Crucial approvals have already been achieved and the project is now in its final negotiating stage before ministerial presentation, expected before January 2017
The Cuba Mountain Coffee Co (CMC), in which Leni Gas Cuba Limited (ISDX:CUBA) has a stake, has achieved a milestone in negotiations with the Cuban authorities.
CMC, which is 10% owned by Leni Gas Cuba, is now hopeful that its coffee project in the Cuban province of Guantanamo will begin in early 2017, following agreement on the principal terms for co-operation with the Asdrubal Lopez coffee processing plant in Guantanamo.
Meanwhile, in April 2016, CMC signed a memorandum of understanding with Nestlé Nespresso with a view to exploring how to work together with the non-profit organisation, TechnoServe.
The idea is to boost production and quality in some of the Guantanamo micro-regions for the benefit of Cuban farmers and the protection of their environment, subject to the approval of the Cuban authorities and compliance with applicable laws.
“This is significant news from The Cuban Mountain Coffee Company. Leni Gas Cuba is enthusiastic about this venture, designed to assist improve the Cuban coffee industry, and to be potentially working with the likes of Nestlé Nespresso and TechnoServe is a very positive development indeed,” said David Lenigas, executive chairman of Leni Gas Cuba.
proactiveinvestors.co.uk, July 6, 2016