Sharp said demand for crocodile meat locally was steady, although below the highs experienced four to five years ago.
“We expect to achieve sales at a similar level to last year. We will maintain sales promotions of low value cuts into the local market to preserve our market share as an alternative to sales into Asia.”
Padenga currently has 44 088 born in 2014 and 52 326 born in 2015 crocodiles on the ground in Zimbabwe.
He also said Lone Star has been successful in negotiating the purchase of 22 000 hatchlings for September this year, which will bring the operation back to full productive capacity.
“We believe the operation has the management, facilities and systems now in place to grow good quality Alligators. The breeder stock in the captive breeder project has come through the dormant winter season well and are now aggressively taking to feed with the onset of summer and as the breeding season approaches,” said Sharp.
On capex deployment, Sharp said in Zimbabwe expenditure was focused on preparing material for the construction of an additional 60 grower pens in 2016 which will allow a further reduction in stocking densities in an effort to continually improve skin quality, also on improving facilities with six additional breeder ponds under construction.
In addition, a contract to construct a solar power plant at Ume Farm had been concluded and the importation of the equipment was underway with installation to commence in July.
In US, contracts have been awarded for the construction of six additional production barns and the contractors moved on site at the beginning of May.
The AGM approved annual directors’ fees and auditors fees at $56 850 and $58 500 respectively.- The Source