**UNITED STATES****SECURITIES AND EXCHANGE COMMISSIONWashington, DC    20549**

** FORM 10-K/AAMENDMENT NO. 1**

(Mark One)

**[**X**]         ANNUAL REPORT PURSUANT TO SECTION 13 OR15(d) OF THE                                     SECURITIES EXCHANGE ACTOF 1934                                        For the fiscal yearended  June 30, 2004**

**                                                                     OR**

**[  ]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OFTHE                                     SECURITIES EXCHANGE ACTOF 1934                        For thetransition period from __________ to __________.**

**Commission file number:** 001-12217

**MISSISSIPPI CHEMICAL CORPORATION**

(Exact name of registrant as specified in its charter)

| **MISSISSIPPI**                                                                                            | **64-0292638**                          |
|------------------------------------------------------------------------------------------------------------|-----------------------------------------|
| (State or other jurisdiction of incorporation or   organization)                                      | (I.R.S. Employer Identification Number) |
| **3622 Highway 49 East  P.O. Box   388  Yazoo City,  Mississippi**(address of principal executive offices) | **39194**(Zip Code)                     |

Registrant's telephone number, including area code: ** (662) 746-4131**

Securities registered pursuant to Section 12(b) of theAct:**None.**

Securities registered pursuant to Section 12(g) of theAct:**Common Stock, par value $.01 persharePreferred Stock Purchase Rights**

Indicateby check mark whether the registrant (1) has filed all reports required to befiled by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was requiredto file such reports), and (2) has been subject to such filing requirements forthe past 90 days.

Yes [ X ] No [   ]

Indicate by check mark if disclosure of delinquentfilers pursuant to Item 405 of Regulations S-K (§229.405 of this chapter) isnot contained herein, and will not be contained, to the best of registrant'sknowledge, in definitive proxy or information statements incorporated byreference in Part III of this Form 10-K or any amendment to this Form 10‐K. [X]

Indicateby check mark whether the Registrant is an accelerated filer  (as defined inRule 12b-2 of the Exchange Act).

Yes [   ]                   No [ X ]

On September 15, 2004, the registrant had 24,250,109 shares ofcommon stock, par value $.01, outstanding.  On December 31, 2003 (the lastbusiness day of the registrant's most recently completed second fiscalquarter), the aggregate market value of the registrant's common stock held byapproximately 12,255 nonaffiliates was $3,606,848 (based upon the December 31,2003, closing price of $0.15 of the common stock on the OTC Bulletin Board). Shares of the registrant's common stock held by each officer, director, andholder of 10% or more of the registrant's outstanding common stock have beenexcluded because such persons may be deemed affiliates of the registrant, whichdeemed affiliation status is not necessarily a conclusive determination forother purposes.

**DOCUMENTSINCORPORATED BY REFERENCE**

None.

----

ThisAmendment No. 1 to the Annual Report on Form 10‐K ofMississippi Chemical Corporation (the "Company") amends and supplementsItem 8 of Part II and Item 15 of Part IV of the Annual Report onForm 10‐K of the Company filed with the Securities and ExchangeCommission on September 28, 2004 (the "Form 10‐K"). Capitalized terms used herein and not otherwise defined shall have the meaningsassigned to such terms in the Form 10‐K.

Noother changes are being made to the Form 10-K by means of this Form 10-K/A.

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**PART II**

**ITEM 8.          FINANCIALSTATEMENTS AND SUPPLEMENTARY DATA**

POINT LISAS NITROGEN LIMITED(formerlyFarmland MissChem Limited)

FINANCIAL STATEMENTS AS OF JUNE 30, 2004 AND 2003(Expressedin thousands of United States Dollars)

| **C O N T E N T S**                                                                              | **Page** |
|--------------------------------------------------------------------------------------------------|----------|
| Independent Auditors' Report                                                                     | 4        |
| Balance Sheets as at June 30, 2004 and 2003                                                      | 5        |
| Statements of Income for the Years Ended June 30, 2004, 2003  and 2002                           | 6        |
| Statements of Changes in Shareholders' Equity for  the Years Ended  June 30, 2004, 2003 and 2002 |          |
| Statements of Cash Flows for the Years Ended June 30, 2004, 2003  and 2002                       | 8        |
| Notes to the Financial Statements                                                                | 9-21     |

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INDEPENDENT AUDITORS' REPORT

TOTHE MEMBERS OF POINT LISAS NITROGEN LIMITED

We have audited the balance sheets of Point LisasNitrogen Limited as of June 30, 2004 and 2003 and the related statements of income,changes in shareholders' equity and cash flows for each of the three yearsended June 30, 2004. These financial statements are the responsibility ofthe Company's management.  Our responsibility is to express an opinion on thesefinancial statements based on our audits.

We conducted our audits in accordance with the standards of the Public CompanyAccounting Oversight Board (United  States).  Those standards require that we plan and performthe audit to obtain reasonable assurance about whether the financial statementsare free of material misstatement.  An audit includes examining, on a testbasis, evidence supporting the amounts and disclosures in the financialstatements.  An audit also includes assessing the accounting principles usedand significant estimates made by management, as well as evaluating the overallfinancial statement presentation.  We believe that our audits provide areasonable basis for our opinion.

In our opinion, the financial statements referred toabove present fairly, in all material respects, the financial position of PointLisas Nitrogen Limited as of June 30, 2004 and 2003 and the results of itsoperations and cash flows for each of the three years ended June 30, 2004 inconformity with U.S. generallyaccepted accounting principles.

/s/ Ernst & Young    ERNST & YOUNGPort of Spain,TRINIDAD:

July 16, 2004

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POINT LISAS NITROGEN LIMITED(formerly Farmland MissChem Limited)BALANCE SHEETS(Expressed in thousands of United States Dollars)

|        | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | **                           June  30,** |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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|   | Note
2004  $'000
2003  $'000**Assets**
 
 
    
 
 
 **Current assets**
 
 
   Cash and cash equivalents
 
47
445  Restricted cash
5
82,844
50,398  Accounts receivable - affiliates
6
15,495
11,126  Amounts receivable - other  
 
437
721  Inventories
7
5,441
5,348  Other current assets
 
607
601   
 
104,871
68,639**Property, plant and equipment**
8
202,092
219,385**Other long term assets**
10
3,196
9,103**Deferred income tax asset**
11
37,738
30,630   
 
347,897
327,757**Liabilities and shareholders' equity**
 
 
    
 
 
 **Current liabilities**
 
 
   Accounts payable
 
4,142
3,375  Current portion of long-term debt
12
93,473
120,078  Other current liabilities
 
