Agrium Inc. to Buy 50% Interest in Hanfeng Evergreen Joint Venture

Toronto-based Hanfeng Evergreen Inc., a provider of slow and controlled release fertilizers in China, has received written notice from Calgary-based Agrium Inc. exercising its option with Hanfeng to purchase 50% of the outstanding shares of Hanfeng Slow Release Fertilizer (Canada) Co. Ltd. (Subco). The option was granted to Agrium in conjunction with Agrium granting Hanfeng a sulphur coated urea (SCU) licence for use in China and was included as part of the agreement in which Agrium became a 19.6% shareholder of Hanfeng in April 2007. Subco develops new SCU projects and joint venture opportunities in China.