Phosphate Resource Partners Limited Partnership Reports Improved 2004 Second Quarter Results

Phosphate Resource Partners Limited Partnership Reports Improved
2004 Second Quarter Results 


LAKE FOREST, Ill., July 27  /PRNewswire-FirstCall/ -- Phosphate Resource
Partners Limited Partnership (NYSE:PLP) today reported a loss of $6.1 million,
or $0.06 per unit, for the second quarter ended June 30, 2004, compared to a
loss of $19.5 million, or $0.19 per unit in the year ago quarter.

PLP's equity in the earnings of IMC Phosphates Company (IMC Phosphates) for the
second quarter of 2004 was $3.7 million versus a share in the losses of $9.3
million a year earlier.  The improved 2004 first quarter equity in earnings of
IMC Phosphates was impacted by significantly increased phosphate shipments and
prices, along with lower idle plant costs, which more than offset increased
rock costs.

PLP also announced today that it will not make a cash distribution for the
quarter ended June 30, 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 $182 per short ton in the second
quarter of 2004 increased $24, or 15 percent, versus the prior year's level of
$158 per short ton.

Total concentrated phosphate shipments of approximately 1.7 million short tons
increased over 30 percent versus the prior year level of approximately 1.3
million short tons.  Export volumes rose 70 percent versus 2003 primarily due
to increased sales to China and Brazil as well as other Latin American and
Asian countries.  Domestic and export DAP prices increased 14 and 19 percent,
respectively.   Current Tampa export DAP publication prices average $223 per
metric ton and are at their highest level in about 8 years, reflecting tighter
global supply and demand conditions.  Changes in raw material costs were not a
significant factor and decreased a combined $2.7 million versus the prior year.

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.

For the first half of 2004, PLP reported a loss of $20.7 million, or $0.20 per
unit.  This compares with a loss of $53.6 million, or $0.52 per unit, including
a non-cash charge of $13.6 million, or $0.13 per unit, for the cumulative
effect of a change in accounting principle.

"PLP has benefited from the impressive double-digit price and volume increases
realized at IMC Phosphates Company and reinforces the optimism expressed
previously about improving worldwide agricultural and fertilizer fundamentals,
including tighter supply-and-demand and lower producer inventory levels," said
Douglas A. Pertz, Chairman and Chief Executive Officer of IMC Global.  Pertz
noted that IMC Phosphates continued to report strong year-over- year
improvements.

"IMC Phosphates' strong year-over-year increase, similar to the first quarter,
again reinforces our belief that global phosphate fundamentals are improving,"
Pertz said.  "In recent weeks, Tampa export and Central Florida domestic DAP
spot prices have firmed again to near 8-year highs, similar to levels achieved
in much of the first quarter of 2004.  This has enabled margin gains to be
maintained and expand even as ammonia costs trended higher during the second
quarter."

He said IMC Phosphates Company remains cautiously optimistic that raw material
costs should be directionally lower in the second half of 2004.   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, continue to recover.

"IMC Phosphates Company's leading worldwide position, coupled with the large
cost reductions we have achieved in recent years and our excess capacity
available to meet increased demand, should allow PLP to continue to capitalize
on favorable market trends and sustain its improved performance in the second
half 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.  On June 17,
2004, IMC Global filed an amendment to such Registration Statement. 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,
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.

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. (which has been renamed
Mosaic) 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.  On June 17, 2004, Global
Nutrition Solutions, Inc. filed an amendment to such Registration Statement.
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. and Canada; 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 or early fall
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
http://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: Douglas A. Hoadley, 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 and amended on June 17, 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:
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 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 and amended on June 17, 2004.

                                                    Statement of Operations
                                      (in millions except per unit amounts)
  Phosphate Resource Partners Limited Partnership               (unaudited)

                                      Three months ended  Six months ended
                                            June 30,          June 30,
                                          2004    2003     2004      2003

  Equity in earnings (loss) of IMC
   Phosphates Company                      $3.7   $(9.3)     $8.0    $(19.7)

  Selling, general and administrative
   expenses                                 1.5     2.4       2.8       5.0
  Interest expense                          7.6     7.6      15.1      15.1
  Other expense, net                        0.7     0.2      10.8       0.2

  Loss before cumulative effect of a
   change in accounting principle          (6.1)  (19.5)    (20.7)    (40.0)
  Cumulative effect of a change in
   accounting principle                     -       -         -       (13.6)
  Loss                                    $(6.1) $(19.5)   $(20.7)   $(53.6)

  Loss per unit:
     Loss before cumulative effect of a
      change in accounting principle     $(0.06) $(0.19)   $(0.20)   $(0.39)
     Cumulative effect of a change in
      accounting principle                  -       -         -       (0.13)
     Loss per unit                       $(0.06) $(0.19)   $(0.20)   $(0.52)

  Average number of units outstanding     103.5   103.5     103.5     103.5


                                                     Condensed Balance Sheet
                                                               (in millions)
  Phosphate Resource Partners Limited Partnership                (unaudited)

                                                  June 30,          June 30,
  Assets                                            2004               2003

  Current assets:
    Accounts receivable                             $0.5               $-
    Due from IMC Phosphates Company                 70.8              59.0
     Total current assets                           71.3              59.0

  Investment in IMC Phosphates Company             244.0             243.7
  Other assets                                       0.5               0.6

  Total assets                                    $315.8            $303.3

  Liabilities and Partners' Deficit
  Current liabilities:
    Accounts payable and accrued liabilities       $14.9              $5.8
    Due to IMC Global Inc.                          51.5              34.0
    Current maturity of long-term debt               -                 5.7
      Total current liabilities                     66.4              45.5

  Long-term debt, less current maturity
    (including $442.6 and $404.9 due
     to IMC Global Inc. as of June 30,
     2004 and 2003, respectively)                  592.6             554.9
  Other non-current liabilities                     96.1             107.0
  Partners' deficit                               (439.3)           (404.1)

  Total liabilities and partners' deficit         $315.8            $303.3

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

                                                               Quarter ended
                                                               June 30, 2004

  Loss                                                          $    (6.1)

  PLP's share of IMC Phosphates Company's gain                       (0.9)

  PLP's share of IMC Phosphates Company's second quarter
    cash distribution                                                   -
        Adjusted loss                                                (7.0)


  Other adjustments:
      Interest accrual, net of payments                               1.1
      All other                                                      (4.1)

  Total available distributable cash                            $   (10.0)

  Distributable cash per unit                                   $       -

  Units outstanding                                                 103.5


DATASOURCE: IMC Global Inc.



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

[phone],  



Web site:  http://phosplp.com/ 

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