Friday, November 14, 2014

Ontario condo developer to export canola to China

LeMine Investment Group, an Ontario real estate, investment and trading company, has signed a seven-year deal to export canola oil to China and has agreed to promote it with Guizhou Fengguan Group.

The deal was announced while Prime Minister Stephen Harper was on a trade mission this week in China. Others with him included Agriculture Minister Gerry Ritz and International Trade Minister Ed Fast.

“We’re really supportive of anything that’s going to improve trade because China is a huge and growing market for us,” said Patti Miller, president of the Canola Council of Canada.

LeMine must arrange to purchase from an existing Canadian canola crushing plant, Miller said, but added in comments to the Manitoba Cooperator that she doesn’t know all the details of the deal.

Companies with Canadian canola-crushing operations include Bunge, Archer Daniels Midland, Richardson International, Cargill, Viterra, TRT-ETGO and Louis Dreyfus.

The government would not release further details, saying the agreement is private.