Phosphate Resource Partners Limited Partnership Reports Improved 2004 First Quarter Results

Phosphate Resource Partners Limited Partnership Reports Improved
2004 First Quarter Results 


LAKE FOREST, Ill., May 4  /PRNewswire-FirstCall/ -- Phosphate Resource Partners
Limited Partnership  today reported a loss of $14.6 million, or $0.14 per unit,
for the first quarter ended March 31, 2004, compared to a loss of $34.1
million, or $0.33 per unit, which included the cumulative effect of a change in
accounting principle of $13.6 million, or $0.13 per unit, in the year-ago
quarter.

The 2004 first quarter results included the unfavorable impact of an expense of
$10.0 million, net of reserves, or $0.10 per unit, for the proposed settlement
of class-action lawsuits in Pensacola, Florida.   This represents PLP's portion
of a larger proposed settlement of lawsuits that seek damages purportedly
arising from releases to groundwater occurring at a Superfund site in
Pensacola.

PLP's equity in the earnings of IMC Phosphates Company (IMC Phosphates) for the
first quarter of 2004 was $4.3 million versus a share in the losses of $10.4
million a year earlier.

The improved 2004 first quarter equity in earnings of IMC Phosphates was
impacted by significantly increased diammonium phosphate (DAP) prices,
partially offset by higher raw material costs, principally ammonia, and
phosphate operating costs.

PLP also announced today that it will not make a cash distribution for the
quarter ended March 31, 2004.  As referred to in the PLP Form 10-Ks for the
years ended December 31, 2003, December 31, 2002 and December 31, 2001, PLP
anticipates that for the foreseeable future any available cash will be used to
reduce outstanding debt with IMC Global Inc. (NYSE:IGL), the indirect 51.6
percent owner of PLP and parent of PRP-GP LLC, the administrative managing
general partner of PLP.  As a result, no PLP cash distributions are planned in
the foreseeable future.  IMC Phosphates is a joint venture partnership between
PLP, which has a 41.5 percent ownership, and IMC Global.

The average price realization for DAP of $188 per short ton in the first
quarter of 2004 increased $45, or 31 percent, versus the prior year's level of
$143 per short ton and $29 per short ton, or 18 percent, compared to the fourth
quarter of 2003.

Total concentrated phosphate shipments of approximately 1.4 million short tons
decreased 16 percent versus the prior year level of approximately 1.6 million
short tons.  Export revenues rose 21 percent versus 2003 primarily due to
increased sales to Australia, Thailand and China.  Domestic revenues decreased
9 percent as a result of the Company's decision not to participate in
lower-priced winter fill programs.

Ammonia, sulphur and natural gas costs increased a combined $23 million versus
the prior year.  IMC Phosphates Company's Florida ammonia costs averaged an
equivalent $292 per metric ton in the first quarter of 2004. Published Tampa
ammonia prices peaked at $325 per metric ton in January, and IMC Phosphates
Company partially benefited from the decline to $220 per metric ton by the end
of the first quarter, with current Tampa ammonia pricing in the mid-$180 per
metric ton range.

Approximately 30 percent of IMC Phosphates' Louisiana concentrated phosphate
output continued to be idled, an operating rate that is expected to be
maintained until market conditions show sufficient and sustained improvement.

"There are some encouraging results and trends to point to in PLP's first
quarter performance, in spite of the large and negative raw material cost
increases which again depressed IMC Phosphates Company's margins," said Douglas
A. Pertz, Chairman and Chief Executive Officer of IMC Global.

"PLP is off to a more encouraging start operationally in 2004," he said. "The
earlier optimism we expressed for improved prospects this year, given positive
worldwide grain and fertilizer dynamics, is reflected in the stronger
performance of IMC Phosphates Company in the quarter, especially in price
increases.

"The large improvement in IMC Phosphates' results, both year-over-year and
sequentially from last year's fourth quarter, reinforces our view that global
phosphate fundamentals have improved," Pertz said.  "As DAP spot prices held
around 8-year highs throughout much of the quarter and Tampa ammonia costs fell
significantly from a late January peak, we saw IMC Phosphates profitability
improve as we moved through the quarter and began the second quarter.  IMC
Phosphates' average DAP realizations in the first quarter and so far in the
second quarter are at levels we haven't seen in many years.  We should see
meaningful improvement in second quarter year-over-year phosphate
profitability."