8,880
6,477   
 
106,495
129,930
**Advances  from shareholders**

13

108,022

108,022

** **

** **

** **

** **

**Shareholders'  equity**

** **

** **

** **

Capital,  of no par value

14

9,854

9,854

Retained  earnings

14

123,526

79,951

133,380

89,805

347,897

327,757

The notes on pages 9 to 21 form partof these financial statements. /s/ Brock D. Nelson                                     : Director:            s/Larry W. Holley______________: Director

POINT LISAS NITROGEN LIMITED(formerly Farmland MissChem Limited)STATEMENTS OF INCOME (Expressed in thousands of United States Dollars)

** **

**                Year  ended June 30,**

**Note**

**2004   $'000 **

**2003   $'000 **

**2002   $'000 **

**Sales**

** **

** **

** **

** **

      To  affiliates

      To  others

15

127,312 

74,451 

76,136 

           - 

         - 

  1,805 

**Cost and expenses**

127,312 

74,451 

77,941 

      Cost  of sales

 

 

 

 
        General  and administration
 
 
 
 
(76,315)

(56,451)

(45,763)

   (2,470)

 (2,260)

 (2,214 

**Operating income**

48,527 

15,740 

29,964 

      Financing  costs

16

(12,812)

(11,734)

(13,782)

      Other  income

17

       880 

  1,175 

  1,599 
               
**Income before income  taxes**

36,595 

5,181 

17,781 
               
      Income  taxes - current charge

11

(127)

(76)

(78)

                             - deferred income tax benefit

11

    7,107 

  6,097 

  6,269 
               
**Net income**

  43,575 

11,202 

23,972 

The notes on pages 9 to 21 form part of these financial statements.

POINT LISAS NITROGEN LIMITED(formerly Farmland MissChem Limited)STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY(Expressed in thousands of United States Dollars)

**Capital  $'000**

**Retained  earnings  $'000**

**Shareholders'  equity  $'000**

** **

** **

** **

** **

** **

** **

** **

Balance at June 30, 2001

9,854

44,777

54,631

 

 

 

 

Net income

       -

  23,972

  23,972
            
Balance at June 30, 2002

9,854

68,749

78,603

 

 

 

 

Net income

       -

  11,202

  11,202
            
Balance at June 30, 2003

9,854

79,951

89,805
            
Net income

       -

  43,575

  43,575
            
Balance at June 30, 2004

9,854

123,526

133,380

The notes on pages 9 to 21 form part of these financial statements.

POINT LISAS NITROGEN LIMITED(formerly Farmland MissChem Limited)STATEMENTS OF CASH FLOWS(Expressed in thousands of United States Dollars)

**                        Year  ended June 30,**

** **

**2004   $'000 **

**2003   $'000 **

**2002   $'000 **
**Cash flows from operating activities**
 
 
 
Net income

43,575 

11,202 

23,972 

Adjustments to reconcile  net income to net cash    provided by operations:

       Depreciation  and amortization

21,846 

18,986 

19,214 

       Amortization  of deferred gain from            capital spare  parts pooling

  (41)

  - 

  - 

       Deferred  income taxes

(7,107)

(6,097)

(6,269)

Changes in current assets  and liabilities:

       Accounts  receivable

(4,085)

2,847 

(4,184)

       Inventory

(93)

(886)

182 

      Other  current assets

(6)

79 

(480)

      Accounts  payable

767 

619 

40 

      Other  current liabilities

   2,401 

   1,761 

 (2,153)
            
Net cash provided by  operations

 57,257 

 28,511 

30,322 
            
**Cash flows from investing activities**

Capital expenditures

(2,696)

(3,230)

(547)
  Restricted cash
(32,446)

(2,613)

(8,424)

Proceeds from parts pool

4,202 

- 

- 

Other, net

    (110)

          - 

         - 
            
Net cash used in investing  activities

(31,050)

  (5,843)

 (8,971)
            
**Cash flows from financing activities**

Net movement in overdraft

- 

(8)

8 
  Loan repayments
(26,605)

(22,215)

(21,891)
            
Net cash used in financing  activities

(26,605)

(22,223)

(21,883)
            
**Net (decrease)/increase  in cash and cash equivalents**

(398)

445 

(532)
            
**Cash and cash equivalents (Note 2 (i))**

-     at  the beginning of the year

      445 

          - 

532 
            
-     at  the end of the year

        47 

      445 

         - 
            
**Supplemental disclosure  of cash flow information**

** **
            
Interest paid (net of  capitalized interest)

   7,385 

**  **9,111 

10,530 
            
Taxes paid

      127 

        76 

       78 

Thenotes on pages 9 to 21 form part of these financial statements.

POINT LISAS NITROGEN LIMITED(formerly Farmland MissChem Limited)NOTES TO THE FINANCIAL STATEMENTS(Expressed in thousands of United States Dollars)

**1.                 Organization and operations**

Farmland MissChem Limited (FMCL) was incorporatedin the Republic of Trinidad and Tobago in 1994 to own and operate an anhydrousammonia plant in that country.  FMCL commenced commercial operations on July 22, 1998, when the plant was commissioned.  Up to May 6, 2003, Farmland Industries Inc. (FII) and Mississippi Chemical Corporation (MCC), corporationsincorporated in the United States of America, were the ultimate parentcompanies each owning 50%.  On May 7, 2003 the ownership interest of FII wasacquired by Koch Mineral Services LLC, an entity organized in the United States  of America.  Following this change in ownership, FMCL was renamed Point LisasNitrogen Limited (the Company), on June 23, 2003.  Koch Nitrogen InternationalSarl (as assignee of FII) and Mississippi Nitrogen, Inc. (as assignee of MCC)are contractually obligated to purchase 100% of the Company's production forthe period of 12 years commencing the commissioning date, under terms alsodescribed elsewhere herein. Refer to Note 4 on Chapter 11 proceedings ofMississippi Chemical Corporation.

As discussed in Note 19(a) the Company's primaryraw material is natural gas, which is purchased from the National Gas Companyof Trinidad and Tobago under a 20-year "take or pay" contract dated October 18, 1996.  Other principal components of cost of goods sold include water andpower, which are currently available only from state monopolies in the Republic of Trinidad and Tobago, and certain catalysts which are available frommultiple sources, except one critical catalyst which is available only via onesupplier.

**2.         Summaryof significant accounting policies**

** a)          Reporting currency andbasis of presentation**

Substantially all costs incurred to build theCompany's operating facilities were incurred in US dollars.  In addition, allsales are billed and collected in US dollars, (except for labor and contractlabor which is paid in TT$) on-going operating costs are incurred and paid inUS dollars or are linked to the US dollar, and long-term debt and amounts dueto and from shareholders are denominated in US dollars.  Accordingly, the USdollar has been selected as the reporting and functional currency for theaccompanying financial statements, which have been prepared in accordance withgenerally accepted accounting principles of the United States of America.Substantially all items of property, plant and equipment and other long-termassets are located in the Republic of Trinidad  and Tobago.

