Global agricultural, energy and industrial products company Ceres Global Ag Corp (Ceres) has announced the postponement of its planned canola crushing project at Northgate, Saskatchewan.
The decision to pause the project was due to a range of factors, including inflationary pressures resulting in higher costs than initially projected and shifting macroeconomic conditions, the company said in its 24 June statement.
Ceres said it planned to explore the possibility of a canola crushing project in the future while adding that there was no guarantee that such a project would go ahead or would be the same as the previously announced project.
The company had announced plans on 25 May to build a US$350M canola processing plant in Northgate.
At the time of the initial announcement, Ceres said the facility would have the capacity to process 1.1M tonnes of canola and refine more than 500,000 tonnes of canola oil, for both food and feed, annually.
Headquartered in Minneapolis, Minnesota, Ceres Global – and its affiliated companies – has 13 operations in Saskatchewan, Manitoba, Ontario, and Minnesota, with a total grain and oilseed storage capacity of approximately 31M bushels.