30th Dec 2013 09:51
LONDON (Alliance News) - DekelOil Public Limited said Monday it is making "excellent progress" toward final commissioning of its 60 t/hr Crude Palm Oil extraction mill by Modipalm Engineering SDN BHD.
The operator and 51% owner of an established, vertically integrated palm oil project in Côte d'Ivoire, said that the Mill is on course to become fully operational and generate first revenues in February 2014, with soft commissioning on track to commence January 1.
The project with Malaysian engineering firm, Modipalm, will see the mill become of West Africa's largest, with a capacity to produce 700,000 tonnes per year.
The firm said the construction phase of the project is nearly complete, with technical tests on elements such as the reception and kernel crushing facility, successfully completed. Mill and logistics operational management, as well as the majority of the operational teams are now in place and undergoing training, said DekelOil.
Ahead of soft commissioning, the company has signed a contract to transport fruit from the logistics collection point to the Mill; the first logistics collection point to provide effective and timely deliveries of fruits for processing is now operational.
DekelOil Executive Director Lincoln Moore said, "2014 will be a transformational year for DekelOil as we focus on generating material revenues from CPO production during the peak harvesting season between March and June, following a thorough soft commissioning phase. Achieving this exciting milestone within a year of listing on AIM will set us apart from many of our peers within the junior palm oil market, and this announcement highlights the strong progress we continue to make with regards to the construction of the Mill and the implementation of our critical logistics plans."
Shares in the firm were trading up 3.78% at 0.96 pence per share Monday morning.
By Alice Attwood; [email protected]; @AliceAtAlliance
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