August 28, 2007

COFCO invests in new project in China's Suihua

China National Cereals, Oils and Foodstuffs Corp (COFCO) will invest a total of RMB1 billion in a new project in Suihua city, Heilongjiang province.

Construction of the 1.2-million-tonne corn processing plant will be divided into two phases. Phase 1 of the project, which cost some RMB700 million, will require the acquisition of 32.3 hectares of land. Building under the first phase will begin in April 2008.

Corn processing capacity under the first phase will be 600,000 tonnes per year, yielding 400,000 tonnes of corn starch annually.

In the second phase, processing capacity will increase to 1.2 million tonnes of corn per year. Upon completion, this project will contribute RMB2.5 billion to COFCO's annual sales income.

RMB1=US$0.1322 (Aug 28)