Mosaic to axe 500 jobs as part of $500M in cost cuts over five years

|About: The Mosaic Company (MOS)|By:, SA News Editor

Mosaic (MOS -2.2%) will eliminate 500 jobs in the next 12 months, part of a plan to cut $500M in costs over five years, CEO Jim Prokopanko said in this morning's earnings conference call.

The cuts are aimed at strengthening MOS' status as a low-cost phosphate producer and improving its relatively high cost position in potash.

Prokopanko also says the dividend is secure and there are no plans to scale back the share repurchase program.

Also heard during the call: Q2 outlook remains challenging but the company's future remains bright, MOS faces short-term containment issues in Canada, growing the Brazilian business is a key focus, and shipments are off to another fast start this year.