9. INVESTMENTS IN NON-CONSOLIDATED COMPANIES
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. The cash flow presentation of dividends received from equity method investees is determined by evaluation of the facts, circumstances and nature of the distribution.
A summary of our equity-method investments, which were in operation as of December 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 | 39.9% | ||
The summarized financial information shown below includes all non-consolidated companies carried on the equity method.
| Seven Months Ended | |||||||||||||
| December 31, | Years Ended May 31, | ||||||||||||
| (in millions) | 2013 | 2013 | 2012 | 2011 | |||||||||
| Net sales | $ | 1,846.5 | $ | 4,475.2 | $ | 4,938.4 | $ | 4,061.7 | |||||
| Net earnings | 12.1 | 67.5 | 97.9 | 0.5 | |||||||||
| Mosaic's share of equity in net earnings (loss) | 10.9 | 18.3 | 13.3 | (5.0) | |||||||||
| Total assets | 1,658.5 | 1,841.4 | 1,776.0 | 1,690.6 | |||||||||
| Total liabilities | 985.3 | 1,149.8 | 1,005.0 | 1,022.5 | |||||||||
| Mosaic's share of equity in net assets | 250.9 | 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 August 5, 2013, we entered into a Shareholders' Agreement with Ma'aden and SABIC under which the parties have formed a joint venture to develop, own and operate integrated phosphate production facilities in the Kingdom of Saudi Arabia subsequent to December 31, 2013. The approximately $7 billion greenfield project will 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 own a 25% interest in the joint venture and will market approximately 25% of the production of the joint venture. Our cash investment is expected to be approximately $1 billion, funded over a four-year period. As of December 31, 2013, our investment was $174 million. Mosaic is expected to guarantee a portion of the project's debt during the construction phase and have obligations to fund certain construction cost overruns. As of December 31, 2013, construction financing has not been finalized, and no such guarantees exist by Mosaic. Additionally, as of December 31, 2013, there are no construction cost overruns which Mosaic would be obligated to fund.