**b)        Use of estimates**

The preparation of financial statements in conformitywith generally accepted accounting principles of the United States of Americarequires management to make estimates and assumptions that affect the reportedamounts of assets and liabilities, the disclosure of contingent assets andliabilities at year end and the reported amounts of revenues and expensesduring the year.  Actual results may differ from those estimates.

POINT LISAS NITROGEN LIMITED(formerly Farmland MissChem Limited)NOTES TO THE FINANCIAL STATEMENTS(Expressed in thousands of United States Dollars)

**2.         Summaryof significant accounting policies**(continued)

**c)         Income taxes**

Deferred tax assets and liabilities are recorded basedon the difference between the financial statement and income tax basis ofassets and liabilities using existing tax rates.  Deferred tax expense is thechange during the year in the deferred tax assets and liabilities.

**d)         Inventories**

Inventories are stated at the lower of cost or netrealizable value.  Cost is determined using the following basis:

i)          Items purchased from thirdparties are valued at cost on the weighted average basis;

ii)         Finished goods using thefirst-in first-out method are valued at total production cost which includesall direct overheads.

**e)         Property, plant andequipment**

Property, plant and equipment are stated at cost lessaccumulated depreciation.  Depreciation is provided for on the straight-linebasis at varying rates sufficient to write off the cost of the assets overtheir estimated useful lives as follows:

            Buildings andleasehold               improvements                          -           20years            Plant and equipment                  -           3 to20 years           Other equipment                        -           3 to15 years

Interest costs attributable to major constructionprojects are capitalized in the appropriate asset account and amortized overthe estimated useful life of the related asset.

The Company maintains spare parts at its productionfacility to minimize downtime in the event of a part failure.  All parts thatexceed a minimum value and are repairable are capitalized as operatingequipment and depreciated over their estimated useful lives.  Parts that do notexceed the minimum value or are not repairable are maintained as replacementparts and are included as inventory in the Company's current assets.  Thesereplacement parts are expensed when installed in the facility.** **

Capital spares that belong to the spare parts poolsare stated at cost less accumulated depreciation.  Depreciation is provided foron a straight-line basis to write off the cost of the asset over theirestimated useful lives.

POINT LISAS NITROGEN LIMITED(formerly Farmland MissChem Limited)NOTES TO THE FINANCIAL STATEMENTS(Expressed in thousands of United States Dollars)

**2.         Summary of significant accounting policies**(continued)

**f)          Debt issuance costs**

Debt issuance costs, comprising syndication,organization, commitment pre and post closing fees, are stated at cost andamortized using the effective interest method  over the life of the relateddebt.  Amortization of debt issuance costs is included in financing costs.

**g)**         **Major maintenance costs (turnaround)**

Major maintenance costs (turnaround) are expensed inthe year in which the actual expenditure is incurred.

**h)         Revenue recognition**

Sales revenue is recognized when title transfers tothe customer upon completion of loading the shipping vessel as evidenced by thebill of lading.

**i)          Cash and cash equivalents**

The Company considers investments in highly liquiddebt instruments with an initial maturity of three months or less to be cashequivalents.
 
POINT LISAS NITROGEN LIMITED(formerly Farmland MissChem Limited)NOTES TO THE FINANCIAL STATEMENTS(Expressed in thousands of United States Dollars)

**3.         Chapter11 proceedings of Farmland Industries, Inc.**

On May 31, 2002 (the "Petition Date"), FII a fiftypercent shareholder at that time and one of the Company's two customers, andfour of its US subsidiaries (collectively, the "Debtors") filed voluntarypetitions for protection under Chapter 11 of the US Bankruptcy Code in theUnited States Bankruptcy Court, Western District of Missouri.  According to thepetitions, the filings were made in order to facilitate the restructuring of theDebtors' trade liabilities, debt and other obligations.

As part of the reorganization plan, FII divestedits fertilizer assets which included its investment in the Company.  On May 7, 2003, FII transferred its ownership interest in the Company and advances fromshareholders to Koch Mineral Services LLC. In addition, FII assigned its rightsto purchase the Company's production to Koch Nitrogen International Sarl.

**4.         Chapter11 proceedings of Mississippi Chemical Corporation**

On May 15, 2003 (the "Petition Date"), MCC a fiftypercent indirect shareholder and nine of its US subsidiaries, (collectively,the "Debtors"), including Mississippi Nitrogen, Inc., one of the Company's twocustomers, filed voluntary petitions for protection under Chapter 11 of the USBankruptcy Code in the United States Bankruptcy Court, Southern District ofMississippi.  According to the petitions, the filings were made in order tofacilitate the restructuring of the Debtors' trade liabilities, debt and otherobligations.

MCC's filing resulted in a default under the EximBank Credit Agreement (see Note 12) as well as the Common Loan Agreement. Accordingly the long-term debt has been reclassified to a current liability.

Pursuant to the provision of the Bankruptcy Code,the Debtors have filed a plan of reorganization with the bankruptcy court.  Theprincipal objective of the plan of reorganization is to restructure the Debtorsobligations to creditors in a manner, which permits the Debtors to continue asa viable business organization.  No assurance, however can be given on theoutcome of the reorganization process until the bankruptcy court approves theplan of reorganization.

These financial statements, which have beenprepared on the going concern basis, do not include any other adjustments, toreflect the possible future effects on the recoverability and classification ofassets or the amounts of liabilities, which are subject to the followinguncertainty resulting from MCC's bankruptcy case:

-    Eximbank not calling due and payable the Company's loanobligations concurrently or subsequent to the Chapter 11 proceedings of MCC.

The total sales made by the Company to MississippiNitrogen, Inc. for 2004, 2003 and 2002 amounted to $63,714, $38,907 and $40,058respectively.
 
POINT LISAS NITROGEN LIMITED(formerly Farmland MissChem Limited)NOTES TO THE FINANCIAL STATEMENTS(Expressed in thousands of United States Dollars)

**5.         Restrictedcash**

The Company has entered intoa Revenue Trust Agreement as a condition of the long-term financing.  TheRevenue Trust Agreement requires that all revenues, as defined in the agreementand which include receipts for the sale of ammonia, are to be placed into anaccount to be administered by the Revenue Trust Agent.  Access to funds isrestricted under various conditions as described in Section 6 of the RevenueTrust Agreement.

Letters of credit from both shareholders, whichwere required by the Revenue Trustee in prior years, are no longer necessary.

