July 27, 2009
Bio-Extraction to construct canola processing facility
Bio-Extraction Inc. has announced that it will build its canola protein processing facility in Minot, North Dakota, US.
The plant-which is expected to process 80,000 tonnes annually-will begin construction next spring and will start 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 US$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 percent of the financing.
Bio-Extraction plans to finance the remaining balance by leveraging cash flows from its plant in Saskatoon, Saskatchewan, Canada, once it has ramped up its protein production operations.