IMC Global Provides Third Quarter Preliminary Estimates

IMC Global Provides Third Quarter Preliminary Estimates 


LAKE FOREST, Ill., Oct. 15  /PRNewswire-FirstCall/ -- IMC Global Inc.
(NYSE:IGL) and Phosphate Resource Partners Limited Partnership (NYSE:PLP) today
announced that although financial results for its third quarter ended September
30, 2004 are not yet final, IMC currently estimates that it will incur a loss
for the third quarter due to the impact of three events.  These events include
the previously announced termination of a Rock Sales Agreement with U.S.
Agri-Chemicals (USAC), the unfavorable impact of a stronger Canadian dollar and
the negative impact from three hurricanes in Florida that resulted in an
interruption to phosphate rock and concentrates production and high water
handling and treatment costs.

As reported earlier, IMC Phosphates Company has elected to terminate its Rock
Sales Agreement with USAC effective October 1, 2007.   As a result of an
obligation to return a previously received payment under the agreement, plus
interest charges, less certain credits, IMC will incur a third quarter 2004
charge of approximately 50 cents per share.  However, the return of the payment
is not required until the contract is terminated in 2007.

IMC's third quarter results will include an estimated loss of approximately 13
cents per share due to the impact from three hurricanes in Florida that
resulted in lost production of approximately 140,000 tons of granulated product
(DAP/MAP/TSP).  In addition, this loss includes a charge for the handling and
treatment of water resulting from excessive rainfall from the hurricanes that
raised the water levels in certain gypsum stacks and water retention ponds. 
IMC's assessment of the total costs of such water handling is ongoing.  The 13
cents per share represents IMC's best estimate at the current time of the
impact of lost production and the expected costs of water treatment based on
information currently available.

There will also be a non-cash charge in the third quarter of 15 cents per share
for the unfavorable impact of a stronger Canadian dollar.

Including the three events which total approximately 78 cents per share, IMC
preliminarily estimates its loss for the quarter will be in the range of 60
cents per share.

The Company indicated that, aside from the one time impact of the Rock Sales
Agreement cancellation and the hurricanes, market conditions and earnings
improved throughout the quarter and into October.  The phosphate market
continues to be tight with low inventories and steady demand supporting
continued strong pricing.  PhosChem, the U.S. phosphate export organization,
recently signed an agreement with CNAMPGC of China for the purchase of up to
1.9 million metric tonnes in 2005 which indicates world demand may remain
strong through next year.

The potash market fundamentals also remain strong.  North American potash
inventories are historically low and prices continue to rise.  Domestic demand
remains strong and IMC announced a $10 per ton domestic potash price increase
in September, which is in addition to a $15 per ton price increase announced in
June.  In addition, CANPOTEX Limited, the off shore sales association for
Saskatchewan potash producers, continues to increase its estimates of off shore
sales.

IMC has scheduled a special meeting of common shareholders on October 20, 2004
to vote on the proposed merger with the Cargill Fertilizer businesses. If the
merger is approved, the companies are expected to merge on or about October 22
and IMC will no longer be a separate publicly traded company as of the date of
the merger.  As a result, IMC does not intend to issue an earnings release or
hold an earnings call for the third quarter.  It will file a quarterly report
on Form 10-Q for the quarter ended September 30, 2004 with the SEC.

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/ .

PLP is engaged in the production and sale of phosphate crop nutrients and
animal feed ingredients.  For more information, visit the PLP Web site at
http://phosplp.com/ .

Cautionary Information Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Such statements include,
but are not limited to, statements regarding expected quarterly and annual
results for 2004, expectations regarding the phosphate market recovery and
potash market fundamentals, expectations regarding the proposed transactions
with PLP and Cargill Crop Nutrition, estimated costs and the impact of lost
production associated with the effect of the three Florida hurricanes, and
other statements that are not historical facts. Such statements are based upon
the current beliefs and expectations of IMC Global's management and are subject
to significant risks and uncertainties. Actual results may differ from those
set forth in the forward-looking statements.

The following factors, among others, could cause actual results to differ from
those set forth in IMC Global's forward-looking statements: increased
competition and its effect on pricing, spending, third-party relationships and
revenues; the risk of new and changing regulation in the U.S. and
internationally; recovery of the phosphate market; DAP and potash pricing,
margins and realizations; the prices of raw materials; regulatory and
shareholder approvals of pending transactions; the cost of maintenance and
water handling materials and third party contractors; and costs associated with
regulatory compliance with water handling and treatment rules and regulations..
 Additional factors that could cause IMC Global's results to differ materially
from those described in the forward-looking statements can be found in the 2003
Annual Report on Form 10-K of IMC Global as amended by Amendment No. 1 on Form
10/K-A, filed with the SEC and available at the SEC's Internet site (
http://www.sec.gov/ ).

Not a Proxy Solicitation for IMC Global and Cargill Crop Nutrition Combination

This communication is not a solicitation of a proxy from any security holder of
IMC Global or Cargill, Incorporated. The Mosaic Company (formerly Global
Nutrition Solutions, Inc.) has filed a definitive proxy statement/prospectus
regarding the proposed transaction with the SEC, which was mailed to IMC
Global's common stockholders on or about September 21, 2004. Stockholders are
urged to read the definitive proxy statement/prospectus regarding the proposed
transaction, because it contains important information. Stockholders are able
to obtain a free copy of the definitive proxy statement/prospectus, as well as
other filings containing information about Cargill and IMC Global, without
charge, at the SEC's Internet site ( http://www.sec.gov/ ). Copies of the
definitive proxy statement/prospectus and the filings with the SEC that will be
incorporated by reference in the definitive proxy statement/prospectus can also
be obtained, without charge, by directing a request to IMC Global Inc., 100
South Saunders Road, Lake Forest, Illinois 60045-2561, Attention: Douglas A.
Hoadley, or by telephone at [phone], email:  , or to Cargill,
Incorporated, 15407 McGinty Road West, MS 25, Wayzata, Minnesota 55391,
Attention:  Lori Johnson, or by telephone at [phone], email:  .

The respective directors and executive officers of Cargill and IMC Global and
other persons may be deemed to be participants in the solicitation of proxies
in connection with the proposed transaction.  Information regarding such
persons and a description of their direct and indirect interests, by security
holdings or otherwise, is contained in the definitive proxy
statement/prospectus filed with the SEC on September 20, 2004. 

DATASOURCE: IMC Global Inc.



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

[phone],  



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

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