Sugar Cane Farmers will be receiving their first payment for bagasse from BSI on Friday. The payment for bagasse is based on the formula set out in the agreement. Financial Officer at BSI Belizario Carballo spoke about the payment which will be a little over half a million Belize dollars.
“As part of the long term agreement that we have signed with the different Associations there was a provision for a payment for bagasse and the provision provides for a first payment on that to be made retroactive for the 2014 crop and for it to be made ten weeks after they signed the agreement and that payment will therefore be made this Friday the 20th of March as per the agreement and as per the calculation of the amount to be paid is set out on the agreement and that calculation has workout to a total figure of $597,000 when divided by the amount of cane that was delivered was close to 1.2 million tons of cane last crop on a per ton basis it averages out about fifty cents per ton but that amount will be paid on the basis of the relative cane quality of the respective test groups and so each test group will be paid a different amount ranging from forty seven cents to fifty four cents per ton of cane for the deliveries for the 2013/2014 crop.”
Payment for all subsequent crops will be made at the final payment of the crop which is on the first Monday of November.
“Each crop, the calculation will be different because it depends on a number of factors including the amount of cane that is delivered, the amount of fiber that is delivered in the cane and also the price itself and so based on the 2014 crop and for subsequent crops that is yet to be determined.”
If cane production increases it will increase the amount paid to farmers in subsequent payments, Carballo adds.
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