What Itafos does

Itafos Inc. is a vertically integrated phosphate and specialty fertilizer producer with operations spanning the US, Brazil, and Guinea-Bissau. The company operates two primary production assets — Conda in Idaho (approximately 550kt per year of MAP, MAP+, SPA, MGA, and 27kt per year of HFSA) and Arraias in Tocantins, Brazil (planned ~275kt per year of SSP, PAPR and DAPR following the 2027 restart of the wet Beneficiation circuit) — along with two development-stage projects, Farim (Guinea-Bissau, 1.35Mt per year phosphate rock) and Santana (Pará, Brazil, 500kt SSP per year). Underlying technology comprises wet phosphate rock processing, sulfuric acid production (sourced in part from Rio Tinto's Kennecott mine under a multi-decade offtake), MgO reduction processing, and fertilizer granulation. Core proprietary capabilities include the H1/NDR mine development with rail loading facilities and the MgO Reduction Project at Conda, designed to handle high-magnesium ore while maintaining P2O5 capacity.

Itafos generates revenue primarily through one-time B2B sales of phosphate fertilizer products — MAP, MAP+, SPA, MGA, SSP, PAPR, DAPR, and HFSA — to large-scale agricultural producers in the US and Brazil, with international exports to Africa, India and other markets. Distribution is via direct enterprise field sales and long-term offtake contracts; the flagship MAP offtake prices against a three-month historical NOLA benchmark (Q1 2026: $664/st, up 11% year-over-year). Sulfuric acid is a secondary revenue stream, with Arraias producing approximately 40kt per year of excess acid for third-party sale. FY2025 revenue was $558 million (+14% year-over-year) with $159 million in adjusted EBITDA, and the company is controlled by CL Fertilizers Holding LLC, an affiliate of private investment firm Castlelake, L.P. The company is publicly listed on TSX-V (IFOS) and OTCQX (ITFS), was recapitalized out of MBAC Fertilizer Corp. in 2016, and reports a 501-1000 employee base.

Name

Itafos

Legal name

Itafos Inc.

Website

https://itafos.com

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

251–500 employees

Short description

Itafos Inc. is a vertically integrated phosphate and specialty fertilizer producer operating the Conda facility in Idaho and Arraias in Brazil, selling MAP, SPA, SSP and related products to large-scale agricultural producers in the US and Brazil via direct enterprise offtake contracts.

Ownership category

akta.pro rank

Product category

Phosphate Fertilizers

NAICS

Phosphatic Fertilizer Manufacturing (325312), Nonmetallic Mineral Mining and Quarrying (2123), Pesticide, Fertilizer, and Other Agricultural Chemical Manufacturing (3253)

SIC

Mining & Quarrying Of Nonmetallic Minerals (No Fuels) (1400), Industrial Inorganic Chemicals (2810)

akta.pro primary industry

Phosphate Fertilizers (MAP/DAP/TSP) (IMAEAEAB)

akta.pro secondary industries

Phosphate Rock Mining (IMAKAGAA), Fertilizer Raw Materials & Intermediates (Phosphate Rock, Sulfuric/Phosphoric Acid, Potash Ore/Brines) (AFABABAH), Specialty Phosphorus Products (Low-Salt, High-Availability P, Polyphosphates) (AFABACAH), Phosphate Fertilizers (MAP, DAP, TSP, SSP) (AFABABAB)

Keywords

• Phosphate fertilizers
• Specialty fertilizers
• Phosphate mining
• Crop nutrition products
• Fertilizer manufacturing

Headquarters

HQ city

Grand Cayman

HQ country

Cayman Islands

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Infrastructure, Technology or R&D, Personnel

Revenue model

1. Phosphate Fertilizer Product Sales: Itafos generates revenue primarily from selling phosphate fertilizer products including MAP (monoammonium phosphate), MAP+, SPA (superphosphoric acid), MGA (merchant grade phosphoric acid), SSP (single superphosphate), PAPR (partially acidulated phosphate rock), DAPR (direct application phosphate rock), and hydrofluorosilicic acid (HFSA). Revenue is derived from both domestic US sales and international sales to agricultural markets including Brazil.
2. Sulfuric Acid Sales: Arraias facility produces excess sulfuric acid (approximately 40kt per year) that is sold to third parties. Conda historically sources approximately 60% of its sulfuric acid requirements from Rio Tinto Kennecott mine.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Itafos is a phosphate and specialty fertilizer producer that mines phosphate rock and manufactures finished fertilizer products including MAP, MAP+, SPA, MGA, SSP, PAPR, DAPR, and HFSA at its vertically integrated facilities in Idaho (Conda) and Brazil (Arraias). The company also sells excess sulfuric acid to third parties and is developing additional phosphate mine projects in Guinea-Bissau (Farim) and Brazil (Santana). Its products serve large-scale agricultural producers in the US, Brazil, and international markets.

Product overview

Itafos is a phosphate and specialty fertilizer company with a platform-plus-operations architecture. The company operates four main business units: Conda (Idaho, US) and Arraias (Brazil) as vertically integrated phosphate fertilizer production facilities, and Farim (Guinea-Bissau) and Santana (Brazil) as phosphate mine development projects. Conda produces MAP, MAP+, SPA, MGA, and HFSA with approximately 550kt per year capacity, while Arraias targets production of SSP, PAPR, and DAPR at approximately 275kt per year after restart of the wet beneficiating circuit. The Farim project is construction-ready with 1.35Mt annual phosphate rock capacity, and Santana is a vertically integrated project with 500kt SSP capacity.

