Farmers get funds from mill sale
CANE farmers will receive their first payments tomorrow from the sale of the Proserpine Sugar Mill last year.
About $35 million is expected to be distributed into the bank accounts of more than 200 cane farmers and will amount to 95 per cent of what farmers will receive, with the remaining five per cent to be distributed in the next three to four weeks.
KordaMentha partner and liquidator Robert Hutson said some farmers would receive the funds via electronic distribution, while others would receive a cheque.
"The amount is based on what is left after the creditors were paid," he said.
"The farmers then receive the surplus based on members cane delivery to the mill over the past 10 years."
The Proserpine Sugar Mill was originally a co-op and was purchased by Sucrogen in December last year after it went into voluntary administration in November.
The mill is expected to crush about 1.65 million tonnes of cane this year.