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AICO Africa Limited group chief executive officer Mr Patrick Devenish said soya beans was one of the major raw materials at Olivine.
“We have been funding soya bean production in the country and in the 2012/13 farming season we are increasing the hectarage under contract farming to 10 000 hectares from 2 000.
“We want to ensure the availability of raw materials so we need more of the crop,” he said.
Mr Devenish said the company would buy the product at prevailing market prices.
“Through contract farming, farmers are guaranteed of a market which is one of the important things in farming. Farmers will be paid market rates,” he said.
Soya bean production has been on the decline over the years due to lack of markets as local companies had reduced production as consumers preferred cheap imports.
Currently soya bean is fetching US$530 per tonne.
Established in 1931, Olive manufactures a wide range of consumer and industrial products such as vegetable oils, margarines, bakers’ fats, soaps, candles, dried beans and a wide range of canned foods. — New Ziana
Online Reporter