Cottco pays US$15,9 million to farmers

Senior Business Writer

ZIMBABWE’s biggest cotton firm, Cottco has paid US$15,9 million to farmers with the remaining 32 percent expected to be cleared this month as market liquidity improves, Company Secretary, Ms Eunice Mupanduki has said.

In a trading update  from 1 July 2022 to 31 August 2023, Ms Mupanduki said, “Cottco has paid US$15,9 million to farmers to date and the remaining 32 percent is expected to be cleared in the month of September 2023 as market liquidity improves.”

She said as the buying season draws to an end, the firm has achieved a 48 percent increase in intake from 46,748 metric tonnes in 2022 to 69,146 metric tonnes in the current season.

The company’s order book continues to surpass available supply Cottco’s value addition initiative has seen the company converting over 800 tonnes of lint to yarn for the local market.