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Agrium Slightly Lower Even After Dividend Raise, Approval of Substantial Potash Expansion

Agrium Inc. (AGU.TO) edged up 2 cents to $67.50 at the TSX open from yesterday's $67.48 close, but has now went down by almost 1% to $66.86 amid broad decline on the European crisis, even as the company announce the approval of substantial potash expansion by its Board of Directors and the increase in its dividends.

The major retail supplier of agricultural products and services said its Board of Directors has approved a one million tonne brownfield potash capacity expansion at its Vanscoy potash facility in Saskatchewan, Canada. The expansion is expected to increase annual production capacity by approximately 50%, bringing total annual nameplate capacity to three million tonnes.

The company also reported today that its Board of Directors approved a quadrupling of the cash dividend on common stock to $0.225 per share on a semi-annual basis, up from the previous semi-annual dividend of $0.055 per share. The $0.225 per share dividend will be paid January 19, 2012 to shareholders of record on January 1, 2012.

Companies: Agrium Inc.

Price: US$64.25. Price Change: -0.92. Percent Change: -1.4.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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