SENS

04-11-2011

Zimbabwe - Indigenous Private Sugar Cane Farmers


TON - TONGAAT HULETT – 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