Kafus Industries Ltd. announced that Merrill Lynch has been retained to assist in raising the capital to finance the construction of Kafus' kenaf fiber newsprint mill in Lasara, Texas.
The kenaf newsprint mill will be the first of its kind in the world and Kafus has contracted to sell 100 percent of the mill's output under a 15-year off take agreement. Kafus, through its 90 percent-owned subsidiary KPM Lasara L.P. (KPM), has all permits and contracts to proceed toward a second quarter 2000 financial closing. Kafus is also developing a similar kenaf mill in Arizona as well as its first international kenaf mill in Spain.
The mill will use 100 percent kenaf feedstock and is expected to produce approximately 135,000 metric tons of newsprint using proven newsprint manufacturing technology.
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