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

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.

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

Argus Mar 11 session

+10.08% close to close Open Argus

Details

News Market Reaction – MOS

In the Mar 11 session, MOS gained 10.08%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock surged +10.1% in the session following this news. A strong positive reaction aligns with M...

Analysis

The stock surged +10.1% in the session following this news. A strong positive reaction aligns with Mosaic’s effort to unlock value from existing Brazilian phosphate assets by adding rare earth revenues. The Uberaba project contemplates processing 2.7 million tonnes/year of phosphogypsum into 1,900 tonnes of NdPr oxide and 600 tonnes of SEG+ product, with initial output targeted for 2030. Investors would still need to weigh execution, permitting, financing, and potential capital-raising under the existing S-3 shelf.

Key Figures

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

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

Historical Context

5 past events · Latest: Mar 05

5 events

1. Mar 05

   Dividend declaration

   24h Move

   +0.1%

   Announced a quarterly dividend of $0.22 per share with June 2 payment.

2. Feb 24

   Earnings release

   24h Move

   -5.3%

   Reported Q4 and full-year 2025 results and scheduled earnings call.

3. Feb 03

   Investor conferences

   24h Move

   +3.8%

   Planned participation in two Q1 2026 investor conferences in the U.S.

4. Jan 21

   Production curtailment

   24h Move

   +2.3%

   Extended 30-day curtailments at Brazilian SSP facilities amid higher sulfur costs.

5. Jan 16

   Market and sales update

   24h Move

   -4.5%

   Flagged weaker Q4 2025 phosphate shipments and Brazil volume pressure.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

prefeasibility study, definitive feasibility study, internal rate of return, phosphogypsum, +3 more

7 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.

praseodymium technical

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

A chemical element in the rare-earth group, praseodymium is a silvery metal used in high-strength magnets, specialty alloys, electrical components, catalysts and colored glass. Think of it as a specialty ingredient in many clean-energy and electronics products: small changes in its supply or demand can affect costs and production for companies that rely on those components. Investors watch its price and availability as a signal of supply-chain and technology-sector risk or opportunity.

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. How Rhea-AI works. Not financial advice.

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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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

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.