Compañía Minera Miski Mayo S.R.L., a JV between Brazilian mining company Vale S.A. (40%) and US-based crop nutrition firm The Mosaic Company (35%), owns the Miski Mayo phosphate rock mine, located in Piura region, in Peru's Sechura Province. The company is currently developing the Bayovar expansion project, scheduled to come online in the second half of 2017, which is expected to increase phosphate production from 3.8Mt/y to 5.8Mt/y. The miner holds an unlimited concession contract. By end 2016, Mosaic entered an agreement with Vale to acquire the latter's phosphate and potash business operations, which would increase its stake in Miski Mayo by 40%. Miski Mayo is headquartered in San Isidro, Lima.