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Name | Symbol | Market | Type |
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Tiger Brands Ltd New (PK) | USOTC:TBLMY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 10.82 | 10.65 | 11.34 | 0.00 | 01:00:00 |
By Emmanuel Tumanjong
YAOUNDE, Cameroon--Switzerland-based chocolate maker Barry Callebaut AG (BARN.EB) is investing XAF4.8 billion to increase the cocoa beans intake it processes at its Cameroon unit, Sic Cacao, Cameroon's Minister of Mines, Industries and Technological Development Emmanuel Bonde said Tuesday.
The company launched processing of cocoa beans over the weekend at its base in Cameroon's port city--Douala.
The crusher will increase its cocoa beans ingestion from over 32,000 tons yearly to 50,000 tons on year, Mr. Bonde said.
Barry Callebaut and South Africa's Tiger Brands (TBS.JO) are the two main cocoa beans grinders in Cameroon, accounting for slightly over 32,000 tons of the commodity processed yearly into cocoa powder and butter, liquor, according to government and industrial figures.
"We're delighted to enter the beginning phase of this ambitious project to enable us consolidate what we've been doing to increase our volumes of cocoa intake," said Valentin Foketchiang, secretary-general of Sic-Cacao.
Cameroon is in a campaign to woo factory owners to increase locally-processed cocoa beans--a government scheme to see home-crushed cocoa beans cap at least 70,000 tons by 2016.
"The move by Sic-Cacao falls in line with the government's strategy to enter into second-generation agriculture," Bonde said, adding that it add value to our cocoa, "rather than selling unrefined cocoa that offers very little benefit".
Cameroon's cocoa output slipped to 209,905 tons in the 2013-14 season from 228,911 tons in the previous season. The country exported 158,311 tons of cocoa beans in 2013-14, down from 201,563 tons, according to official data.
The West African nation's cocoa season officially runs from August until the following July.
Write to Emmanuel Tumanjong at realtimedesklondon@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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