Pertz said that higher raw material costs, primarily ammonia, continued to
negatively impact IMC Phosphates margins in the quarter.  However, current
Tampa ammonia prices, after falling rapidly in the first quarter, are now below
year-ago levels with sulphur costs relatively flat versus the prior year.  "We
remain cautiously optimistic that ammonia and sulphur raw material costs should
be directionally lower in 2004," he said.

At the same time, phosphate price realizations should continue to be improved
over comparable 2003 periods as global supply-and-demand, along with operating
rates, recover.

Pertz emphasized that continued improvement in global grain and fertilizer
market conditions is providing the impetus for better performance in 2004. Much
tighter grain markets, higher crop prices, and improved farm income, including
record 2003 U.S. net cash farm income, encourage more planted acreage and
increased application rates to maximize crop yields, Pertz noted.

"IMC Phosphates Company's strong worldwide position, along with the major costs
reductions it has instituted in recent years and excess capacity available to
meet increased demand, should enable PLP to capitalize on favorable market
trends and sustain its improved performance versus 2003 throughout the balance
of 2004," Pertz said.

IMC Global Proposal on Phosphate Resource Partners Limited Partnership

On March 19, 2004, IMC Global and PLP announced the signing of a definitive
agreement to merge PLP into a subsidiary of IMC.  Pursuant to the merger, each
publicly traded PLP unit would be converted into the right to receive 0.2
shares of IMC Global common stock.  Alpine Capital and The Anne T. and Robert
M. Bass Foundation (collectively, the largest public holders of PLP units) have
agreed to support such a transaction.

On April 20, 2004, IMC Global filed a Registration Statement on Form S-4 with
the U.S. Securities and Exchange Commission (SEC) containing a preliminary
proxy statement/prospectus regarding the proposed PLP merger.  PLP will not
distribute the definitive proxy statement/prospectus regarding the proposed
transaction to the PLP unitholders until the SEC has completed its review of
such Registration Statement and such Registration Statement has been declared
effective by the SEC.

The PLP merger is subject to certain conditions, including among other things,
necessary regulatory approvals, approval by the partners of PLP, and other
conditions which are customary for transactions of this nature involving
publicly traded companies.

IMC Global and Cargill Crop Nutrition Combination

IMC Global and Cargill, Incorporated (Cargill) announced on January 27 the
signing of a definitive agreement to combine IMC Global and Cargill Crop
Nutrition to create a new, publicly traded company.  The transaction is
expected to be immediately accretive to IMC Global shareholders and to be more
additive to earnings per share over the next several years beyond the impact of
currently expected improvements in global agricultural and fertilizer
fundamentals.

The new company is expected to benefit from a stronger balance sheet with
increased financial flexibility, a lower cost of capital, significant synergy
potential, and an enhanced platform for worldwide growth.

Under terms of the definitive agreement, IMC Global common shareholders and
Cargill will own on a pro forma basis 33.5 percent and 66.5 percent,
respectively, of the outstanding common shares of the new company.

In early April, Global Nutrition Solutions, Inc. filed a Registration Statement
on Form S-4 with the SEC containing a preliminary proxy statement/prospectus
regarding the proposed transaction between IMC Global and Cargill Crop
Nutrition.  IMC will not distribute the definitive proxy statement/prospectus
regarding the proposed transaction to its common stockholders until the SEC has
completed its review of such Registration Statement and such Registration
Statement has been declared effective by the SEC.

The combination is subject to regulatory approval in the U.S., Brazil, Canada
and several other countries; the approval of IMC Global's common shareholders;
the completion of the PLP merger; and satisfaction of other customary closing
conditions.  Necessary antitrust or competition processes required in several
other jurisdictions, including China, have been fully satisfied.  Closing is
anticipated in the summer of 2004.

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
phosplp.com .

  (Note:  3 tables attached)

  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, and other statements that are not
historical facts. Such statements are based upon the current beliefs and
expectations of PLP'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 PLP'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 pricing, margins and realizations; the prices of
raw materials; and regulatory and shareholder approvals of pending 
transactions.  Additional factors that could cause PLP'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 PLP filed with the SEC and available
at the SEC's Internet site (http://www.sec.gov/).

