IMC Global Announces Termination of Rock Sales Agreement With U.S. Agri-Chemicals

IMC Global Announces Termination of Rock Sales Agreement With
U.S. Agri-Chemicals 


LAKE FOREST, Ill., Oct. 1  /PRNewswire-FirstCall/ -- IMC Global Inc. (NYSE:IGL)
and Phosphate Resource Partners Limited Partnership (NYSE:PLP) today announced
that IMC Phosphates Company has elected to terminate its Rock Sales Agreement
with U.S. Agri-Chemicals (USAC) effective October 1, 2007.

IMC Phosphates originally entered into the contract in 1994.  In 1999, the
contract was extended until September 2014 with an option for a second
extension through September 2024.  As part of the extension, USAC paid $57
million (Near Term Payment), plus interest charges, to IMC Phosphates during
2000.  The contract provides IMC Phosphates the right to terminate the
contract, upon three years' advance written notice under certain circumstances.
 The contract also provides that prior to the effective date of termination
under this provision, IMC Phosphates would be required to repay the amount of
the Near Term Payment plus interest charges, less certain credits.  IMC
Phosphates has elected to terminate the contract under these provisions.

Termination of the contract will result in a reduction of IMC Phosphates
revenues on an annualized basis of approximately $60 million following the
effective date of termination in 2007, but the reduction in revenues is
expected to have a negligible impact on earnings.  As a result of the
obligation to return the Near Term Payment plus interest charges, less the
credits, IMC Phosphates will incur a third quarter 2004 charge of approximately
$73 million.  However, payment is not required until the effective date of
termination in 2007.

Separately, IMC's third quarter results will also be negatively impacted from
three hurricanes in Florida that resulted in an interruption to phosphate rock
and concentrates production.  The total impact of the hurricanes resulted in
lost production of approximately 140,000 tons of granulated production
(DAP/MAP/TSP).  Damage to the Florida phosphate facilities from the hurricanes
was relatively minor and operations are nearly back at full production.

With 2003 revenues of $2.2 billion, IMC Global is the world's largest producer
and marketer of concentrated phosphates and potash crop nutrients for the
agricultural industry and a leading global provider of feed ingredients for the
animal nutrition industry.  For more information, visit IMC Global's Web site
at http://imcglobal.com/ . 

DATASOURCE: IMC Global Inc.; Phosphate Resource Partners Limited Partnership



CONTACT:  Investor and Media, Douglas Hoadley of IMC Global Inc.,

[phone],  



Web site:  http://www.imcglobal.com/ 

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