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31 Oct 2018 | 10:07

DekelOil awards Overseas Projects & Services Limited with contract for cashew plant construction

Agricultural company DekelOil said Wednesday that its subsidiary Capro had signed a €6.5m contract with Overseas Projects & Services Limited for the construction of a cashew processing project at Tiebissou in Cote d'Ivoir.

Under the terms of the contract, overseas Projects & Services Limited would assume responsibility for the engineering, manufacture, delivery, installation and commissioning of the project, together with the training of personnel to operate the project. The project would have an initial capacity to process at least 10,000 tonnes a year of raw cashew nut, with potential to scaled up to process approximately 30,000 tonnes a year, the company said. 'Once up and running, the plant will capitalise on the highly attractive economics of processing cashews in Cote d'Ivoire, where gross margins are attractive for both whole and broken nuts, said DekelOil Executive Director Lincoln Moore. 'Importantly, Tiebissou will become our second producing operation within our portfolio of West African agriculture projects and, with this in mind, I look forward to providing our shareholders with further updates in the near future.'

At 10:07am: (LON:DKL) DekelOil Public Ltd share price was +0.2p at 3.6p

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