Business
Inauguration of Mill and First Sale of Palm Oil
Inauguration of Mill and First Sale of Palm Oil.
About this update from Capital Metals Plc
[{"type":"text","content":"\n \nRNS Number : 1615G Equatorial Palm Oil plc 09 May 2011 \n \n\n9 May 2011\nEquatorial Palm Oil Plc\n(\"EPO\" or the \"Company\")\n \nInauguration of Liberia's first commercial Palm Oil Mill\n \nand\n \n First sales of Crude Palm Oil achieved\n \nEquatorial Palm Oil plc, (AIM: PAL), the AIM listed palm oil development company with operations in Liberia, is pleased to announce the inauguration of Liberia's first palm oil mill (the 'Mill') at its Palm Bay Estate in Grand Bassa County, by the President of Liberia together with the commencement of Crude Palm Oil ('CPO') sales.\n \nLiberia's First Commercial Palm Oil Mill\nThe US$3 million Mill was inaugurated following eight months of construction and testing, including the processing of oil palm bunches. The plant is currently processing 30 tonnes of fresh oil palm bunches ('FFB') daily sourced from the surrounding 3,500 hectares of existing oil palms rehabilitated by the Company over the past 12 months. An additional 1,200 hectares are being prepared for the 2011 planting of new oil palms currently in the nursery.\n \nDaily production is averaging five tonnes of CPO per day at an extraction rate of 17%. Production is expected to rise as the Mill reaches full capacity in July 2011 with output in the order of 15 tonnes of CPO per day. \n \nFirst Sales of CPO\nFirst sales of CPO in to the Liberian market occurred during April and a larger sale tender process is to be undertaken during May.\n \nThe Mill was inaugurated by the Liberian President, Ellen Johnson Sirleaf, who attended and spoke at the event expressing her appreciation of the work completed and the importance of this project for Liberia. Also in attendance were other national and local government decision makers.\n \nDuring the visit to Palm Bay, the President also saw the rehabilitated areas, land prepared for new planting, the nursery with over 200,000 young palms and a primary school established and operated by the Company. In the latest of several local charitable and community development projects being undertaken to improve the social well-being of the communities in which it operates, the Company was pleased to present a cheque for US$25,000 towards a new local women's market in the nearby town of Buchanan, which will have over 100 sta...