TIDMPAL
RNS Number : 6149I
Equatorial Palm Oil plc
27 March 2015
27 March 2015
EQUATORIAL PALM OIL plc
("EPO" or the "Company")
Operational Update
Equatorial Palm Oil plc (AIM: PAL), the AIM listed palm oil
development company with operations in Liberia, West Africa, today
announces an operational update to the market.
Highlights
-- Commitment to land use study for determination of 'High Carbon Stock' forest
o Study recommendations due Q4 2015
o Replanting programme continues with land development deferred
until end of the study
-- Proactive stance on Ebola continues and ensuring that complacency does not set in
-- CSR work and policy transparency increased with launch of EPO
dedicated community relations microsite
High Carbon Stock ("HCS") Study
Alongside other major industry groups including Kuala Lumpur
Kepong Berhad ("KLK") and Sime Darby Plantation, EPO as a
subsidiary of KLK, is taking part in a global independent study
focussing on responsible land usage by palm oil operators.
Study conclusions are expected to provide clear parameters for
the establishment of new plantations in non-arable areas. The key
objectives of the study are to:
(i) clearly define what constitutes a HCS forest;
(ii) provide practical guidance on how to delineate HCS forests on the ground; and
(iii) establish thresholds for HCS that take account of regional
socio-economic conditions and opportunities.
The HCS study is a key component of the Sustainable Palm Oil
Manifesto (the "Manifesto"), which was signed by oil palm growers
Sime Darby Plantation, IOI Corporation Berhad, Kuala Lumpur Kepong
Berhad, Musim Mas Group and Asian Agri, as well as global palm oil
trader Apical Group Ltd and global agribusiness group Cargill. The
Manifesto includes a commitment to no deforestation, creating
traceable and transparent supply chains and protecting peat areas,
whilst ensuring economic and social benefits for the local people
and communities where oil palm is grown.
A steering committee, independently co-chaired by founder
director of 'Forum for the Future', Sir Jonathon Porritt, and
former Chief Research Scientist from Australia's Commonwealth and
Scientific and Industrial Research Organisation (CSIRO), Dr John
Raison, has been established to oversee the HCS study. Final
conclusions are expected to be published in Q4 2015.
As part of its commitment to the process, EPO will not develop
any new areas of land during the period of the study. EPO still
intends to plant 1,000 hectares before the end of September 2015.
This land was previously planted with oil palm before the Liberian
civil wars and cleared for replanting in 2014 although not yet
planted due to the Ebola virus.
As a member of the Roundtable on Sustainable Palm Oil ("RSPO"),
EPO is already preserving areas deemed to be of high conservation
value under the RSPO principles and criteria.
Ebola
To date no instances of Ebola have occurred on or around our
operations at Palm Bay and Butaw estates. EPO continues to
communicate with Government of Liberia and major health NGO's in
relation to the health crisis, in addition to taking a proactive
role in addressing the Ebola outbreak. The Company has contributed
medical supplies to key health agencies in Liberia and, locally,
has engaged in information and education campaigns run from the two
health clinics established at our sites.
EPO is mindful of the significant impact the Ebola virus has had
throughout West Africa, with at least 10,000 people having died
since the outbreak first began last year. Although there has been a
significant reduction in those being infected with the virus, the
biggest fear for governments and health organisation is one of
complacency, and EPO is continuing to adhere to stringent
preventative and precautionary measures at all our sites in
accordance with guidelines set by the Government of Liberia in
order to prevent both the introduction of the disease and the
prevention of infection.
Corporate social responsibility ("CSR") transparency improved -
Launch of dedicated community relations Micro Website
EPO is committed to ensuring economic and social benefits for
the local people and communities in which we operate, respecting
their right to give consent to proposed developments or
conservation through the free, prior and informed consent
process.
EPO has launched a dedicated micro website for its
sustainability and CSR activities. The micro website link will be
found on the home page of the EPO website (www.epoil.co.uk) and
will allow users to keep abreast of EPO's commitment to
sustainability and CSR. Relevant articles, photos and videos will
be posted and updated, including information on EPO's reaction to
the current Ebola crisis.
Through the EPO website the processes and procedures set down by
the RSPO for the development of sustainable palm oil which are
fully adhered to by the Company can also be viewed.
Geoffrey Brown, Executive Director of EPO (currently in
Liberia), commented:
"EPO is committed to the HCS study that is being undertaken. The
study will help to shed light both on the biophysical and
socio-economic dimensions of what is a critical area of enquiry,
taking a fully integrated approach in order to address the concerns
of all stakeholders, including those of NGOs, local communities and
governments.
"The instances of Ebola in Liberia have significantly diminished
which is encouraging. However, the greatest fear is that
complacency sets in and EPO leads the way in ensuring its processes
and procedures for the combat of this deadly virus is rigorously
enforced at all its locations."
- END -
For further information, please visit www.epoil.co.uk or
contact:
Equatorial Palm Oil plc +44 (0) 20 7493
Geoffrey Brown (Executive Director) 7671
Strand Hanson Limited (Nominated Adviser) +44 (0) 20 7409
James Harris / Andrew Emmott / James Bellman 3494
Mirabaud Securities LLP (Broker) +44 (0) 20 7484
Peter Krens 3510
Notes to editors:
Equatorial Palm Oil plc is an AIM listed crude palm oil
developer and producer with palm oil estates in Liberia, West
Africa. The Company was founded in 2005 and is focused on becoming
a global, sustainable producer of high quality palm oil to regional
and international markets.
With a significant land position in Liberia through its
operating subsidiary LPD, the Company is geographically well
positioned to serve the international and regional markets and is
committed to making a positive impact on the communities in which
it operates through investment in local schools, health clinics,
housing and infrastructure.
The Company's largest shareholder and 50:50 joint venture
partner in LPD is KLK. KLK is one of the largest palm oil producers
in the world and the Company will greatly benefit from their many
years of expertise in oil palm development.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCGMGZFVVVGKZM
Equatorial Palm Oil (LSE:PAL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Equatorial Palm Oil (LSE:PAL)
Historical Stock Chart
From Jul 2023 to Jul 2024