digitallook.com 07 Oct, 2016
TomCo has provided an update on the proposed palm oil milling operation in the Makeni oil palm belt in Sierra Leone on 7th October, 2016. Following completion of the equity fundraise announced on 2nd September, 2016 discussions have been ongoing with potential debt providers with regards to securing a debt facility to part fund and enable the company to commence procurement and construction of the initial one tonne per hour processing plant. The firm is now considering proceeding directly to developing the 2tph palm oil production plant and associated packaging plant, with an expected aggregate capital cost of approximately $1.25m, rather than a phased ramp up from 1tph to 2tph. On securing the necessary debt funding, the company will take approximately six to nine months to commence commercial operations.