Canadian Port play for GrainCorp
- By: "Farm Tender" News
- Cattle News
- Dec 17, 2018
- 645 views
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GrainsConnect Canada, GrainCorp’s joint venture with Zen-Noh Grain Corporation, has agreed to be a partner in the Fraser Grain Terminal, at the Port of Vancouver. Construction of Fraser Grain Terminal was announced by respected Canadian agribusiness Parrish & Heimbecker (P&H) on 22 November 2018.
Under the agreement, Fraser Grain Terminal will become a 50-50 joint venture between GrainsConnect Canada and P&H. The agreement is subject to regulatory approval.
Fraser Grain Terminal will connect GrainsConnect Canada’s high-capacity country delivery points directly to export markets, consistent with GrainCorp’s strategy to expand its grain origination footprint and increase access to global customers. It creates a fully integrated, high-speed and end-to-end supply chain for the company in western Canada.
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In accordance with its share in the GrainsConnect Canada joint venture, GrainCorp will contribute CAD$35 million (AUD$36.3 million) over the next two years to support the construction of the new terminal. The joint ventures will continue to source additional funding from financial institutions. GrainCorp’s contribution will be made from existing cash and debt facilities.
Construction is expected to be completed by the end of CY2020.
About GrainsConnect Canada
GrainsConnect Canada is a joint venture between GrainCorp, a leading Australian agribusiness, and Zen-Noh Grain Corporation, a subsidiary of major Japanese agricultural cooperative Zen-Noh (National Federation of Agricultural Cooperative Associations).
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GrainsConnect was incorporated in Canada in 2015 and operates four rapid, high capacity country grain elevators: Vegreville and Huxley in Alberta, and Maymont and Reford in Saskatchewan. It offers competitive pricing, game-changing efficiency and access to global demand.
About Parrish & Heimbecker Limited
P&H is a Canadian, family owned agri-business, with roots in the agriculture industry for more than 100 years. Founded in 1909, P&H is growth-oriented, diversified and vertically-integrated with operations that include grain trading, handling and merchandising, as well as crop inputs, flour milling and feed mills. With 60+ locations from coast to coast and trade links around the globe, P&H leverages a well-established network of assets, strong business relationships with customers and suppliers, and ongoing infrastructure development to support Canadian agricultural producers.
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