** **

** **

**2004   $'000 **

**2003   $'000 **

**6.**

**Accounts  receivable - affiliates**

** **

** **

Koch Nitrogen International Sarl

8,189 

5,709 

Mississippi  Nitrogen, Inc.
      
-          Pre-petition  invoices

- 

2,635 

-          Post-petition  invoices

    7,306 

    2,782 

           Total

  15,495 

   11,126 
            
**7.**

**Inventories**

** **

** **

Finished  goods - ammonia

589 

1,100 

Spare  parts

4,730 

4,089 

Chemicals

       122 

       159 

             Total

    5,441

    5,348 

 

 

 
   
**8.**

**Property,  plant and****equipment**

** **

** **

Building  and leasehold improvements

758 

758 

Plant  and equipment

286,443 

291,524 

Other  equipment

2,848 

2,595 

Capital  work in progress

         54 

          - 

 

 

 

 

290,103 

294,877 

Less:   Accumulated depreciation and amortization

(89,020)

(75,492)

201,083 

219,385 

Add:   Interest in capital spare parts pools (net) (see Note 9)

    1,009 

          - 
            
            Total

202,092 

 219,385 
 
POINT LISAS NITROGEN LIMITED(formerly Farmland MissChem Limited)NOTES TO THE FINANCIAL STATEMENTS(Expressed in thousands of United States Dollars)

**9.**

**Interest in capital spare parts pools (net)**

**2004   $'000 **

**2003   $'000 **

 

Interest in capital spare  parts pools

4,326 

- 

Less: accumulated  depreciation

(1,029)

         - 

3,297 

- 

Less: Deferred liability  re: gain from disposal of    interest in capital spare parts pools

  (2,288)

           - 
            
Net amount

  1,009

         - 

In April 2004, the Company entered into anarrangement with two other companies which own substantially similar ammoniaplants in the Republic of Trinidad and Tobago for the pooling of certaincapital spares.  Under this agreement, the Company acquired a proportionateinterest in spares that these companies owned and transferred a proportionateinterest in its own spares to these other companies.  These transfers were doneat a fair value using an indexing procedure with reference to an industryauthority.  The surplus arising thereon is being deferred and recognized in theincome statement over the remaining useful life of the spares.  The deferredgain recognized by the Company in 2004 was $41.

** **

**2004   $'000 **

**2003   $'000 **

**10.**

**Other  long-term assets**

** **

** **
            
Debt  issuance costs

2,331 

8,305 

Site  lease premium

302 

316 

Lease  option

110 

- 

Capital  contribution - utility supply

       453 

     482 
            
                       Total

    3,196 

  9,103 

 Debt issuance costs are being amortized over theremaining anticipated term of the loan.  The site lease premium is beingamortized over the term of the thirty year site lease.  The capitalcontribution relating to the utility supply is being amortized over twentyyears, the approximate life of the plant.

**11.**

**Income taxes**

**2004   $'000 **

**2003   $'000 **

**2002   $'000 **

** **

** **

** **

** **

** **

The  effective tax rates differ from the statutory 

   tax rate of 35% for the following reasons:

Expected  income taxes

12,808 

1,813 

6,223 

Tax  holiday

(19,915)

(7,910)

(12,492)

Other

      127 

       76 

       78 
               
Taxation  benefit

  (6,980)

 (6,021)

 (6,191)

POINT LISAS NITROGEN LIMITED(formerly Farmland MissChem Limited)NOTES TO THE FINANCIAL STATEMENTS(Expressed in thousands of United States Dollars)

**11.**

**Income taxes** (continued)

**2004   $'000 **

**2003 ****$'000 **

**2002 ****$'000 **

** **

** **

** **

** **

** **

Deferred income tax benefit

(7,107)

(6,097)

(6,269)

 

Green  fund levy

     127 

       76 

      78 

 

 

Taxation  benefit

(6,980)

(6,021)

(6,191)

 

 

Deferred  income tax asset:

 

 

Property,  plant and equipment

29,627 

24,610 

19,603 

Deferred  borrowing cost

  8,111 

  6,020 

  4,930 

 

 

                       Total

37,738 

30,630 

24,533 

 In accordance with the lawsof Trinidad and Tobago, the Company was granted exemptions from taxes on incomefrom anhydrous ammonia and customs duties for the seven years commencing April 1, 1998. The Company has elected not to record tax depreciation during the exemptionperiod.

**12.**

**Long-term debt**

**2004   $'000 **

**2003   $'000 **

Export  Import Bank of the United States of    America

93,473 

120,078 

Less  current portion

93,473 

120,078 

Long-term  debt

         -

           - 

 This loan which is secured by a mortgage debentureon the Company's fixed and floating assets, bears interest at 6.63% per annumon the outstanding balance and is repayable in twenty equal semi-annualinstallments commencing on March 15, 1999.  The original re-payment schedulebased on the terms of the loan agreement and without consideration of anyeffects of the default on the loan agreement is as follows:

Maturities  of long-term debt

**$'000 **

Year  ending June 30,
      
2005

20,772 

2006

20,772 

2007

20,772 

2008

20,772 

2009

  10,385 
      
             Total  debt maturities

93,473 
 
POINT LISAS NITROGEN LIMITED(formerly Farmland MissChem Limited)NOTES TO THE FINANCIAL STATEMENTS(Expressed in thousands of United States Dollars)

**12.       Long-termdebt** (continued)

The Company has defaulted on its loan with Eximbankdue to the Chapter 11 bankruptcy filing of Mississippi Chemical Corporation(see Note 4). Because of this default, the Bank may declare immediately due andpayable all or any portion of the principal amount. Consequently the total loanobligation to Eximbank has been reclassified as a current liability.Notwithstanding the reclassification, no action has been taken against theCompany as of the date of these financial statements and therefore the Companyis continuing to repay the loan obligation with Eximbank based on the originalrepayment schedule noted above.

The Company has received a waiver from Eximbank ofthe event of default discussed above, so long as:

a)         There is no material adverse change in the business, property, assets,prospects, operations or financial condition of the Company; and

b)         No other Event of Default under the Credit Agreement and the CommonAgreement occurs.

Management does not anticipate any events of noncompliance with the terms of the Credit Agreement and the Common Agreementduring the upcoming financial year.

The Revenue Trust Agreement (see Note 5) providesfor a Final Holding Account, from which all funds on deposit on August 31 (the"Annual Transfer Date") shall be used either as a Mandatory Prepayment of theEximbank loan or as a distribution to the Company subject to certainlimitations and conditions.  Mandatory prepayments of the Eximbank loan resultin a pro-rata reduction of the remaining semi-annual installments.

