Dekel Agri-Vision PLC Commencement of First Cashew Production (5698X)
January 06 2022 - 1:59AM
UK Regulatory
TIDMDKL
RNS Number : 5698X
Dekel Agri-Vision PLC
06 January 2022
Dekel Agri-Vision Plc / Index: AIM / Epic: DKL / Sector: Food
Producers
Dekel Agri-Vision Plc ('Dekel' or the 'Company')
Commencement of First Cashew Production
Dekel Agri-Vision Plc (AIM: DKL) , the West African agriculture
company focused on building a portfolio of sustainable and
diversified projects, is pleased to announce the commencement of
production of Cashews by our large scale cashew processing plant at
Tiebissou, Côte d'Ivoire (the 'Cashew Project').
Significant credit must be given to the operations team for
their innovation in sourcing local components whilst we await
delivery of the final shipments delayed by international material
shortages and logistics challenges.
Four of the six final shipments have now arrived on site and
have been installed. The remaining two shipments comprise:
- A colour sorter -scheduled to leave China next week and
estimated to take 21 days in transit
- Shelling machinery - the initial 5 of the 15 required machines
will be shipped in 4-6 weeks with the remaining machines following
shortly thereafter. The initial 5 machines will allow volumes
processed to move up to 33% of capacity.
Over the coming weeks we will be gradually increasing the volume
of production initially with the current configuration and then
with the equipment outlined above. All other phases of production
have been commissioned and are operating as expected. Upon the
arrival and installation on site of the colour sorter and shelling
machinery we will move to full capacity. Pictures and short videos
of the cashew processing plant operating have been uploaded to our
website.
Milestones including key operating KPIs and sales are expected
to be announced during this period of capacity ramp up. The Company
will then provide periodic production updates similar to our
Ayenouan palm oil project.
We currently have approximately 2,000 tonnes of raw cashew on
hand which is more than sufficient for Q1 2022 and we anticipate
buying further raw cashews in Q2 2022 to fulfil our raw material
requirements for the remainder of the year.
Lincoln Moore, Dekel 's Executive Director , said: "We are
excited to commence production at the Cashew Project and commence
the ramp up phase of production despite the logistical and raw
material sourcing hurdles we have encountered. In tandem with the
strong current performance of the palm oil operation, we are now
positioned for a material step up in the earnings profile of the
Company in 2022 and beyond."
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via a Regulatory Information
Service ("RIS"), this inside information is now considered to be in
the public domain.
** ENDS **
For further information please visit the Company's website
www.dekelagrivision.com or contact:
Dekel Agri-Vision Plc
Youval Rasin
Shai Kol
Lincoln Moore +44 (0) 207 236 1177
Arden Partners Plc (Nomad and Joint Broker)
Paul Shackleton / Ruari McGirr /
Elliot Mustoe (Corporate Finance) +44 (0) 207 614 5900
Optiva Securities Limited (Joint Broker)
Christian Dennis
Jeremy King +44 (0) 203 137 1903
Notes:
Dekel Agri-Vision Plc is a multi-project, multi-commodity
agriculture company focused on West Africa. It has a portfolio of
projects in Côte d'Ivoire at various stages of development: a fully
operational palm oil project in Ayenouan where fruit produced by
local smallholders is processed at the Company's 60,000tpa crude
palm oil mill; a cashew processing project in Tiebissou, which
commenced first production in early January 2022.
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END
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