Posted by agri_center | Posted in Business Opportunities, News | Posted on 25-10-2008
Tags: castor bean plant, castor oil plant, Firm ties up with IP group for castor bean plantation, ricinus communis
A MANILA-based investor will be forging an agreement with the Mindanao Indigenous People’s Conference for Peace and Development (MIPCPD) for the production of castor beans.
The beans will be produced in a 1,000-hectare ancestral domain of the Mangguangan tribe in New Corella, Davao del Norte.
In an interview, Datu Angelito Omos Sr., development officer of the MIPCPD and leader of the Mangguangan tribe in New Corella, said Friday the memorandum of agreement (MOA) will be signed between the MIPCPD and the ABCD Matrix Corp. on Monday during the opening of the 3rd MIPCPD to be held at the Felis Resort in Davao City.
“We will be forging a joint venture agreement with the ABCD Matrix. We will provide the area, and they will take charge of the capital outlay,” Omos said.
He however failed to reveal as to how much investment the company will pour in.
Omos added that the income to be generated from the project will be divided equally by both the Mangguangan tribe and the ABCD Matrix.
“Part of the content of the MOA will include seven people from our tribe to also manage the operation in the plantation,” Omos said.
He further said that the project is one of the two projects recommended by the elders of the Mangguangan tribe to MIPCPD to be set up at the tribe’s ancestral domain.
“The elders of our tribe chose ABCD Matrix and mining company, the Houqiao Mining Corporation, to penetrate in our land. They are the companies which agreed to our conditions and we trust them,” Omos said.
One of the conditions that Omos is referring to is the percentage share they will be getting from the projects.
“The ABCD Matrix agreed to have a 50-50 share with us, while the Houqiao agreed that we will get 55 percent of the income, while they get 45 percent,” Omos disclosed.
Omos said Mangguangan tribe in New Corella has about 12,000 population living in a 10,000-hectare ancestral domain.
Based on the Alternative Field Crops Manual of the Department of Agronomy and Plant Genetics, University of Minnesota, castor bean is a member of the spurge family.
Its seeds with hulls removed contain 35 to 55 percent oil.
Castor oil has been used by the military in aircraft lubricants, hydraulic fluids, and in the manufacture of explosives.
It has also been used in the synthesis of soaps, linoleum, printer’s ink, nylon, varnishes, enamels, paints, and electrical insulations.
Textile scientists have used sulphonated castor oil in the dyeing and finishing of fabrics and leather.
The most infamous application of castor oil may have been as a purgative popular for the treatment or prevention of many ailments in the first half of the twentieth century. (JGRS)
Written by: By Joy Romares-Sevilla
Source: www.sunstar.com.ph







