Maple Energy: Ethanol production to further increase over quarter

More than 500,000 gross tonnes of sugar cane have been harvested at AIM-listed Maple Energy's Peruvian plantation, according to a trading update published by the company on Tuesday morning.

More than 500,000 gross tonnes of sugar cane have been harvested at AIM-listed Maple Energy's Peruvian plantation, according to a trading update published by the company on Tuesday morning.

The integrated energy company, which is engaged in an ethanol business in Peru, revealed it had secured governmental approval during December 2012, paving the way for the expansion of its existing plantation growing sugar cane from which ethanol can be derived.

The company stated that it expects to complete its plantation expansion from the existing 6,532 hectares to 7,787 hectares at a total cost of $3.3m which will result in the completion of the first phase of its "Ethanol Project".

As of December 31st a total of approximately 579,000 gross tonnes of sugar cane had been harvested and processed since the ethanol plant began processing sugar cane at the end of March 2012.

On the same date, Maple had sold a total of approximately 8,571 cubic metres of ethanol to the local Peruvian market since commencing sales to the Peruvian market in May 2012.

Rex Canon, Chief Executive Officer of Maple Energy, commented: "Sugar cane harvesting rates and ethanol production volumes are expected to further increase this quarter once we expand our harvesting fleet. In addition, with the expansion of our existing plantation and the corresponding utilization of available capacity at the Ethanol Plant, we believe the value of our ethanol business will be enhanced."

Maple Energy's share price was unchanged at 66p at 08:00 on Tuesday morning.

MF

Recommended

Best junior stocks and shares ISA platforms
Isas

Best junior stocks and shares ISA platforms

A junior stocks and shares ISA is a great way to save for your child tax-efficiently. But it can be confusing deciding which investment platform to ch…
28 Mar 2023
The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into
2 Mar 2023
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
27 Feb 2023
The outlook for Shell shares is mixed, despite bumper profits
Energy stocks

The outlook for Shell shares is mixed, despite bumper profits

With profits surging, it looks as if Shell is on a roll, but the company’s growth from here is hard to see as Rupert Hargreaves explains.
6 Feb 2023

Most Popular

Will energy prices go down in 2023?
Personal finance

Will energy prices go down in 2023?

Ofgem’s price cap is now predicted to fall to around £2,000, based on average typical use, for the first time since 2022. We have all the details.
31 Mar 2023
Best areas for buy-to-let in the UK
Buy to let

Best areas for buy-to-let in the UK

If you’re thinking of getting a buy-to-let property you’ll want to know the areas in the country with the highest rental yields
29 Mar 2023
The best one-year fixed savings accounts - March 2023
Savings

The best one-year fixed savings accounts - March 2023

Earn over 4% on one-year fixed savings accounts.
30 Mar 2023