Bio-Extraction to build canola processing facility
July 23, 2009
by FoodBusinessNews.net Staff
TORONTO — Bio-Extraction Inc. has selected Minot, N.D., as the site for its second canola protein processing facility, the company said July 22. It should process 80,000 tonnes annually. Construction should begin next spring. The company has a goal of starting production in early 2011.
Bio-Extraction extracts oil and protein from oilseeds for the global food market through the use of patented low-temperature extraction and proprietary protein separation technology.
The project is expected to cost $50 million. Subject to BioExtraction meeting certain credit requirements, the Minot Area Development Corp. in conjunction with private lenders and the state-owned Bank of North Dakota have proposed to provide about 50% of the financing.
Bio-Extraction plans to finance the remaining balance by leveraging cash flows from its plant in Saskatoon, Sask., once it has ramped up its protein production operations.