Differentiator

Problem solved

Functional benefit

Brands

• Conda: Vertically integrated phosphate fertilizer business located in Idaho, US producing MAP, MAP+, SPA, MGA and HFSA
• Arraias
• Farim
• Santana

Products and services

• MAP (Monoammonium Phosphate) Primary phosphate fertilizer produced at Itafos' Conda facility in Idaho, sold to large-scale agricultural producers and distributors in the US and international markets. Long-term MAP offtake contracts price the product at three-month historical NOLA averages.
• MAP+ (MAP with Micronutrients) Enhanced MAP fertilizer with added micronutrients produced at Itafos' Conda facility, sold to specialty crop producers requiring customized nutrient profiles.
• SPA (Superphosphoric Acid) Superphosphoric acid produced at Itafos' Conda facility in Idaho, sold as part of the integrated phosphate fertilizer product portfolio to agricultural producers and industrial users.
• MGA (Merchant Grade Phosphoric Acid) Merchant grade phosphoric acid produced at Itafos' Conda facility in Idaho, sold to agricultural and industrial customers as part of the integrated phosphate product portfolio.
• HFSA (Hydrofluorosilicic Acid) Hydrofluorosilicic acid specialty chemical produced at Itafos' Conda facility in Idaho with approximately 27kt per year production capacity, sold to industrial customers for applications beyond crop nutrition.
• SSP (Single Superphosphate) Single superphosphate fertilizer planned for production at Itafos' Arraias facility in Tocantins, Brazil, with production restart targeted for 2027 and annual production targets of approximately 275kt per year (SSP/PAPR/DAPR combined) following restart of the Beneficiation circuit. Sold to Brazilian agricultural producers.
• PAPR (Partially Acidulated Phosphate Rock) Partially acidulated phosphate rock specialty fertilizer targeted for production at Itafos' Arraias facility in Brazil following the 2027 restart of the Beneficiation circuit, sold to Brazilian agricultural producers for specialty crop and soil applications.
• DAPR (Direct Application Phosphate Rock) Direct application phosphate rock specialty fertilizer targeted for production at Itafos' Arraias facility in Brazil following the 2027 restart of the Beneficiation circuit, sold to Brazilian agricultural producers for direct soil application.
• Sulfuric Acid (Third-Party Sales) Excess sulfuric acid produced at Itafos' Arraias facility (approximately 40kt per year) and sold to third-party industrial buyers under index-linked contracts (Tampa Index), supplying chemical processing and industrial customers.

Quantifiable outcome

• Record production at Arraias facility with 170% increase in dry fertilizer production on P2O5 basis in FY 2025
• +3 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• Rio Tinto (Kennecott mine)coreStrategic or Co-development Partner · 14 May 2026Itafos has a long-standing sulfuric acid supply relationship with Rio Tinto's Kennecott copper mine in Utah, spanning over three decades. Conda has historically sourced approximately 60% of its sulfuric acid requirements from Rio Tinto. The amended agreement (May 2026 through December 2029) changes the reference index price from Vancouver Index to Tampa Index and includes adjusted pricing to address sulfur price volatility while providing greater flexibility for incremental supply.

Scale indicators16 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• The Mosaic Company: One of the world's largest phosphate producers with integrated mining and fertilizer operations, including MAP/DAP production in Florida and Louisiana. Direct comparable on phosphate rock mining, MAP manufacturing, and agricultural distribution to North American farmers.
• OCP Group: Moroccan state-owned phosphate rock miner and integrated fertilizer producer, the world's largest phosphate rock producer. Comparable as a vertically integrated phosphate rock-to-fertilizer platform with global distribution.
• PhosAgro: Russian vertically integrated phosphate rock miner and fertilizer producer with high-grade ore (similar positioning to Itafos' Farim). Competes directly in MAP/DAP/NPK global export markets and phosphate rock supply.

Broad incumbents

• Yara International: Global nitrogen-focused fertilizer producer with growing phosphate and specialty crop nutrition offerings. Comparable on agricultural B2B distribution, fertilizer blending, and exposure to global crop input cycles.
• EuroChem Group: Vertically integrated nitrogen, phosphate, and potash producer with phosphate mining assets. Comparable in vertically integrated structure and global fertilizer distribution.
• ICL Group: Israel-based specialty fertilizers and specialty chemicals producer with phosphate operations. Comparable on specialty phosphate products (HFSA, specialty MAP formulations) and serves overlapping agricultural markets globally.
• Nutrien Ltd. The world's largest crop inputs provider with substantial phosphate production capacity at its Aurora, White Springs, and Geismar facilities. Overlaps with Itafos in phosphate fertilizer manufacturing and North American agricultural distribution, but operates across the full N-P-K spectrum.

Emerging players

• LSB Industries: Nitrogen fertilizer and industrial chemicals producer. Adjacent comparable on industrial inorganic chemical production (anhydrous ammonia, sulfuric acid) serving agricultural markets.
• Compass Minerals: Specialty plant nutrition and salt producer with sulfate of potash (SOP) and specialty fertilizer offerings. Comparable on specialty plant nutrition focus and serving North American agriculture, though less focused on phosphate.

Regional players

• CVR Partners: U.S. nitrogen fertilizer MLP. Limited direct overlap with Itafos' phosphate focus but comparable as a small/mid-cap North American fertilizer producer serving agricultural markets with commodity exposure.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/itafos

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Itafos