Alfredo-OrtegaWith a resolution passed by cane farmers, the only other option is to go back to the drawing board, that’s if BSI accepts. Cane farmers clearly stated yesterday that they want more than the 51 cents payment per ton of bagasse BSI is willing to give them. At first they asked for $10.00 but with BSI not budging cane farmers are prepared to compromise.

Alfredo Ortega- Vice Chairman, BSCFA, COM

“We clearly know that we can get a better price than fifty one cents so that is where we are at this point, farmers want a just payment for their bagasse.”

BSI has stated on the record that if the company would pay cane farmers the $10.00 per ton of cane delivered for bagasse, based on the 2013 crop results, the requested payment would amount to BZ$11.4 million, or 97% of Belcogen’s gross revenues from sales to BEL. This would cripple the company, says BSI. On the other hand cane farmers are saying; “show me Belgogen’s financial records and we move on”.

Alfredo Ortega- Vice Chairman, BSCFA, COM

“I think that there is sufficient room for them to come up with something better than the fifty one cents and I think that with the 11 million that they have brought out they have mentioned that it is 11 million yes they have made it in one of their presentation but that is something that they have placed, the same way they are not accepting or not even entertaining our formula how should we then accept yes you are only making 11 million as they are saying without having something that demonstrated frankly with an audit report. I think that they have enough space of time for them to recuperate what they have because they have place on us interest and depreciation plus other costs incurred within the Belcogen so there are other issues that might come out of that that we don’t know so I am unable to tell you at this point we are giving them five, six, or seven years to recuperate their funds but it is contemplated within our formula.”

How BSI will respond to this latest rejection is left to be seen. We’ll have more on yesterday’s AGM in tomorrow’s newscast.

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