Proserpine sugar mill sale almost finalised

The sale of Queensland's Proserpine Mill is all but finalised, with growers today being paid 95 per cent of their share of the $120 million paid by Singapore-owned Sucrogen which purchased the operation.After creditors and other parties received t...

15.07.2012Views

Proserpine Sugar Mill

The sale of Queensland’s Proserpine Mill is all but finalised …

…with growers today being paid 95 per cent of their share of the $120 million paid by Singapore-owned Sucrogen which purchased the operation.After creditors and other parties received the money owed to them, the growers will share around $35 million. The final 5 per cent will come after other costs have been met.

Robert Hudson, who handled the sale for liquidator KordaMentha, says the growers’ payment is calculated over a period and depends on what each grower produced during that time.

“The average production for the mill delivery of cane for the mill over that 10-year period is approximately 1.7 million tonnes, so each member has been advised what their contribution is and they get a proportionate share of total production delivered to the mill each year.”

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