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SMALL BUSINESS
Mosaic declares special cash dividend
PLYMOUTH, Minn. (AP) — Potash and fertilizer producer Mosaic Co. on Monday declared a special cash dividend of $1.30 per share and reaffirmed its 2010 capital spending outlook.
Mosaic CEO Jim Prokopanko said the move, which returns about $580 million in cash to shareholders, "is a reflection of our strong cash position and the confidence we have in our future business prospects and cash flows."
He said that the company's cash position — at $2.6 billion as of Aug. 31 — provides financial flexibility to make the distribution, while the company maintains its capital spending program and liquidity.
The special dividend will be paid Dec. 3 to stockholders of record as of Nov. 12.
Mosaic said it still plans to spend between $1 billion to $1.2 billion on capital projects in 2010.
Shares of the company rose 16 cents to $51.95 in morning trading.