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LONDON (Alliance News) - DekelOil Public Ltd said Monday a new senior management team has been appointed to Capro CI SA in order oversee the development of its cashew nut processing plant.
Capro's Ivory Coast-based plant is expected to commence operations in the third quarter of 2019 at an initial rate of 10,000 tonnes per year. Palm oil producer DekelOil has an option to acquire a 58% interest in Capro.
The new senior management team has been sourced from a previous DekelOil palm oil project and includes Eyal Timmor as local chief executive officer. Timmor is the the former CEO of a DekelOil subsidiary.
Two other DekelOil personnel will join Capro's management team: Karl Schmelze in a procurement role and Busamwar Rajeshwar heading up plant management.
Capro's current CEO will become an executive director on the new team.
Tendering and financing are ongoing for Capro's project, with USD12.5 million in financing already secured and a further USD5.0 million and USD7.5 million loans also secured. Capro is considering two facilities with a combined USD4.4 million value.
"We know Capro's new management have the credentials to deliver the initial 10,000tpa cashew processing plant at Tiebissou on time and on budget...Thanks to a major shortfall in in-country cashew processing capacity, attractive margins associated with generating value-add cashew products, and a 13-year corporate tax exemption, Tiebissou has the potential to become a major source of revenues and profits for DekelOil for many years to come," said Dekeloil Executive Director Lincoln Moore.