The company will make a mandatory prepayment of$64,100 on August 31, 2004 against the loan balance.  Consequently, eachremaining semi-annual installment will be reduced by $7,122 to $3,264.  Basedon current cash flow projections and its obligations under the Revenue TrustAgreement, the company expects to completely repay the Eximbank loan by August 31, 2005.

The anticipated repayment schedule will be as follows:

**$'000  **

Year  ending June 30,

2005

70,627 

2006

22,846 

 

 

Total  repayment

93,473 
 
POINT LISAS NITROGEN LIMITED(formerly Farmland MissChem Limited)NOTES TO THE FINANCIAL STATEMENTS(Expressed in thousands of United States Dollars except per ton amounts which are in United StatesDollars)

**13.**

**Advances from shareholders**

**2004   $'000 **

**2003   $'000 **

** **

** **

** **

** **

Koch  Mineral Services LLC

54,011 

54,011 

Mississippi  Chemical Corporation 

  54,011 

  54,011 

108,022 

108,022 

 Advances from shareholders are unsecured andinterest free.  Repayments are subject to Section 6.03 of the overriding loanagreement, which restricts the payment of dividends and any other distributionsby the Company, unless specified conditions are met, and may only be made asand when funds are available as defined in the Revenue Trust Agreement.** **

**14.**

**Shareholders' equity**

**2004   $'000 **

**2003   $'000 **

** **

** **

** **

** **

** **

**Capital**

** **

** **

Authorized:

Unlimited  shares of no par value

Issued  and fully paid

60,000,002 ordinary shares  of no par value

    9,854

   9,854

**Retained  earnings**

** **

** **

The overriding loan agreement provides forrestrictions on the distribution of earnings.  At June 30, 2004, no amounts were available for distribution.

**15.       Salesand other related parties transactions**

The Company has entered into contracts for the saleof all of the Company's production of anhydrous ammonia to FII and MCC for aperiod of twelve years commencing July 22, 1998.  In July 1999, MCC assignedthis obligation to one of its subsidiary companies, Mississippi Nitrogen, Inc. On May 7, 2003, Koch Nitrogen International Sarl assumed all of the obligationsof FII under the sales contract that arose after such date.

The selling price is calculated as the greater ofthe Ammonia Market Price less five percent (Adjusted Price) and the AmmoniaFloor Price ($120 USD per metric ton for the first five years and $115 USD forthe next seven years beginning December 2003).  The Company is required tomaintain a cumulative total of the excess value between the Ammonia Floor Priceand the Adjusted Price.  When the Adjusted Price exceeds the Ammonia FloorPrice by an amount greater than $10 USD, the buyer will pay the Ammonia FloorPrice plus $10 USD for each metric ton until the cumulative balance isexhausted.  At June 30, 2004 and 2003 the cumulative total of the excessamounted to $Nil and $13,095, respectively.
 
POINT LISAS NITROGEN LIMITED(formerly Farmland MissChem Limited)NOTES TO THE FINANCIAL STATEMENTS(Expressed in thousands of United States Dollars)

**15.       Salesand other related parties transactions**(continued)

**2004   $'000 **

**2003   $'000 **

**2002   $'000 **

Sales:

           Farmland  Industries, Inc.

- 

28,693 

36,078 

           Mississippi  Nitrogen, Inc.

63,714 

38,907 

40,058 

           Koch  Nitrogen International Sarl

63,598 

6,851 

- 

Other income:

           Interest  on unpaid invoices - FII

- 

280 

41

           Interest  on unpaid invoices - MCC

59 

13 

- 

           Settlement  for post-petition withdraws re:

             Accumulation  Account - FII

- 

300 

 - 

                         Accumulation Account - MCC

300 

- 

- 

Expenses includes payments  as follows:

           Farmland  Industries, Inc.

- 

227 

425 

           Mississippi  Chemical Corporation

- 

9 

11 

Expenses includes the reimbursement of salaries andbenefits paid to management staff seconded as well as reimbursement of fees inrespect of letters of credit which were required by the Revenue Trustee (referNote 5).

**2004   $'000 **

**2003   $'000 **

The  balance on the Buyers' Accumulation account at  June 30 was as follows:

           Mississippi  Nitrogen, Inc.

- 

6,664 

           Koch  Nitrogen International Sarl

         - 

  6,431 

          -

13,095 

 

**16.**

**Financing costs**

**2004  $'000**

**2003  $'000**

**2002  $'000**

** **

** **

** **

** **

Interest expense

6,907 

8,633 

10,100 

Amortization of debt  issuance cost

5,974 

3,116 

3,653 

Foreign exchange  (gain)/loss

      (69) 

      (15) 

      29 
               
             Total  financing costs

12,812 

11,734 

13,782 

Due to the accelerated debt repayment, the Companyincreased the amortization of debt issuance cost so as to completely writethese off upon repayment of the long term loan in August 2005. The additionalamortization for 2004 amounted to $3,331.
 
POINT LISAS NITROGEN LIMITED(formerly Farmland MissChem Limited)NOTES TO THE FINANCIAL STATEMENTS(Expressed in thousands of United States Dollars)

**17.       Otherincome**

Other income includes interest income received onthe commercial bank accounts and on FII and MCC bankruptcy pre-petitionaccounts receivable.  For the years ended June 30, 2004, and 2003, other income also includes $300 received from MCC and FII respectively as settlementfor bankruptcy post-petition withdraws from the Accumulation Account. 

**18.       Pensionbenefits**

The Company maintains a defined contributionpension plan for all permanent employees where the Company contributes 6% of anemployee's base pay to a deferred annuity naming each employee as thebeneficiary.  Contributions for the year amounted to $117 (2003: $93, 2002:$91).

**19.       Leasecommitments**

**            a)         Natural gas supply**

Under the terms of a 20-year "take or pay" contractthe Company is required to purchase a maximum of 80% of the Annual ContractQuantity (ACQ) of gas in a 365 day year.  The gas price is linked to an"Ammonia Reference Price" which escalates annually by 4% compounded in eachsubsequent twelve month period after the sixtieth month.  The shortfall ofnatural gas below the ACQ must be purchased by the Company at the averageannual price for the contract year.  The payment for gas not taken can berecovered over the following five years by not paying for gas received inexcess of 80% of the ACQ.   Minimum commitments under this contract are asfollows:

Year  ending June 30,

**$'000**
      
2005

*

2006

*

2007

*

2008

*

2009

*

2010  to 2018

*
      
*

Expenditure for the year amounted to$* (2003: $*; 2002: $*).**[*A portion of this note to the financial statements has been omittedpursuant to a request for confidential treatment under Rule 24b‐2promulgated by the Securities and Exchange Commission under the SecuritiesExchange Act of 1934.  The omitted portion has been filed separately with theSecurities and Exchange Commission.]**
 
POINT LISAS NITROGEN LIMITED(formerly Farmland MissChem Limited)NOTES TO THE FINANCIAL STATEMENTS(Expressed in thousands of United States Dollarsexcept per ton amounts which are in United StatesDollars)

**19.       Leasecommitments** (continued)

**b)         Pipeline equipment**

The Company has entered into an equipment leaseagreement with the National Gas Company of Trinidad and Tobago Limited for thelease of certain pipeline equipment used to transport ammonia production to aport facility.   This lease is for a period of twenty years commencing July 22, 1998.  Theannual lease payments are based on a calculation linked to the price ofammonia, and are only required if the market price exceeds the average of $170USD per metric ton for the twelve month period commencing each July 22.  Annuallease payments will not exceed $2,300 per annum. Expenditure for the yearamounted to $2,108 (2003:$NIL 2002:$NIL).

