Mission NewEnergy announces palm oil waste plant
ASX-listed bioenergy producer Mission NewEnergy has announced the construction of a palm oil waste processing facility in Malaysia.
The plant, the first of its kind in the region, will be located in Sandakan, Sabah Malaysia, and will allow the company to recover palm oil from waste material in the palm oil refining process.
The waste material, called Spent Bleached Earth (SBE), has historically had no application, but Mission NewEnergy says producing biodiesel from this non-food grade waste gives it access to lower cost feedstock and improved margins.
The company expects to commence construction of the 66,000t per annum SBE Solvent Extraction Facility in January 2012, and expects it to be fully operational by September.
The facility will cost US$10 million, to be funded with equity and debt from a Malaysian bank.
Last week, Mission NewEnergy announced a profit of A$8.4 million for the three months to September 30, turning around from a A$5 million loss in the same period a year ago.
The company also recently received International Sustainability and Carbon Certification for its jatropha plantations, clearing the way for the company to sell into European feedstock markets.
Mission NewEnergy is also listed on the US Nasdaq market.
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