TORONTO, Feb. 26, 2015 /CNW/ - Ceres Global Ag Corp. (TSX: CRP) ("Ceres"
or the "Corporation") announces it has approved plans to expand
capacity at its planned 2.2 million bushel high speed grain elevator at
the Northgate Commodity Logistics Centre ("Northgate"). The expansion
initiative is designed to enhance Ceres' soybean crop handling and
oilseeds merchandising operations at Northgate.
The expansion will incorporate the construction of an additional steel
storage bin and is projected to add up to 430,000 bushels of
incremental grain storage and handling capacity for soybeans and canola
at Northgate, resulting in total capacity of 2.7 mm bushels. The
expansion project is expected to incur a cost of $3.4 million (or $7.95
per bushel of capacity added). The additional bin will be integrated
into the planned design of the high speed grain elevator, which is
expected to be completed in full by March 2016.
"The expansion will translate into diversifying our grain handling and
storage capabilities at Northgate," stated CEO Patrick Bracken. "We
anticipate the build out for additional grain and oilseed commodity
products could also introduce the potential for margin enhancement
within our trading and merchandising operations."
About Ceres Global Ag Corp. (ceresglobalagcorp.com)
Ceres Global Ag Corp. is a Toronto-based company focused on two primary
businesses: a Grain Storage, Handling and Merchandising unit, anchored
by its 100% ownership of Riverland Ag Corp., and a Commodity Logistics
unit, containing its 25% interest in Stewart Southern Railway Inc. and
its development of the Northgate, SK Commodity Logistics Centre.
Riverland Ag Corp. is a collection of nine (9) grain storage and
handling assets in Minnesota, New York, and Ontario having aggregate
storage capacity of approximately 47 million bushels. Riverland Ag also
manages two (2) facilities in Wyoming on behalf of its customer-owner.
Stewart Southern Railway Inc. is a short-line railway with a range of
130 kilometres that operates in South-eastern Saskatchewan. The
Northgate Commodities Logistics Centre is a proposed $96 million grain,
oil and oilfield supplies transloading site being developed in
conjunction with Riverland Ag and several potential energy company
partners, connected to BNSF Railway.
SOURCE Ceres Global Ag Corp.
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