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Dekel Agri-Vision - Arrival of cashew project infrastructure equipment

RNS Number : 0544S
Dekel Agri-Vision PLC
06 July 2020
 

 

Dekel Agri-Vision Plc / Index: AIM / Epic: DKL / Sector: Food Producers

 

Dekel Agri-Vision Plc ('Dekel' or the 'Company')

Arrival of cashew project infrastructure equipment in Côte d'Ivoire

 

Dekel Agri-Vision Plc, the West African focused agriculture company, confirms, further to the announcement of 14 May 2020, the arrival on time at the port of Abidjan in Côte d'Ivoire of the infrastructure equipment required for the construction of the large scale raw cashew nut processing project at Tiebissou (the 'Tiebissou Project').

 

It is expected the shipment, which comprises 32 containers that will have to clear customs, will take approximately four weeks to be delivered to Tiebissou.  The Company will update the market when this is completed.

 

Manufacturing of the milling equipment for the Tiebissou Project continues in Italy.  This follows a suspension of activity earlier in the year due to the COVID-19 outbreak (see announcement of 12 May 2020).  The Company will update the market as shipments of the milling equipment start in July.  Groundworks are continuing at the site in Tiebissou, and management believes the mill will commence production in Q2 2021, at which point it will become Dekel's second producing project, alongside the well-established palm oil operation in Ayenouan, Côte d'Ivoire.

 

Dekel Agri-Vision Executive Director Lincoln Moore said, "The arrival of the infrastructure equipment in Côte d'Ivoire is a key milestone towards successfully completing the construction of our 10,000 tpa (expandable to 30,000 tpa) raw cashew processing project at Tiebissou in time to capitalise on the 2021 peak harvest season.  With multiple work streams underway, the installation of this equipment can take place, once it has been delivered to the site over the course of the next few weeks, while work on the manufacture of the mill itself continues in Italy.  Q2 2021 is our target for when Tiebissou comes on stream and Dekel becomes the multi-commodity, multi-project agriculture company we are focused on building.  I look forward to providing further updates on our progress during this exciting period in the Company's development."

 

** ENDS **

               

For further information please visit the Company's website at 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 /

Dan Gee-Summons (Corporate Finance)

Simon Johnson (Corporate Broking)

 

+44 (0) 207 614 5900

Optiva Securities Limited (Joint Broker)

Christian Dennis

Jeremy King

 

+44 (0) 203 137 1903

St Brides Partners Ltd (Investor Relations)

Frank Buhagiar

Cosima Akerman

Megan Dennison

+44 (0) 207 236 1177


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 production in 2021; and a second palm oil project in Guitry which is under development.    


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Quick facts: Dekel Agri-Vision plc

Price: 2.2625

Market: AIM
Market Cap: £9.6 m
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