Finance Corporation and others.

Contacts:

Investors: Jason Tremblay, 813-775-4282 jason.tremblay@mosaicco.com Joan Tong, CFA, 863-640-0826 joan.tong@mosaicco.com

Media: Ben Pratt, 813-775-4206 benjamin.pratt@mosaicco.com

This release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, but are not limited to, statements regarding the development of the Uberaba rare earths project; the expected scope, timing and results of the PFS and any subsequent DFS; the potential formation, structure or ownership of a jointly owned project company; targeted completion of Uberaba processing facility, anticipated project economics, including expected capital intensity, internal rate of return, and payback period, production outlook, and the expected benefits of applying proprietary technology to phosophogypsum, including potential processing volumes and REE recovery. Such statements are based upon the current beliefs and expectations of The Mosaic Company's management and are subject to significant risks and uncertainties. These risks and uncertainties include, but are not limited to, the results of future studies, the performance of new technologies, changes in market conditions for rare earths, the ability to negotiate and execute definitive agreements, construction and execution risks, the timing needed to complete any of the foregoing, and other risks and uncertainties described in The Mosaic Company's reports filed with the Securities and Exchange Commission. Actual results may differ from those set forth in the forward-looking statements. The Mosaic Company assumes no obligation to update any forward-looking statements.

SOURCE: The Mosaic Company

View the original press release on ACCESS Newswire

FAQ

What did Mosaic (MOS) and Rainbow announce about the Uberaba rare earths project on March 11, 2026?

They announced completion of a favorable preliminary economic assessment and a joint development agreement to advance the Uberaba project. According to the company, they will pursue a PFS, target a DFS later in 2026, and consider a jointly owned project company if studies are favorable.

How much rare earth material is the Uberaba facility expected to produce and when is production targeted?

The assessment forecasts about 1,900 tonnes of NdPr oxide and 600 tonnes of SEG+ annually. According to the company, processing will treat ~2.7 million tonnes/year of phosphogypsum with initial production targeted for 2030, subject to approvals and financing.

What are the planned study and construction timelines for Mosaic (MOS) and Rainbow's Uberaba project?

The parties will complete a prefeasibility study then target a definitive feasibility study later in 2026. According to the company, construction of a processing facility is targeted to start in 2027, conditional on DFS outcomes and investment decisions.

What does the preliminary economic assessment say about the Uberaba project's economics for MOS shareholders?

The assessment indicates compelling economics with an internal rate of return above the hurdle rate and a relatively short payback period. According to the company, these results use current spot pricing assumptions and remain subject to further study validations.

How will Mosaic (MOS) leverage existing operations for the Uberaba rare earths project?

Mosaic expects to incorporate capital-intensive mining activities within its existing fertilizer operations to limit new mining capital. According to the company, the project's value will primarily reflect the final processing steps to recover rare earth elements.