Moss­man Su­gar Mill open to sell-off for the right price

Port Douglas & Mossman Gazette - - NEWS - PAUL MIL­TON BUT­LER

MOSS­MAN Su­gar Mill would not rule out any sell-off in the fu­ture, grow­ers were told at the an­nual gen­eral meet­ing yes­ter­day.

Chair­man Bill Phillips-turner said the mill con­tin­ues to be a vi­able as­set of the com­mu­nity but re­mains open to sell­ing if it is in the best in­ter­ests of grow­ers.

In re­cent months much of Aus­tralia’s own­er­ship of su­gar mills has been dis­solved by gi­ant Chi­nese and Sin­ga­porean com­pa­nies shoring up their su­gar needs for the fu­ture.

“The great­est change in the Aus­tralian su­gar in­dus­try in the own­er­ship of the mills has taken place in just the past 12 months with more than 75 per­cent of the milling com­pa­nies be­ing sold to for­eign hands,” Mr Phillips-turner said.

“Apart from Moss­man, there are only three su­gar milling com­pa­nies left in Queens­land that are Aus­tralian-owned.”

But Mr Phillips-turner said that even though the in­dus­try had gone through hard times in the past 10 years, the next 10 years was look- ing promis­ing.

“Dur­ing the next decade our ex­ist­ing su­gar ex­port or­ders will in­crease with China and Ja­pan and Korea and In­done­sia want­ing our su­gar which is good for our grow­ers and good for the mill here in Moss­man,” he said.

“But as far as for­eign own­er­ship is con­cerned that day will come when it is likely the board will have to make a de­ci­sion.

“We all know that China has very deep pock­ets and is buy­ing up what it needs, but in an ideal world it would be nice to have a bal­ance be­tween lo­cal and for­eign own­er­ship.

“The di­rec­tors will al­ways do what’s in the best in­ter­est of the mill and we will al­ways leave the door open for any fu­ture plans.”

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.