admindismissed as untrue reports that it was ripping off farmers by buying cotton that is still in the fields.
In a statement yesterday, Cottco managing director Mr David Machingaidze said the buying of cotton had not yet started as the Government was yet to approve the producer prices.
“Buying of cotton has not yet commenced as start dates and pricing are yet to be announced,” he said.
Last week, the Cotton Producers and Marketers Association of Zimbabwe Vice chairman, Mr Morris Mukwe was quoted urging farmers not to sell their cotton for any price below US$2 per kg after the world market price rose from US$1.40 to US$5.5. He alleged that Cottco was taking advantage of farmers’ desperate situation and was buying even cotton that was still in the fields for as little as US15c per kg.
“This has come to be known as the green bale,” said Mr Mukwe.
But Mr Machingaidze dismissed the allegations.
“The current IAC projection for the Cotlook A index for the year to June 2011 is US41.62c/Ib, which is quoted in US cents per pound and not US cents per kg. The forward A index for the year from July 2011 is sitting at US$1.52c/Ib.
“Lint is different from seed cotton as only 41 percent lint is produced from 1kg of seed cotton. Seed cotton also needs to be transported, graded, ginned and baled to produce lint,” he said.
Online Reporter
- Herald
- July 31, 2026
- 22 views
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