**c)         Plant site**

The Company has entered into lease agreements for theplant site and right of way for the common corridor to a port facility.  Theseleases are for a period of thirty years which commenced October, 1996 andJanuary, 1997 and carry an option to renew for a further thirty years.

Under the terms of the agreements, annual leasepayments are as follows:

Year ending June 30,

**$'000 **
      
2005

 414 

2006

 414 

2007

 414 

2008

 414 

2009

 414 

2010 and thereafter

7,034 
      
 9,104 

Expenditure for the year amounted to $414 (2003: $414;2002: $396).

From 2006, the lease commitments may increase ordecrease based on the Consumer Price Index in the United States of America and the Index of Prices in Trinidad and Tobago.

**20.**

**Contingent liabilities**

**2004   $'000 **

**2003   $'000 **

**2002   $'000 **

** **

** **

** **

** **

** **

Customs bonds

- 

405 

405 
 
POINT LISAS NITROGEN LIMITED(formerly Farmland MissChem Limited)NOTES TO THE FINANCIAL STATEMENTS(Expressed in thousands of United States Dollars)

**21.       Financialinstruments**

**Fair value**

As at June 30, 2004 the fair value of the fixedrate loan with EXIMBANK is estimated to be US$94,408, based on a currentinterest rate of 4.10%, compared to its carrying value of US$93,473.

**Short-term financial assets and liabilities**

The carrying amount of short-term financial assetsand liabilities comprising cash and cash equivalents, accounts receivable andaccounts payable approximate their fair market values.
****
**PARTIV**

**ITEM 15.       EXHIBITS,FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8‐K**

**DocumentsFiled as a Part of This Form 10‐K/A:**

*          Financial Statements*.  Thefinancial statements, together with the report thereon of Ernst & Young appearingin Item 8 of this Form 10-K/A, are described below: 

          IndependentAuditors' Report

          BalanceSheets, June 30, 2004 and 2003

          Statementsof Income, Years Ended June 30, 2004, 2003, and 2002

          Statements of Changes in Shareholders'Equity, Years Ended June 30, 2004, 2003, and 2002

          Statementsof Cash Flows, Years Ended June 30, 2004, 2003, and 2002

          Notesto the Financial Statements

*          Financial Statement Schedules*. Financial statement schedules not included in this Form 10-K/A have beenomitted because they are not applicable or the required information is shown inthe financial statements or notes thereto.

*          Exhibits*.  The exhibitsrequired to be filed as part of this Form 10‐K/A by Item 601 ofRegulation S-K are set forth on the Exhibit Index, which follows thesignatures, and are either incorporated in this Form 10-K/A by reference tofilings with the SEC, were previously attached as exhibits to the initialfiling of the Annual Report on Form 10‐K, or are attached hereto .

**Reportson Form 8-K**

          Duringthe three months ended June 30, 2004, the following reports on Form 8-K were filed.

**Date  of Event**

**Description  of Event**

April 1, 2004

Monthly  Operating Report for the period from February 1 through February 29, 2004.

May 17, 2005

Monthly  Operating Report for the period from March 1 through March 31, 2004.

June 15, 2004

Monthly  Operating Report for the period from April 1 through April 30, 2004.

June 17, 2004

Monthly  Operating Report for the period from May 1 through May 31, 2004.

**SIGNATURES**

          Pursuant to the requirementsof Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registranthas duly caused this report to be signed on its behalf by the undersigned,thereunto duly authorized.

Dated:  October 6, 2004

                                                                            MISSISSIPPI CHEMICALCORPORATION                                                                            (Registrant)

                                                                           By:       /s/ Timothy A. Dawson                                                                                                               Timothy A.Dawson                                                                                       *(Senior VicePresident and                                                                                       Chief Financial Officer)*
 
**EXHIBIT INDEX**

**EXHIBIT  NUMBER**

**DESCRIPTION**

**DESIGNATION**

2.1

Debtors' Joint Plan of Reorganization, dated  April 15, 2004; filed as Exhibit 2.1 to the Company's Current  Report on Form 8‐K, filed April 19, 2004, SEC File  No. 001‐12217, and incorporated herein by reference.

*

2.2

Debtors' First Amended Joint Plan of Reorganization,  dated September 2, 2004; filed as Exhibit 2.1 to the Company's  Current Report on Form 8‐K, filed September 8, 2004, SEC File  No. 001‐12217, and incorporated herein by reference,

*

2.3

Disclosure Statement for Debtors' Joint Plan of  Reorganization, dated April 15, 2004; filed as Exhibit 2.2 to the  Company's Current Report on Form 8‐K filed April 19, 2004,  SEC File No. 001‐12217, and incorporated herein by reference.

*

2.4

First Amended Disclosure Statement for Debtors' First  Amended Joint Plan of Reorganization, dated September 10, 2004; filed as  Exhibit 2.1 to the Company's Current Report on Form 8‐K, filed  September 14, 2004, SEC File No. 001‐12217, and incorporated  herein by reference 

*

2.5

Asset Purchase Agreement, dated as of  November 26, 2003, among Mississippi Potash, Inc., and Eddy Potash,  Inc., as Debtors‐in-Possession and Sellers, and Intrepid Mining NM LLC  and HB Potash LLC, as Buyers; filed as Exhibit 2.1 to the Company's  Current Report on Form 8‐K filed March 12, 2004, SEC File No.  001‐12217, and incorporated herein by reference.

*

2.6

First Amendment to Asset Purchase Agreement,  Acknowledgment and Waiver, dated as of March 1, 2004, among Mississippi  Potash, Inc., Eddy Potash, Inc., Intrepid Mining NM LLC and HB Potash,  LLC; filed as Exhibit 2.2 to the Company's Current Report on Form 8‐K  filed March 12, 2004, SEC File No. 001‐12217, and incorporated  herein by reference.

