12800 Whitewater Drive Tel 800-918-8270 Minnetonka, Minnesota 55343 Fax 952-984-0032 www.mosaicco.com Press Release www.mosaicco.com MEDIA CONTACT: Linda Thrasher, 952-984-0350 INVESTOR CONTACT: Douglas Hoadley, 952.984.0234 THE MOSAIC COMPANY ANNOUNCES CANPOTEX SINOCHEM AGREEMENT MINNETONKA, MN, November 5, 2004 – The Mosaic Company (NYSE: MOS) announced today that Canpotex Limited (Canpotex), the offshore sales association for Saskatchewan potash producers, has entered into an agreement to sell 2.1 million tonnes of potash to Sinochem Corporation (Sinochem) for 2005. The agreement includes 1.5 million metric tonnes of red standard grade potash, 0.3 million metric tonnes of granular grade potash, and 0.3 million metric tonnes of white standard grade potash covering the 2005 calendar year. The agreement provides for FOB Vancouver price increases of US$40.00 and US$43.00 per metric tonne, respectively, for red standard potash and white standard potash over 2004 contract prices. The granular grade potash will be priced at a $10 per tonne premium over the red standard potash. The 2005 agreement covers the second year of the three-year “Memorandum of Understanding” between Canpotex and Sinochem signed by the parties in August, 2003. “This new agreement will create an excellent base for the 2005 year and gives us confidence that the potash market is likely to continue to be strong during this period,” said Fritz Corrigan, CEO and President of The Mosaic Company. Canpotex member companies are: Agrium Inc. (Agrium) (TSX and NYSE: AGU), The Mosaic Company (Mosaic) (NYSE: MOS) and Potash Corporation of Saskatchewan Inc. (PotashCorp) (TSX and NYSE: POT). Agrium supplies Canpotex with 9.13% of its potash product, Mosaic 36.67% and PotashCorp 54.20%. Canpotex Limited of Saskatoon, Saskatchewan was established in 1970 and is the exclusive offshore marketing company for its members, the Saskatchewan potash producers. About The Mosaic Company The Mosaic Company is one of the world’s leading producers and marketers of concentrated phosphate and potash crop nutrients. For the global agriculture (more) - 2 - industry, Mosaic is a single source for phosphates, potash, nitrogen fertilizers and feed ingredients. Mosaic was formed through the 2004 combination of IMC Global Inc., and Cargill Crop Nutrition, a business unit of Cargill, Incorporated. Based in Minnetonka, Minnesota, Mosaic serves customers in 50 countries through phosphate production facilities in Florida, Louisiana and the growth markets of Brazil and China; potash production facilities in New Mexico, Michigan and Saskatchewan, Canada; a joint venture interest in the Saskferco Products Inc., nitrogen production facility, and; distribution and customer service operations in 15 countries. Mosaic’s consolidated annual revenues are expected to exceed $4.5 billion and its common stock trades on the New York Stock Exchange under the symbol MOS. More information on the company is available at www.mosaicco.com. 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 about future financial and operating results, the predictability of fertilizer markets subject to competitive market pressures, changes in foreign currency and exchange rates, international trade risks including, but not limited to, changes in policy by foreign governments. Such statements are based upon the current beliefs and expectations of The Mosaic Company’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. ### .