West African focused agri-industrial firm DekelOil has initiated the construction of a 10,000t per annum (TPA) raw cashew nut (RCN) processing plant in Tiebissou, Côte d’Ivoire.

Construction works at the site will be carried out over the next 12 months and first production is expected in June 2020.

DekelOil executive director Lincoln Moore said: “The commencement of the construction site and construction phase at Tiebissou is a milestone event for the company.

“We would like to take this opportunity to thank the local government officials and members of the community for sparing the time to attend the opening ceremony at the site and for the support they have shown for the project.

“In addition, the process to transfer Tiebissou to the new tax code has been completed.  This is an exciting period for DekelOil and the Tiebissou village and I look forward to providing further updates on progress made on the ground during the construction phase as appropriate in due course.”

The Tiebissou project will be built in line with a model that was earlier deployed by DekelOil at its palm oil project at Ayenouan.

This facility will process cashew nuts grown by local smallholders.

once operational, Tiebissou will be DekelOil’s second production project in Cote d’Ivoire, alongside its Ayenouan palm oil project.

Tiebissou is being developed by Capro CI, a wholly owned subsidiary of Pearlside Holdings, in which DekelOil owns a 37.8% stake with an option to acquire another 17% interest.

The project qualifies for a new tax incentive scheme, which will lead to cash savings of approximately €350,000 during the construction phase.

Additionally, the Tiebissou project will be exempted from corporation tax for a period of ten years. It will also receive exemption from 75% of corporation tax for the following five-year period.

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