Equatorial Palm Oil plc, (AIM: PAL), the AIM listed palm oil production company with operations in Liberia, is pleased to announce that it has successfully completed the commissioning of its processing mill at its Palm Bay Estate in Liberia.
The mill, inaugurated in May 2011 by the President of Liberia, is sourcing fresh fruitbunches from the 3,500 hectares of existing oil palms rehabilitated by the Company. The production rate has now been increased to the full capacity of approximately 5 tonnes per hour with current extraction rates in excess of 18 per cent. Crude palm oil (“CPO”) is to be sold both domestically and in the international markets.
In line with the Company’s operating strategy, the commissioning of the mill further strengthens EPO’s long term target of becoming a significant regional palm oil producer. The mill at the Palm Bay Estate is the only commercial scale oil palm mill in Liberia.
Michael Frayne, Chairman of EPO, said:
“Commissioning of this mill is a key milestone for EPO. In addition to revenues from the production of CPO, the mill serves as an excellent training and development facility for our employees as we roll out our large scale planting program.
With President Ellen Johnson Sirleaf securing a further six year term, Liberia can enjoya continued period of political stability under democratic rule. We are proud to be playing a part in the continuing programme of redevelopment and look forward toincreasing our contribution to the local economy.”
For further information, please contact:
Equatorial Palm Oil plc
Michael Frayne (Chairman)
+44 (0) 20 7766 7555
Strand Hanson Limited (Nominated Adviser)
James Harris / Paul Cocker
+44 (0) 20 7409 3494
Mirabaud Securities LLP (Broker)
+44 (0) 20 7484 3510
Pelham Bell Pottinger (Financial/ Corporate PR)
Archie Berens / Philippe Polman
+44 (0) 20 7861 312