We have investments in various international and domestic entities and ventures. The equity method of accounting is applied to such investments when the ownership structure prevents us from exercising a controlling influence over operating and financial policies of the businesses but still allow us to have significant influence. Under this method, our equity in the net earnings or losses of the investments is reflected as equity in net earnings of non-consolidated companies on our Consolidated Statements of Earnings. The effects of material intercompany transactions with these equity method investments are eliminated, including the gross profit on sales to and purchases from our equity-method investments which is deferred until the time of sale to the final third party customer.

A summary of our equity-method investments, which were in operation as of May 31, 2013, is as follows:

	Entity		Economic Interest
	Gulf Sulphur Services LTD., LLLP		50.0%
	River Bend Ag, LLC		50.0%
	IFC S.A.		45.0%
	Yunnan Three Circles Sinochem Cargill Fertilizers Co. Ltd.		35.0%
	Miski Mayo Mine		35.0%
	Canpotex		43.0%

The summarized financial information shown below includes all non-consolidated companies carried on the equity method.

	May 31,
(in millions)		2013		2012		2011
Net sales	$	4,475.2	$	4,938.4	$	4,061.7
Net earnings		67.5		97.9		0.5

Mosaic's share of equity in net earnings (loss)		18.3		13.3		(5.0)

Total assets		1,841.4		1,776.0		1,690.6
Total liabilities		1,149.8		1,005.0		1,022.5

Mosaic's share of equity in net assets		256.4		282.8		247.2

The difference between our share of equity in net assets as shown in the above table and the investment in non-consolidated companies as shown on the Consolidated Balance Sheets is due to an excess amount paid over the book value of the Miski Mayo Mine. The excess relates to phosphate rock reserves adjusted to fair value in relation to the Miski Mayo Mine. The excess amount is amortized over the estimated life of the phosphate rock reserve and is net of related deferred income taxes.

During fiscal 2011, we sold our 20.1% minority stake in Fosfertil, a phosphate crop nutrient producer in Brazil. Gross proceeds of $1.0 billion were received which resulted in a pre-tax gain of $685.6 million. The tax impact of this transaction was $116.2 million and was included in our provision for income taxes as of May 31, 2011.

On March 19, 2013, we entered into a Heads of Agreement with Saudi Arabian Mining Company (“Ma'aden”) and Saudi Basic Industries Corporation (“SABIC”) to form a joint venture (the “Northern Promise Joint Venture”) that would develop a phosphate rock mine and chemical complexes in the Kingdom of Saudi Arabia. The Northern Promise Joint Venture is presently expected to produce phosphate fertilizers, animal feed, food grade purified phosphoric acid and sodium tripolyphosphate. The approximately $7 billion greenfield project is expected to be financed by the joint venture with debt and the investments of the parties, and have a production capacity of approximately 3.5 million tonnes of finished product. Operations are expected to commence in late calendar 2016. We expect to have a 25% interest in the joint venture which will be accounted for in our financial statements as an equity-method investment.

In connection with our equity share, we expect that we will market approximately 25% of the production of the joint venture. Subject to final financing terms, our cash investment would be up to $1 billion, funded over a four-year period beginning in calendar 2013. The joint venture's final financing arrangements are expected to include commitments by the shareholders to fund, on a limited basis, certain construction cost overruns and provide guarantees of financing through the construction phase of the project.