General News
8 March, 2024
Mystery investor saves town’s mill
THE future is looking a little brighter for the Mossman cane-growing community after a mystery investor swooped in to save the town’s mill just hours before the company was due to be liquidated.
Last week the administrator advised grower and mill representatives that a potential investor had come forward to provide funding alongside energy company, Clever Power.
“We were told a private investor was willing to put money on the table to save the mill,” Canegrowers Mossman chairman Matt Watson said.
“Clever Power and the investor would take on the mill and guarantee crushing for at least the next four seasons as they worked to improve and increase production and make the mill more stable before looking to diversify into value-adding opportunities in the energy field.
“We were concerned about how things would turn out when the investor seemed to have a change of heart at the last minute, and we all attended the creditor’s meeting today (February 29) not knowing for sure what the outcome of all the hard work would be.
“So, we were surprised and heartened when the administrator said there was a potential way forward with a third party and that it was with Clever Power.
“Canegrowers continued to work on possible solutions right up to the last minute, even with representations at community cabinet in Cairns on Wednesday last week. That was the first time we had confirmed by the Premier (Steven Miles) that there was some government funding available to a third-party entity or investor for the mill,” Mr Watson said.
Mr Miles committed $12.1 million to either assist a potential buyer for the mill, or to help farmers, workers and associated businesses look for new opportunities if the mill closed. “
Mr Watson said that Canegrowers were heartened and appreciated the backing of the local council and Douglas Chamber of Commerce.
