TIDMDKL
RNS Number : 0622I
Dekel Agri-Vision PLC
10 August 2021
Dekel Agri-Vision Plc / Index: AIM / Epic: DKL / Sector: Food
Producers
Dekel Agri-Vision Plc ('Dekel' or the 'Company')
July Palm Oil Production Update and Cashew Project Update
Dekel Agri-Vision Plc (AIM: DKL) , the West African agriculture
company focused on building a portfolio of sustainable and
diversified projects, is pleased to provide a July production
update for its 100%-owned Ayenouan palm oil project in Côte
d'Ivoire and an update on the timing of the commissioning of our
large scale cashew processing plant at Tiebissou, Côte d'Ivoire
(the 'Cashew Project').
Key Highlight s
Palm Oil Production
-- 3,047 tonnes of CPO sold in July 2021, 67.5% higher than July
2021 as stock on hand post the high season was sold into a buoyant
local CPO market
-- Local CPO prices continued to increase to a 2021 monthly high
of EUR949 in July 2021, an 89.0% increase in average realised CPO
prices compared to July 2020
Cashew Project
-- Construction has continued to advance, and commissioning of
the Cashew project will start in September 2021
Lincoln Moore, Dekel 's Executive Director , said: "Global CPO
prices continue to remain strong on the back of tight global
supplies. We remain optimistic that prices should continue to be
robust for the foreseeable future which bodes well for the
remainder of our current low season and next year's high season.
Whilst the commencement of the commissioning of the cashew project
has taken longer than we had hoped, we remain well placed to be
fully operational shortly and be well positioned to scale up
production in 2022, which we expect will lead to a material step in
Group revenue."
July-21 July-20 Change
FFB processed (tonnes) 8,295 7,975 4.0%
CPO production (tonnes) 1,715 1,764 -2.8%
CPO Sales (tonnes) 3,047 1,819 67.5%
Average CPO price
per tonne EUR949 EUR 502 89.0%
PKO production (tonnes) 102 172 -40.7%
PKO Sales (tonnes) 490 137 257.7%
Average PKO price
per tonne EUR800 EUR 595 34.5%
PKC production (tonnes) 169 406 -58.4%
PKC Sales (tonnes) 214 336 -36.3%
Average PKC price
per tonne EUR80 EUR 59 35.6%
Crude Palm Oil
-- Production: Like for like CPO production remained steady in
July 2021 compared to July 2020 decreasing 2.8%
-- Sales: A strong month of sales, including the majority of
stock on hand at the end of the high season, led to an 67.5%
increase in sales in July 2021 compared to July 2020
-- Prices: Critically, CPO sales prices remained very strong at
EUR949, our highest monthly price achieved this year and 89.0%
higher than prices achieved in July 2020
o International CPO prices continue to trade at multi-year highs
in a range of EUR850 - EUR1,000 per tonne
Palm Kernel Oil ('PKO') and Palm Kernel Cake ('PKC')
-- Production: Production of both PKO and PKC was lower than
July 2020. The PKO plant experienced a period of minor operational
disruption during July but is now fully operational. Kernel stocks
on hand will be processed in August onwards meaning the outcome is
a timing issue rather than a permanent loss of production
-- Sales: 257.7% increase in PKO sales quantities as stock on
hand post the high season begins to unwind
-- Prices: 34.5% increase in PKO prices to EUR800 per tonne
compared to EUR595 in July 2020. Local PKO prices continue to
slowly improve with July being our highest prices achieved to date
this year
Cashew Project
-- As mentioned in our previous announcement dated 15 June, we
experienced some disruption which resulted in a need to split our
final shipment.
-- Despite the challenges, we are pleased to confirm
commissioning of the Cashew project will start in September with
the sorting facility in Building A. This will be followed by
Building B which includes the remainder of the production process
and final packaging.
-- The process of commissioning Buildings A and B is expected to take around 60 days
-- We will keep the market informed of key milestones, including
first production, during and following the commissioning period
-- Importantly, we remain in a position to ensure we can ramp up
production as planned in 2022, our first full year of
production.
Production Updates
The Company will continue issuing CPO production figures on a
monthly basis to provide shareholders with visibility on operations
and trading during the global COVID-19 pandemic.
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 /
Akhil Shah (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 is
due to commence commissioning in September 2021.
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