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November 13-15, 2005
Beijing, China

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December 13-15, 2005
Toronto, Ontario, Canada
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February 5-8, 200
San Diego, California
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February 20-22, 200
Las Vegas, Nevada, USA
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June 20-23, 200
Milwaukee, Wisconsin, USA

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Posted on  

January 28, 2003

Iowa Co-op Partnering with Farmer-Owned Ethanol Plant

Compiled by staff

A central Iowa co-op and a new ethanol plant have announced a grain supply and handling agreement. According to a release from Prairie Land Cooperative, based in Hubbard, Iowa, with eight affiliated elevators, the 1,200-member organization will coordinate the grain delivery of Pine Lake Corn Processors, LLC Members and supply additional corn as needed to the ethanol plant, which will be built in Steamboat Rock. Under terms of the tentative agreement, Prairie Land may also construct the plant's entire grain handling facility, valued at nearly $1.5 million.

The ethanol plant was first proposed about three years ago, and a ground-breaking ceremony took place in November 2001. Construction has been delayed however, partly due to a problem with the engineering firm that was hired to design and build the plant. Pine Lake Corn Processors also announced in October 2002 that the company would be partnering with Monsanto Enviro-Chem Systems, Inc. of St. Louis, Mo., a wholly owned subsidiary of Monsanto Company, and Delta-T Corporation of Williamsburg, Va.

In exchange for the financial investment in the Pine Lake grain facilities, each year Prairie Land will supply and deliver the 8 million bushels of corn that the plant will process into 20 million gallons of ethanol. Pine Lake conducted the final round of investor meetings in Webster City, Cedar Falls, Marshalltown and Des Moines from January 21-24.

Pine Lake expects to finish its new capital campaign by January 31.



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