A group of Saskatchewan farmers has raised the capital required to build an 18,000-tonne high volume grain elevator on the CPR line between Naicam and Spalding, Sask.
The community-based producer group, CMI Terminal Ltd., has raised $2.1 million in its initial public share offering. The group will now proceed to establish a joint venture elevator with Agricore.
CMI Terminal Ltd. president Ron Loyns says most of the money was raised from the local area with another $40,000 from promoters’ friends and relatives from neighboring provinces. There are now 249 shareholders in the venture.
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CMI and Agricore will jointly and equally finance the balance of the $10.6 million needed for the elevator.
Construction will start this summer. The facility is expected to be operating in the fall of 2000.
UGG and SWP swap elevators
Saskatoon newsroom
United Grain Growers announced two new projects at Alameda and Cupar, Sask., with a value of $7 million. Construction is expected to begin this summer with completion in 2000.
In Alameda, UGG will increase grain storage and upgrade the elevator to allow the loading of 28 rail cars in 10 hours. UGG is also renovating to improve working conditions and grain cleaning equipment.
Alameda has been one of UGG’s strongest locations for contracting identity-preserved crops like linola and is a supplier to the American oat market.
In Cupar, UGG plans to upgrade existing grain handling facilities to improve storage capacity, rail car loading and safety.
UGG also announced its intent to trade some facilities with Saskatchewan Wheat Pool.
UGG gains Sask Pool facilities in Alameda and Cupar, which will be integrated into UGG operations beginning in June.
UGG also intends to acquire the Sask Pool elevator in Fox Valley, Sask., in June.
Meanwhile Sask Pool acquires UGG elevators in Lampman, Whitewood and Grenfell, Sask.
UGG to build Alberta elevator
WINNIPEG (Reuters) – Agribusiness firm United Grain Growers Ltd. said it will spend $10 million to build a new throughput grain elevator at Vermilion, Alta.
Construction is expected to begin late this year with operations to begin in the fall of 2000, a UGG spokesperson said.
When completed, the concrete structure will have capacity to store 28,000 tonnes of grain and load 52 rail cars every 10 hours. It will be able to clean 2,000 bushels an hour and load with a 25,000 bu. an hour shipping leg.
The facility will include a farm service component, including seed and fertilizer sales, UGG said.
DuPont seeks drug partner
WILMINGTON, Del. (Reuters) – DuPont Co., which bought out Merck and Co. Inc.’s share of a pharmaceutical joint venture last summer, is looking for a new alliance with a drug maker.
DuPont chair Charles Holliday Jr. told the company’s annual meeting the chemicals giant expects to realize 30 percent of its earnings from life sciences by 2002.
He said, however, that the company will not take resources away from its chemicals operations to push further into life sciences.
“We’re not pulling resources or opportunities away from one business to favor another business,” Holliday said.
DuPont has a pending $7.7 billion (U.S.) deal to buy seed maker Pioneer Hi-Bred International Inc.