Not a Proxy Solicitation for PLP Merger Proposal

This communication is not a solicitation of a proxy from any security holder of
IMC Global or PLP.  IMC Global has filed a Registration Statement on Form S-4
with the SEC containing a preliminary proxy statement/prospectus regarding the
proposed transaction between IMC Global and PLP.  PLP unitholders are urged to
read the definitive proxy statement/prospectus relating to the proposed
transaction between IMC Global and PLP when it becomes available, because it
will contain important information.  PLP unitholders will be able to obtain a
free copy of the definitive proxy statement/prospectus, as well as other
filings containing information about IMC Global and PLP, 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: David A. Prichard, or by
telephone at [phone]; e-mail: .  You may also obtain documents filed
with the SEC by PLP free of charge by requesting them in writing from Phosphate
Resource Partners Limited Partnership, 100 South Saunders Road, Suite 300, Lake
Forest, Illinois 60045-2561, or by telephone, [phone].

IMC Global, and its respective directors, executive officers and certain
members of management and employees may be deemed to be participants in the
solicitation of proxies in connection with any possible merger transaction.
Information regarding such persons and a description of their direct and
indirect interests, by security holdings or otherwise, is contained in the
preliminary proxy statement/prospectus contained in the above-referenced
Registration Statement on Form S-4 of IMC Global filed with the SEC on April
20, 2004.

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.  Global Nutrition Solutions, Inc. has
filed a Registration Statement on Form S-4 with the SEC containing a
preliminary proxy statement/prospectus regarding the proposed transaction
between IMC Global and Cargill.  Stockholders are urged to read the definitive
proxy statement/prospectus regarding the proposed transaction when it becomes
available, because it will contain important information. Stockholders will be
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: David A.
Prichard, 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 preliminary proxy
statement/prospectus contained in the above-referenced Registration Statement
on Form S-4 of Global Nutrition Solutions, Inc. filed with the SEC on April 8,
2004.

                                                     Statement of Operations
                                       (in millions except per unit amounts)
  Phosphate Resource Partners Limited                            (unaudited)
  Partnership
                                                      Three months ended
                                                            March 31,
                                                    2004               2003

  Equity in earnings (loss) of IMC
   Phosphates Company                               $4.3             $(10.4)

  Selling, general and administrative expenses       1.3                2.6
  Interest expense                                   7.5                7.5
  Other expense, net                                10.1                -

  Loss before cumulative effect of a change in
   accounting principle                            (14.6)             (20.5)
  Cumulative effect of a change in
   accounting principle                              -                (13.6)
  Loss                                            $(14.6)            $(34.1)

  Loss per unit:
     Loss before cumulative effect of a change in
      accounting principle                        $(0.14)            $(0.20)
     Cumulative effect of a change in
      accounting principle                           -                (0.13)
     Loss per unit                                $(0.14)            $(0.33)


  Average number of units outstanding              103.5              103.5



                                                     Condensed Balance Sheet
                                                               (in millions)
  Phosphate Resource Partners Limited                            (unaudited)
  Partnership
                                                March 31,          March 31,
  Assets                                            2004               2003

  Current assets:
    Accounts receivable                             $0.6               $-
    Due from IMC Phosphates Company                 68.4               59.0
        Total current assets                        69.0               59.0

  Investment in IMC Phosphates Company             242.9              253.2
  Other assets                                       0.5                0.6

  Total assets                                    $312.4             $312.8

  Liabilities and Partners' Deficit
  Current liabilities:
    Accounts payable and accrued liabilities        $1.3               $3.2
    Due to IMC Global Inc.                          47.4               31.3
    Current maturity of long-term debt               -                  5.7
        Total current liabilities                   48.7               40.2

  Long-term debt, less current maturity (including
   $436.9 and $398.8 due to IMC Global Inc. as of
   March 31, 2004 and 2003, respectively)          586.9              548.8
  Other non-current liabilities                    109.8              108.2
  Partners' deficit                               (433.0)            (384.4)

  Total liabilities and partners' deficit         $312.4             $312.8



                                             Statement of Distributable Cash
                                                               (in millions)
  Phosphate Resource Partners Limited                            (unaudited)
  Partnership


                                                              Quarter ended
                                                             March 31, 2004

  Loss                                                               $(14.6)

  PLP's share of IMC Phosphates Company's gain                         (1.4)

  PLP's share of IMC Phosphates Company's first quarter cash
   distribution                                                         2.5

           Adjusted loss                                              (13.5)

  Other adjustments:
         Interest accrual, net of payments                             (2.8)
         All other                                                      5.3

  Total available distributable cash                                 $(11.0)


  Distributable cash per unit                                        $  -


  Units outstanding                                                   103.5


DATASOURCE: Phosphate Resource Partners Limited Partnership



CONTACT: Investor and Media, David A. Prichard of IMC Global,

[phone],    



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

http://www.imcglobal.com/ 

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