| Fri 4 Nov 2011, 14:14 | | TON - Tongaat Hulett Limited - Zimbabwe - Indigenous private sugar cane |
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TON
THGL
TON - Tongaat Hulett Limited - Zimbabwe - Indigenous private sugar cane
farmers
Tongaat Hulett Limited
Registration number (1892/000610/06)
Share code: TON
ISIN ZAE000096541
Zimbabwe - Indigenous Private Sugar Cane Farmers
Earlier today, the Vice President of Zimbabwe, the Honourable Joice
Mujuru, the Governor & Resident Minister of Masvingo Province, the
Honourable Titus Maluleke, Tongaat Hulett CEO, Mr Peter Staude, Tongaat
Hulett Zimbabwe Managing Director, Mr Sydney Mtsambiwa, BancABC CEO, Mr
Hashmon Matemera and the EU Ambassador to Zimbabwe, Mr Aldo DELL`ARICCIA
joined the sugar cane Farmer Associations` leadership and approximately
1 000 members of the Chiredzi District community in the Lowveld of
Zimbabwe on a tour of the Successful Rural Sugar Cane Farming Community
Project (SusCo), underway in Zimbabwe.
The goal of the SusCo Project is to facilitate private farmers, with the
support and expertise of Tongaat Hulett, to increase their supply of
sugar cane to 1,4 million tons (equivalent to 180 000 tons sugar) from
the current 488 000 tons sugarcane (equivalent to 61 000 tons sugar).
The project will re-establish the farmer sugar cane production area from
its current 9 100 hectares to 15 880 hectares with an anticipated
improvement in yields from 54 tons cane per hectare (tcph) to at least
90 tcph. The direct beneficiaries of the project include some 872 sugar
cane Farmers from the Hippo Valley, Triangle and Mkwasine Mill Group
areas. As a result of the project, the number of people employed by the
private Farmers will increase from approximately 3 600 employees,
currently employed, to some 6 300 employees. The revenues arising from
the growth in farmer sugar cane production will increase from US$29
million to US$86 million, at current prices.
BancABC in Zimbabwe is to provide funding through the establishment of a
4-year revolving US$20 million financing scheme for the sugar cane
farmers.
Tongaat
4 November 2011
Sponsor: Investec Bank limited
Date: 04/11/2011 14:14:24 Produced by the JSE SENS Department.
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