*

2.7

Stock Purchase Agreement, dated as of August 6, 2004, among the Company, MissChem Acquisition Inc. and Terra Industries  Inc.; filed as Exhibit 99.2 to Terra Industries Inc.'s Current Report on  Form 8‐K filed on August 9, 2004, SEC File No. 001‐08520,  and incorporated herein by reference.

*

3.1

Articles of Incorporation of the Company; filed as  Exhibit 3.1 to the Company's Amendment No. 1 to Form S‐1  Registration Statement filed August 2, 1994, SEC File No. 33‐53119,  and incorporated herein by reference.

*

3.2

Articles of Amendment to the Articles of  Incorporation of the Company adopted December 12, 2003; filed as  Exhibit 3.2 to the Company's Quarterly Report on Form 10‐Q  for the quarter ended December 31, 2003, SEC File No. 001‐12217,  and incorporated herein by reference.

*

3.3

Bylaws of the Company; filed as Exhibit 3.2 to the  Company's Annual Report on Form 10‐K for the fiscal year ended  June 30, 1997, SEC File No. 001‐12217, and incorporated  herein by reference.

*

4.1

Shareholder Rights Plan; filed as Exhibit 1 to  the Company's Form 8‐A Registration Statement dated  August 15, 1994, SEC File No. 2‐7803, and incorporated herein  by reference.

*

4.2

Indenture dated as of November 25, 1997, between  the Company and Harris Trust and Savings Bank, as Trustee, governing the  Company's 7‐1/4% debt securities due November 15, 2017; filed as  Exhibit 4(a) to the Company's Current Report on Form 8‐K filed  November 25, 1997, SEC File No. 001‐12217, and incorporated  herein by reference.

*

4.3

First Supplemental Indenture dated as of July 1,  1999, among the Company, Mississippi Nitrogen, Inc., MissChem Nitrogen,  L.L.C., and Harris Trust and Savings Bank, as Trustee, supplementing the  Indenture dated as of November 25, 1997, between the Company and Harris  Trust and Savings Bank, as Trustee, governing the Company's 7‐1/4% debt  securities due November 15, 2017; filed as Exhibit 4.3 to the  Company's Annual Report on Form 10‐K for the fiscal year ended  June 30, 2001, SEC File No. 001‐12217, and incorporated  herein by reference.

*

4.4

Instrument of Resignation, Appointment and Acceptance  dated as of February 18, 2000, among the Company, Harris Trust and  Savings Bank as the Resigning Trustee, and Trustmark National Bank as the  Successor Trustee, under the Indenture dated as of November 25, 1997,  between the Company and Harris Trust and Savings Bank, as Trustee, governing  the Company's 7‐1/4% debt securities due November 15, 2017; filed  as Exhibit 4.4 to the Company's Annual Report on Form 10‐K  for the fiscal year ended June 30, 2001, SEC File No. 001‐12217,  and incorporated herein by reference. 

*

4.5

Instrument of Resignation, Appointment and Acceptance  dated as of March 21, 2003, among the Company, Trustmark National Bank  as the Resigning Trustee, and BancorpSouth Bank as the Successor Trustee  under the Indenture dated as of November 25, 1997, governing the  Company's 7‐1/4% debt securities due November 15, 2017; filed as  Exhibit 4.5 to the Company's Quarterly Report on Form 10‐Q  for the quarter ended March 31, 2003, SEC File No. 001‐12217, and  incorporated herein by reference.

*

4.6

Agreement  of Resignation, Appointment and Acceptance dated as of June 24, 2003,  among the Company, BancorpSouth Bank as the Resigning Trustee, and HSBC Bank  USA (f/k/a Marine Midland Bank) as the Successor Trustee under the Indenture  dated as of November 15, 1997, governing the Company's 7‐1/4% debt  securities due November 15, 2017; filed as Exhibit 4.6 to the  Company's Annual Report on Form 10‐K for the fiscal year ended  June 30, 2003, SEC File No. 001‐12217, and incorporated herein by  reference.

*

4.7

Indenture  of Trust dated as of March 1, 1998, between Mississippi Business Finance  Corporation and Deposit Guaranty National Bank, for the issuance of bonds in  the aggregate principal amount of $14.5 million to assist the Company in  financing and refinancing the cost of construction and equipping of solid  waste disposal facilities at its Pascagoula, Mississippi, facility; filed as  Exhibit 4.3 to the Company's Annual Report on Form 10‐K for the  fiscal year ended June 30, 1998, SEC File No. 001‐12217, and  incorporated herein by reference.

*

10.1

$182,500,000  Term Loan, Revolving Credit, Guarantee and Security Agreement, dated as of  July 1, 2004, among the Company and the subsidiaries of the Company named  therein as guarantors, the lenders from time to time party thereto, and  Citicorp North America, Inc.; filed as Exhibit 10.1 to the Company's  Current Report on Form 8‐K, filed July 21, 2004, SEC File No. 001‐12217,  and incorporated herein by reference.

*

10.2

First  Amendment, dated as of July 30, 2004, to the $182,500,000 Term Loan,  Revolving Credit, Guarantee and Security Agreement; filed as  Exhibit 10.1 to the Company's Current Report on Form 8‐K,  filed August 3, 2004, SEC File No. 001‐12217, and incorporated  herein by reference.

*

10.3

Second  Amendment, dated as of August 20, 2004, to the $182,500,000 Term Loan,  Revolving Credit, Guarantee and Security Agreement; filed as  Exhibit 10.1 to the Company's Current Report on Form 8‐K,  filed August 25, 2004, SEC File No. 001‐12217, and incorporated  herein by reference.

*

10.4

Agreement  made and entered into as of September 15, 1991, between Office Cherifien  des Phosphates and the Company for the sale and purchase of phosphate rock;  filed as Exhibit 10.1 to the Company's Annual Report on Form 10‐K  for the fiscal year ended June 30, 2001, SEC File No. 001‐12217,  and incorporated herein by reference.(1)

*

10.5

Amendment  No. 1, effective as of July 1, 1992, to the Agreement effective as  of September 15, 1991, between Office Cherifien des Phosphates and the  Company for the sale and purchase of phosphate rock; filed as  Exhibit 10.2 to the Company's Annual Report on Form 10‐K for  the fiscal year ended June 30, 2001, SEC File No. 001‐12217,  and incorporated herein by reference.(2)

*

10.6

Amendment  No. 2, effective as of July 1, 1993, to the Agreement effective as  of September 15, 1991, between Office Cherifien des Phosphates and the  Company for the sale and purchase of phosphate rock; filed as Exhibit 10.11  to the Company's Annual Report on Form 10‐K for the fiscal year ended  June 30, 1995, SEC File No. 000‐20411, and incorporated  herein by reference.(3)

*

10.7

Amendment  No. 3, effective as of January 1, 1995, to the Agreement effective  as of September 15, 1991, between Office Cherifien des Phosphates and  the Company for the sale and purchase of phosphate rock; filed as  Exhibit 10.10 to the Company's Annual Report on Form 10‐K for  the fiscal year ended June 30, 1995, SEC File No. 000‐20411,  and incorporated herein by reference.(4)

*

10.8

Amendment  No. 4, effective as of January 1, 1997, to the Agreement effective  as of September 15, 1991, between Office Cherifien des Phosphates and  the Company for the sale and purchase of phosphate rock; filed as  Exhibit 10.8 to the Company's Annual Report on Form 10‐K for the  fiscal year ended June 30, 1997, SEC File No. 001‐12217, and  incorporated herein by reference.

