30 June 2008 - Leading Chinese grain and oil trader COFCO has announced that China Agri-Industries Holdings (China Agri) and the Yakeshi Municipal Government of Inner Mongolia have signed an investment agreement, whereby China Agri will invest in Yakeshi by setting up COFCO Malting (Hulunbeier) Co., Ltd.
The new COFCO Malting (Hulunbeier) company is expected to have an annual malting capacity of 300,000 tons, which will be produced at a newl-built plant.
According to COFCO, construction works, which will begin in July, are expected to end in October 2009. COFCO will invest a total USD 38.45 million in the new operation.
COFCO Malting (Hulunbeier) is located in a large barley area rich in energy and water resources with convenient transportation.
Once production is started, it will improve COFCO’s current malting structure and competitiveness on the market, the company said.