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Pin to quick picksM.p. Evans Share News (MPE)

Share Price Information for M.p. Evans (MPE)

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Share Price: 916.00
Bid: 914.00
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MP Evans commissions fifth mill, plans planting at Musi Rawas

Mon, 9th Aug 2021 12:26

(Sharecast News) - Indonesian palm oil producer MP Evans announced two operational developments on Monday, reporting that its fifth palm oil mill had now been commissioned at its Bumi Mas estate in East Kalimantan.
The AIM-traded firm said the Benuang mill, a 60-tonne-per-hour facility, was now processing all of the fresh fruit bunches harvested from both its own areas and those of its associated scheme smallholders.

It said it expected to be able to increase oil extraction rates by using the Benuang mill, rather than sending crops to third-party mills.

The group said it would work towards receiving certification from the Roundtable for Sustainable Palm Oil (RSPO) for the new mill by the end of 2022.

That, the board said, would help to increase the group's total percentage of certified sustainable production.

In addition, the company said it would look for opportunities to profitably source fresh fruit bunches from independent smallholders close to Bumi Mas, to use spare capacity at its new mill, in the same way it had purchased independent crops at its existing mills.

"As part of the ongoing investment in the Bumi Mas estate, the group is also developing a biogas facility and a bulking station, both of which are expected to become operational in the second half of 2021," the board said in its statement.

MP Evans also announced that planting would restart at Musi Rawas, having paused in late 2019 following the announcement of changes to RSPO regulations.

The firm said it had subsequently provided all necessary documentary evidence to demonstrate compliance with the updated requirements to the RSPO, and recently received confirmation that planting could restart.

"There are 8,000 planted hectares at Musi Rawas and, based on the clearance now received, the group remains confident of being able to plant a minimum total of 10,000 hectares."

At 1121 BST, shares in MP Evans were up 0.14% at 710.96p.

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