*

10.9

Amendment  No. 5, effective as of July 1, 2000, to the Agreement effective as  of September 15, 1991, between Office Cherifien des Phosphates and the  Company for the sale and purchase of phosphate rock; filed as  Exhibit 10.6 to the Company's Quarterly Report on Form 10‐Q  for the quarter ended March 31, 2001, SEC File No. 001‐12217, and  incorporated herein by reference.

*

10.10

Amendment  No. 6, effective as of July 1, 2001, to the Agreement effective as of  September 15, 1991, between Office Cherifien des Phosphates and the  Company for the sale and purchase of phosphate rock; filed as  Exhibit 10.7 to the Company's Quarterly Report on Form 10‐Q  for the quarter ended September 30, 2001, SEC File No. 001‐12217,  and incorporated herein by reference.

*

10.11

Employee  Retention and Severance Programs approved by the U.S. Bankruptcy Court on  October 2, 2003; filed as Exhibit 10.20 to the Company's Quarterly  Report on Form 10‐Q for the quarter ended December 31, 2003, SEC  File No. 001‐12217, and incorporated herein by reference.

*

10.12

Form  of Key Executive Retention and Severance Agreement applicable to the Named  Executive Officers:  Charles O. Dunn, Timothy A. Dawson,  C. E. McCraw, Robert E. Jones, and Larry W. Holley; filed as  Exhibit 10.21 to the Company's Quarterly Report on Form 10‐Q  for the quarter ended December 31, 2003, SEC File No. 001‐12217,  and incorporated herein by reference.

*

10.13

Form  of First Amendment to Key Executive Retention and Severance Agreement  applicable to Charles O. Dunn.

+

10.14

Form  of First Amendment to Key Executive Retention and Severance Agreement  applicable to Timothy A. Dawson.

+

10.15

Form  of First Amendment to Key Executive Retention and Severance Agreement  applicable to Robert E. Jones and C. E. McCraw.

+

10.16

Mississippi  Chemical Corporation Officer and Key Employee Incentive Plan; filed as  Exhibit 10.8 to the Company's Annual Report on Form 10‐K for  the fiscal year ended June 30, 1998, SEC File No. 001‐12217,  and incorporated herein by reference.

*

10.17

Mississippi  Chemical Corporation Executive Deferred Compensation Plan, as amended and  restated, effective January 1, 2000; filed as Exhibit 10.2 to the  Company's Quarterly Report on Form 10‐Q for the quarter ended  December 31, 1999, SEC File No. 001‐12217, and incorporated herein  by reference.

*

10.18

Mississippi  Chemical Corporation Amended and Restated 1994 Stock Incentive Plan; filed as  Exhibit 10.1 to the Company's Quarterly Report on Form 10‐Q for  the quarter ended December 31, 1999, SEC File No. 001‐12217,  and incorporated herein by reference.

*

10.19

Mississippi  Chemical Corporation Amended and Restated 1995 Stock Option Plan for  Nonemployee Directors; filed as Exhibit 10.1 to the Company's Quarterly  Report on Form 10‐Q for the quarter ended December 31, 2000,  SEC File No. 001‐12217, and incorporated herein by reference.

*

14.1

Ethical  Conduct Policy.

+

21.1

List  of subsidiaries of the Company.

+

23.1

Consent  of KPMG LLP.

+

23.2

Consent  of Ernst & Young.

**

31.1

Certification  of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as  adopted pursuant to Section 302 of the Sarbanes‐Oxley Act of 2002.

**

31.2

Certification  of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as  adopted pursuant to Section 302 of the Sarbanes‐Oxley Act of 2002.

**

32.1

Certification  of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as  adopted pursuant to Section 906 of the Sarbanes‐Oxley Act of 2002.

**

32.2

Certification  of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as  adopted pursuant to Section 906 of the Sarbanes‐Oxley Act of 2002.

**

__________________

* Incorporated by reference.+ Previously attached as an exhibit to the initialfiling of this Annual Report on Form 10-K.** Attached as an exhibit to this Annual Report onForm 10-K/A.

Footnotes to Exhibit Index

(1)  Pursuant to theSecurities Exchange Act of 1934, Rule 24b-2, confidential business informationwas deleted from the first, second and third paragraphs of Article IV, ArticleVII, Article VIII, and from the second and third paragraphs of Article IX, andan application for confidential treatment was filed separately with, andgranted by, the SEC. The Agreement in its redacted form was originally filed asExhibit 10.1 to the Company's Form 8 Amendment of its Annual Report on Form10-K for the fiscal year ended June 30, 1991, File No. 2 7803, and a completecopy was filed separately with the Secretary of the SEC in connection with ourapplication objecting to disclosure of confidential business information.  Ouroriginal application for confidential treatment was granted for a term ending June 30, 2001.  We filed a new Application Objecting to the Disclosure of ConfidentialInformation and Request for Extension of Previously Granted Order forConfidential Treatment.  The request was granted on October 17, 2001.

(2)  Amendment No. 1, withconfidential business information redacted, was originally filed asExhibit 10.12 to the Company's Annual Report on Form 10-K.  The redactedinformation was later disclosed; therefore, Amendment No. 1 in its entirety wasfiled with the SEC.

(3)  Pursuant to theSecurities Exchange Act of 1934, Rule 24b-2, confidential business information was deleted from paragraphs numbered 5 and 8 of Amendment No. 2; from the firstparagraph, paragraph numbered 1, paragraph numbered 2, and paragraph numbered 3of Schedule 1, Exhibit A; from Schedule 2, Exhibit B; from Schedule 3, ExhibitC, and from Schedule 4, Exhibit D; and an application for confidentialtreatment was filed separately with, and granted by, the SEC.

(4)  Pursuant to the SecuritiesExchange Act of 1934, Rule 24b-2, confidential business information was deleted from Schedule 1 to Amendment No. 3, Exhibit B, and an application forconfidential treatment was  filed separately with, and granted by, the SEC. |