07:28 AM EDT, 03/11/2026 (MT Newswires) -- Mosaic's (MOS) said Wednesday its Fertilizantes P&K Limitada unit completed a favorable preliminary economic assessment and signed a joint development agreement with Rainbow Rare Earths for a project in Brazil.

The partners plan to conduct a prefeasibility study and target a definitive feasibility evaluation by late 2026. A favorable outcome could lead to a jointly owned operating entity with the construction of a processing facility starting in 2027, the company said.

The proposed site would process about 2.7 million tonnes of phosphogypsum annually to extract neodymium, praseodymium, and other rare earth elements, Mosaic said, with initial production from the mining operations targeting 2030.

Shares of the company were up 1.1% in Wednesday premarket activity.