Installation of Commercial Palm Oil Mill (0968Y)
December 16 2010 - 6:54AM
UK Regulatory
TIDMPAL
RNS Number : 0968Y
Equatorial Palm Oil plc
16 December 2010
16 December 2010
Equatorial Palm Oil
("EPO" or "Company")
Installation of Liberia's Only Commercial Palm Oil Mill
Equatorial Palm Oil plc (AIM: EPO) the Liberia, West African
focussed sustainable oil palm plantation developer, is pleased
announce that the installation of the new oil mill (the "Mill") for
the Palm Bay Plantation ("Palm Bay"), located 160km south east of
Monrovia, is proceeding on schedule.
The Mill will be Liberia's only commercial palm oil processing
mill following the successful commissioning by the end of December
2010. The Mill has been constructed on site by Modipalm Engineering
Sdn. Bhd. ('Modipalm'), a leading Malaysian manufacturer of palm
oil mills. Modipalm's engineers are currently carrying out
production test runs on site and it is expected that commercial
production of crude palm oil ("CPO") will commence in January 2011.
The engineering team will remain on site to train EPO mill
operators to ensure that production of CPO is optimised.
The Mill will have a throughput of five tonnes of fresh fruit
bunches per hour and is expected to produce approximately one tonne
of CPO per hour once commercial production is established. CPO will
be produced from existing rehabilitated areas owned by EPO, which
holds a land position of circa 34,398 hectares at Palm Bay. The
Mill will provide training and educational facilities for future
crude oil mills that EPO is planning to build over the next five
years in Liberia.
EPO has also agreed that if additional capacity is available,
the Mill will produce CPO from fresh fruit bunches bought from out
growers and small farm holders in the region. It is expected that
the CPO produced will be sold domestically within Liberia.
Michael Frayne, Chairman of Equatorial Palm Oil, commented:
"We are extremely pleased to have the Mill built and in
operation, having worked closely with Modipalm's specialist
engineering team. We look forward to moving into commercial
production in January 2011 and operating the only commercial palm
oil mill in Liberia. EPO remains focused on becoming the leading
CPO in West Africa and we will keep all our stakeholders fully
informed of further developments."
Enquiries:
Equatorial Palm Oil plc
Company
Michael Frayne, Chairman +44 (0) 20 7766 7555
Shore Capital & Corporate
Ltd.
NOMAD and Joint Broker
Pascal Keane
Edward Mansfield +44 (0) 20 7408 4090
Mirabaud Securities LLP
Broker
Peter Krens +44 (0) 20 7484 3510
Pelham Bell Pottinger +44 (0) 20 7861 3883
Financial / Corporate PR +44 (0) 20 7861 3126
Klara Kaczmarek
Charles Vivian
About Equatorial Palm Oil
EPO's objective is to become a producer of sustainable, low-cost
CPO and has extensive operations located near the coast in Liberia,
West Africa. The Company's operational strategy is expected to be
implemented through three core business activities: the
rehabilitation of existing oil palm plantations; the development of
new plantations; and the development of out-grower small holdings.
The Company has secured Government ratified Investment Agreements
in Liberia for the investment, rehabilitation and participation by
the Group over a sizeable acreage of existing oil palm plantations.
EPO's operations have already commenced at the Butaw Plantation and
Palm Bay Plantation.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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