Archer Daniels Midland (NYSE: ADM) will begin production of ethanol from sugar cane in Brazil with local partners, according to a Reuters story attributed to Brazilian newspaper Valor Economico.
The company will take part in joint ventures operating two mills in the central western state of Goias, according to the report.
ADM would not confirm the report, which said each mill will have the capacity to crush 3 million to 4 million tons of cane per year, beginning in 2010.
ADM’s investment in these projects is expected to be announced in August.
ADM is a leading producer of ethanol from corn in the U.S. The company is also a major grain processor and trading house in Brazil.
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