Mosaic is the world's largest producer and marketer of concentrated phosphate and potash crop nutrients. These nutrients — essential for crop yields — are depleted from soil by harvested crops and must be regularly replenished. Mosaic's core products are DAP and MAP (diammonium and monoammonium phosphate), MOP (muriate of potash), and MicroEssentials, a patented ammoniated phosphate product with embedded micronutrients. Mosaic operates through three segments: Phosphate, Potash, and Mosaic Fertilizantes. The Phosphate segment mines rock in Florida and Peru and processes it into finished fertilizer at facilities in Florida and Louisiana, accounting for roughly 72% of North American and 10% of global concentrated phosphate production. The Potash segment mines and processes potash at three Canadian mines and sells internationally through Canpotex, a Canadian producer export association in which Mosaic holds a roughly 36% entitlement share. Mosaic Fertilizantes is the largest fertilizer production and distribution platform in Brazil, accounting for roughly 73% of Brazilian concentrated phosphate production. Mosaic is vertically integrated in phosphate — it mines its own rock, a key cost advantage — and its phosphate economics are highly volume-sensitive, as roughly 85% of cash conversion costs are fixed. Potash economics are simpler, with Mosaic mining at low cash costs and earning a spread over global commodity prices. Mosaic's growth priorities include restoring U.S. phosphate production toward 8 million tonnes annually, achieving additional cost savings, expanding Brazilian distribution volumes, and scaling Mosaic Biosciences, a biological fertilizer platform targeting $250M in long-term EBITDA.