Rice Mill in Chiriqui Unsold

The auction of a rice mill by the Association of Rice Producers of Chiriqui was declared void because of lack of offers to reach the established base price.

Tuesday, April 24, 2012

The base price for auction through the Agricultural Commodity Exchange was $3.5 million, well above the single offer of $1.4 million by a group of seven millers.

The mill belonging to the Rice Growers Association of Chiriqui (Apach) located in Alanje, was built two years ago with a loan from Banco Nacional de Panama (BNP). The facility includes eight silos where 480 thousand quintals of grain can be stored.

The total debt of the Rice Growers Association of Chiriqui with the BNP is $6.7 million.

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The rice mill belonging to producers in Chiriqui is now being offered at $2 million, $1 million less than the initial price.

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