Agriterra Re-Opens Compagri Maize Processing Facility In Tete

13th Jul 2010 07:31

LONDON (Dow Jones)--Agriterra Ltd (AGTA.LN), a company focused on the agricultural sector in central and southern Africa, said Tuesday the Compagri maize processing facility in Tete has re-opened and the buying program from local farmers is underway. MAIN FACTS: -A scaled and controlled ramp-up of production and marketing is planned at Compagri with the mill anticipated to achieve full capacity by the end of 2010. -A new management team has been appointed to oversee operations at Compagri, led by Jean Bernard Guimbeau, who has extensive agricultural management experience in southern Africa and Miguel Cruz, who has been the Southern Area buying manager at the DECA facility in Chimoio for four years. -Trading at DECA facility in Chimoio is buoyant, with over 4,500 tons of maize purchased in the first 24 days of the buying season; Total purchases are expected to be in excess of 20,000 tons for the whole buying season and current stock stands at 17,000 tons. - Demand for both DECA maize meal and bran is strong, with June 2010 maize meal sale tonnages 100% up on June 2009. -Mozbife cattle ranching operations are performing encouragingly - PD, pregnancy diagnosis, tests have been completed on all cows and heifers with an 82% pregnancy rate achieved. -First calves expected in November which will increase total herd to in excess of 1,700 head. -Shares on Monday closed at 2.6 pence, valuing the company at GBP14.1 million. -By Tapan Panchal, Dow Jones Newswires. Tel +44(0)207-842 9448, [email protected] (END) Dow Jones Newswires July 13, 2010 02:31 ET (06:31 GMT)