Itafos, Rio Tinto Amend Sulfuric Acid Contract
Itafos (IFOS.V) agreed to amend a sulfuric acid supply contract with Rio Tinto, Itafos said overnight Thursday.Under the amended agreement, Itafos will continue to purchase sulfuric acid from Rio Tinto's Kennecott mine in Utah, and the reference index price will change from the Vancouver Index to the Tampa Index from May 1, 2026, through Dec. 31, 2029.To promote long-term value for both U.S. farming and mining industries, the parties have agreed to an adjusted sulfuric acid price until Dec. 31, 2029, to help address significant price volatility of sulfur over the last four years.Itafos has historically sourced about 60% of its sulfuric acid requirements at the Conda phosphate operation in Idaho from Rio Tinto.After Dec. 31, 2029, Itafos expects to continue purchasing sulfuric acid from Rio Tinto."The amended contract will allow us to maintain supply of a vital input to our production process while decreasing our exposure to volatility in commodity prices," Itafos Chief Executive Officer David Delaney said.
