Olam is planning yet more expansion in Africa, this time by building a $200m sugar refining venture in Nigeria. Olam will hold an 80% stake in the joint venture with diverse African company, Lababidi Group, that will see a 1,500-tonne-per-day refinery build on Tincan Island, Lagos. The unit should produce 450,000 tonnes per year. Production is slated to begin midway through 2013 with raw sugar sourced from Brazil and operating costs of about $40 a tonne, which is about 20% below those at current facilities in Nigeria. Olam will sell its finished products in Nigeria – the second-largest sugar consumer… Login to continue

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