Sucro and Santander Sugar Group form Joint Venture for Caribbean Sugar Refinery (CSR) to Boost Regional Cane Sugar production

SAN PEDRO, Belize, Sept. 4, 2025 /CNW/ - Sucro Limited ("Sucro") (TSXV: SUGR) (OTCQB: SUGRF), an integrated U.S. and Canadian sugar refiner and distributor, and Santander Sugar Limited (SSL), a leading Belizean sugar mill at arm's length to Sucro, today announced the formation of a 50/50 operational joint venture, Caribbean Sugar Refinery Limited (CSR). The partnership aims to transform the Caribbean sugar industry by building regional cane sugar refining capacity to serve the CARICOM market from its proposed plant to be developed in Valley of Peace, Cayo, Belize.

The announcement follows the signing of a Memorandum of Understanding (MOU) with the Government of Belize (GOB) dated September 4, 2025, signaling strong public-private collaboration to enhance economic development, create employment, and strengthen regional food security.

Key Highlights of the Initiative

• Strategic Investment: CSR plans to invest USD $20 million, to be funded equally by the joint venture parties, to establish a modern, fully functioning sugar refinery within the SSL mill complex in Belize, with initial refining operations targeted for 2026.
• Regional Market Focus: The refinery aims to supply over 75% of CARICOM's refined sugar needs, with further plans to expand to Trinidad and Tobago to meet up to 150% of regional demand, and explore export opportunities to North America and Europe.
• Government Support: The Government of Belize will provide the enabling environment and support raw sugar sourcing for the new refinery as well as regional engagement necessary for market penetration.
• Operational Leadership: SSL will administer and operate the refinery, thereby overseeing logistics, procurement and ensuring strong alignment with the Belizean sugar sector and stakeholder communities.
• Sustainability Commitment: CSR is committed to environmental stewardship, including adherence to industry best practices and all aspects of the company's Environmental Compliance Plan.
• Economic and Social Impact: The project is expected to generate substantial direct and indirect employment in Belize and across the Caribbean, promote intra-regional trade, and provide a stable market for regional sugar producers.

Statements from Key Stakeholders

"This joint venture represents a transformative step for the Caribbean sugar industry," said Jonathan Taylor, Sucro Founder and CEO. "By leveraging regional resources and expertise, we aim to strengthen food security, support local farmers, and create sustainable economic opportunities for the Caribbean."

"Santander Sugar is proud to host the first phase of this refinery in Belize," said Jose Rodriguez, SSL CEO. "Our collaboration with Sucro and the Government of Belize ensures that the benefits of this project are shared across our communities, fostering growth and stability in the region."

""The Government of Belize is committed to promoting sustainable industrial development," said The Hon. Dr. Osmond Martinez, Minister with responsibility for the Sugar Industry.  "This partnership aligns with our vision for economic growth, job creation, and regional integration. We welcome CSR and SSL's investment and look forward to the positive impact on our country and the wider Caribbean."

About Caribbean Sugar Refinery Limited (CSR)

CSR is a joint venture between Sucro Limited and Santander Sugar Limited, established to develop regional cane sugar refining capacity to meet the needs of CARICOM member states, while promoting sustainable economic development and environmental stewardship. For additional information please visit: https://caribbeansugars.com

About Sucro

Sucro is a growth oriented sugar refiner and distributor primarily serving North America, and Caribbean markets. The company has been a leader in building new sugar refineries in underserved markets, working closely with local governments on regional economic development and the creation of value-added jobs.  Since its inception in 2014, Sucro has achieved growth by creating value through continuous process innovation and supply chain re-engineering.  Sucro has established a broad production, sales, and sourcing network throughout North America with two active cane sugar refineries, and two additional refineries under construction.

About Santander Sugar Limited (SSL)

SSL is a leading Belizean sugar mill and exporter of raw sugar, brown sugar, and molasses. SSL operates with a strong commitment to local communities, sustainability, and supporting regional agricultural development.

SSL modernized agricultural practices in the sugar industry and as a part of that upgrade and modernization they introduced diverse cane varieties to achieve better yields, efficiency and productivity. Over the years SSL has also invested downstream of the mill to establish the most modern sugar export terminal in the Caribbean.

Forward-Looking Statements

This Press Release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable Canadian securities laws.  Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances.

This forward-looking information includes, among other things, statements relating to: development of a new Caribbean sugar in Belize, planned investment for the new refinery, expected commencement of refinery operations and expected benefits to the region from the joint venture. 

This forward-looking information and other forward-looking information are based on Suro's opinions, estimates and assumptions in light of Sucro's experience and perception of historical trends, current conditions and expected future developments, as well as other factors that Sucro currently believes are appropriate and reasonable in the circumstances.  Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct.  Certain assumptions include: our ability to complete the proposed new Caribbean refinery on time and on budget and with the anticipated processing capacity. 

Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that, while considered to be appropriate and reasonable as of the date of this Press Release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, our ability to obtain licenses and permits; development of the new Caribbean refinery may experience cost-overruns and/or delays and actual costs, operational efficiencies, production volumes or economic returns may differ materially from Sucro's estimates and variances from expectations; disruptions to supply chains as a result of outbreaks of illness, geopolitical events or other factors; inflation and rising interest rates; changes to or the elimination or significant reduction of protective duties relating to foreign sugar imports in the Caribbean region; dependence on management's ability to implement its strategy; competitive risks; our dependence on a small number of key persons; and the other risk factors discussed in greater detail under "Risk Factors" in Sucro's annual information form ("AIF") dated April 18, 2024 and filed on SEDAR+ at www.sedarplus.ca, which section of the AIF is specifically incorporated by reference herein.

Prospective investors in Sucro should not place undue reliance on forward-looking information, which speaks only as of the date made.  The forward-looking information contained in this Press Release represents Sucro's expectations as of the date of this Press Release (or as of the date they are otherwise stated to be made) and is subject to change after such date. However, Sucro disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws. For additional information, readers should also refer to Sucro's most recent management's discussion and analysis and other information filed on www.sedarplus.ca.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Sucro Limited

For further information on Sucro, please contact: Don Hill, Chairman, Sucro Limited, E: [email protected], T: [phone]; For further information on Santander Sugar Group, please contact: Amb. Daniel Gutierez, E: [email protected], T: 501-672-3001