December 14, 2011 / 12:57 PM / in 7 years

UPDATE 1-Agrium to spend $1.5 bln to raise potash capacity

Dec 14 (Reuters) - Agrium Inc plans to spend about $1.5 billion to increase its potash production capacity by 50 percent, as it looks to gain from continued strength in crop prices.

The company also said it would quadruple its semi-annual dividend to $0.225 per share.

With the expansion at the Vanscoy facility in Saskatchewan, Canada, Agrium’s full capacity will rise to 3 million tonnes.

Agrium expects to complete the project in the second half of 2014.

The company, which owns the biggest farm-products retail network in North America, said last month that recent global economic uncertainty has not dented strong drivers supporting demand in agricultural markets. (Reporting by Gowri Jayakumar in Bangalore; Editing by Esha Dey)

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