Dekel Agri-Vision PLC Cashew Operation Update (0533U)

TIDMDKL

RNS Number : 0533U

Dekel Agri-Vision PLC

28 July 2022

Dekel Agri-Vision Plc / Index: AIM / Epic: DKL / Sector: Food Producers

Dekel Agri-Vision Plc ('Dekel' or the 'Company')

Cashew Operation Update

Dekel Agri-Vision Plc (AIM: DKL) , the West African agriculture company focused on building a portfolio of sustainable and diversified projects, is pleased to provide an update on the ramp-up of production of our large-scale cashew processing plant at Tiebissou, Côte d'Ivoire (the 'Cashew Operation').

-- Further to the Company's announcement on 13 June 2022, the colour sorter which arrived at Abidjan port on 12 June 2022 is now fully installed. Commissioning has commenced which should lead to a significant increase in daily production in the coming weeks

-- The shelling machines arrived at Abidjan port on 26 July 2022 and once installed and commissioned we have the capacity to reach our goal of processing 10,000tn of raw cashew nuts ('RCN') in 2023

-- In addition to the 2,000tn of RCN on hand at 31 December 2021, we have purchased a further 1,200tn of RCN to provide feedstock for the Cashew Operation for the remainder of 2022

-- The Cashew Operation is running smoothly and is well-positioned to deliver positive operating cash flow from Q4 2022 onwards

Lincoln Moore, Dekel 's Executive Director , said: "The Cashew Operation has advanced considerably over the past 6 weeks and is set to deliver both operational cash flow in Q4 2022 onwards and a material increase in Group revenue and profitability in 2023, the first full year of cashew production."

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

** ENDS **

For further information please visit the Company's website www.dekelagrivision.com or contact:

 
 Dekel Agri-Vision Plc 
  Youval Rasin 
  Shai Kol 
  Lincoln Moore                              [phone] 
 WH Ireland Ltd (Nomad and Joint Broker) 
  James Joyce / Ben Good                     [phone] 
 Optiva Securities Limited (Joint Broker) 
  Christian Dennis / Daniel Ingram           [phone] 
 

Notes:

Dekel Agri-Vision Plc is a multi-project, multi-commodity agriculture company focused on West Africa. It has a portfolio of projects in Côte d'Ivoire at various stages of development: a fully operational palm oil project in Ayenouan where fruit produced by local smallholders is processed at the Company's 60,000tpa capacity crude palm oil mill and a cashew processing project in Tiebissou, which commenced production in early January 2022.

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July 28, 2022 02:00 ET (06:00 GMT)