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

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

A simple way to profit from the next big trend change in the markets
Investment strategy

A simple way to profit from the next big trend change in the markets

Change is coming to the markets as the tech-stock bull market of the 2010s is replaced by a new cycle of rising commodity prices. John Stepek explains…
14 Jan 2021
Forget austerity – governments and central banks have no intention of cutting back
Global Economy

Forget austerity – governments and central banks have no intention of cutting back

Once the pandemic is over will we return to an era of austerity to pay for all the stimulus? Not likely, says John Stepek. The money will continue to …
15 Jan 2021
Here’s why markets have shrugged off the US political turmoil
Investment strategy

Here’s why markets have shrugged off the US political turmoil

Despite all the current political shenanigans in the US, markets couldn’t seem to care less. John Stepek explains why, and what it means for your mone…
7 Jan 2021
Free 6 issue trial then continue to