Image: Pixabay
Global agricultural, energy and industrial products company Ceres Global Ag Corp (Ceres) announced the postponement of its planned canola crushing project in Northgate, Saskatchewan.
The decision to pause the project was due to a number of factors, including inflationary pressures resulting in higher costs than initially projected and changing macroeconomic conditions, the company said in its June 24 statement.
Ceres said it planned to explore the possibility of a canola crushing project in the future, adding that there was no guarantee that such a project would go ahead or that it would be the same as the previously announced project.
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The company had announced plans on May 25 to build a US$350 million canola processing plant in Northgate.
At the time of the initial announcement, Ceres said the facility would have the capacity to process 1.1 million tonnes of canola and refine more than 500,000 tonnes of canola oil for both food and feed annually.
Headquartered in Minneapolis, Minnesota, Ceres Global – and its affiliated companies – have 13 operations in Saskatchewan, Manitoba, Ontario and Minnesota, with a total grain and oilseed storage capacity of approximately 31 million bushels.
Source: Oils & Fats International (OFI)
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