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Minnesota
Soybean Processors
Box 100 Brewster, MN 56119-0100
Ph: 1-507-343-6677 Fax: 1-507-727-2677 |
| Volume 3, Issue 2 |
www.MnSoy.com |
April
2003 |
Mild
Weather Helped Construction Progress Early
Call for Final Payment
By Connie Kelly, Chief Financial Officer
| As I am sure you are aware
by now, we have sent the invoices for the final payment
for the Minnesota Soybean Processors. The good news
is that the mild winter weather was quite conducive
for construction this year, so despite delays with
permitting and such we are right on schedule. In order
to avoid restriction on the delivery of equipment
to the site, we had to arrange for the larger pieces
of equipment to be delivered before the road weight
limit restrictions were activated. This early delivery
of equipment and the corresponding need to pay for
it were the reasons for the early invoicing of stock
payments. |
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We have secured financing
with CoBank for the remaining funding of the construction
of the plant; however, one covenant of the loan is
that all equity has to be collected and used towards
construction costs first.
Payments are due on April 25, 2003. Once we have received
all of the funds, we will be issuing stock certificates
sometime during this summer. We are still on schedule
for a Nov. 1 start-up, and as you drive by the site,
you can see how far the progress has come. |
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New Director Elected at 2nd Annual Meeting
One new director - Larry
VanMeeteren of Sheldon, Iowa, representing Dist. 4
- was elected to the board of
Minnesota Soybean Processors at the second annual
meeting in Windom Community Center. Six directors
were re-elected. The meeting attracted 198 members
to the Windom Community Center.
John Prohaska, engineering coordinator for the construction
project, gave a slide presentation to augment his
upbeat progress report.
Tom Kersting, merchandising manager, reported on the
Quality Premium Program open to both MnSP and South
Dakota Soybean Processors members at the Volga plant.
The purpose of the program is to reward producers
for planting varieties that produce above-average
protein and oil content as will as a satisfactory
yield per acre. The |
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program kicked in March
10. CEO Rodney Christianson touched on construction
progress, economic impact of the Brewster project,
world oilseed demand and future prospects for biodiesel
in his report. He said the plant, when running,
would provide 40 jobs, which in turn would have
an employment impact of 2,176 jobs in the wider
area. He said a total of 4,417 farm families have
ownership in the two processing enterprises, with
significant membership in five states.
The six directors who were re-elected included Robert
Kirchner, Worthington, Dist. 1; Bruce Hill,
Worthington, Dist. 2; Bob Crowley, lona, Dist. 3;
Steven Hansen, Clear Lake, S.D., Dist. 5; David
Bunde, Stewartville, Dist. 6, and Adam Schumacher,
Heron Lake, Dist. 7. |
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'Project's
on Schedule"
Engineering
Coordinator Delivers Upbean Report
"The project's on
schedule."
That was only part of the upbeat report delivered
by John Prohaska, engineering coordinator for the
Minnesota Soybean Processors plant rising from the
prairie near Brewster, Minn.
Prohaska said favorable weather conditions have
allowed on-time component deliveries, and good planning
and engineering have permitted accelerated completion
schedules by contractors and prompt deliveries of
equipment.
For the preparation and extraction buildings, he
said both the first and second floor control centers
in the "prep building" have been built,
permitting electrical contractors to |
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begin installing miles
of wire and conduits. The second floor steel in
the extraction building has been completed, and
three-quarters of the extraction vessels have been
positioned. The four concrete meal and hull silos
are in place and roofs were poured early in April.
The silos will have a total of 6,000 tons of meal
and 500 tons of hulls/pelleted hulls storage capacity.
One (of six) bean silos has been completely built;
each silo will hold 333,000 bushels.
Receiving scales are in place and installation
has been completed. He also reported the underground
utilities contract has been let to an Adrian,
Minn. contractor, Henning Construction. |
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MnSP Board of Directors
| District 1 |
District 2 |
District 3 |
District 4 |
District 5 |
District 6 |
District 7 |
Robert
Kirchner
Brewster MN
507-842-5592 |
Ron Obermoller
Brewster MN
507-842-5467 |
Bob Crowley
Iona MN
507-425-2021 |
Galen
Van Beek
Inwood IA
712-753-2286 |
Steven
Hansen
Clear Lake SD
605-874-2313 |
David
Bunde
Stewartville MN
507-533-4928 |
Paul Henning
Okabena MN
507-853-4669 |
LeRoy
Kellenberger
Beaver Creek MN
507-673-2283 |
Bruce
Hill
Worthington MN
507-842-5402 |
Don Louwagie
Marshall MN
507-532-6081 |
Keith
Waltner
Parker SD
605-648-3224 |
Todd Stroschein
Clear Lake SD
605-876-3721 |
Gary Dieterich
Rudd IA
641-395-2383 |
Darol
Schmitz
Brewster MN
507-842-5413 |
Steffen
Van Westen
Reading MN
507-478-4552 |
Bill Fest
Heron Lake MN
507-793-2585 |
Jim Sallstrom
Winthrop MN
507-647-2546 |
Larry
VanMeeteren
Sheldon, IA
712-324-4088 |
Edward
Verhelst
Huron SD
605-352-5564 |
Eric Thorn
Chatfield MN
507-867-1427 |
Adam Schumacher
Heron Lake MN
507-793-2588 |
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