IQF del Perú

The proposed expansion project (the "Project") consists of increasing the asparagus, artichoke, and avocado planting and processing capacity, as well as building and equipping a canning facility. The project involves the following:

1. 
   The purchase of nearly 390 hectares of farmland in two farms, Fundo San Jerónimo (120 hectares) and Fundo Santa Margarita (270 hectares), both located in the Ica Valley. This land will be used for growing asparagus, artichokes, and avocados, thus increasing the supply of Company-grown produce for processing at the Company's plants.
2. 
   The construction and equipping of a canning facility to be located adjacent to the existing processing plant in Ica. This plant will be used to increase the supply of canned asparagus and artichokes available for export; IQF has good potential for growth with these products.
   
3. Increased frozen product storage capacity and replacement of the IQF tunnel at the Ica plant with a larger-capacity one so as to increase the supply of exportable frozen green asparagus. The new tunnel will be able to freeze 1,500 kg per hour, as compared to the current one with a capacity of 650 kg per hour.
   The installation of irrigation systems at the San Jerónimo and Santa Margarita farms.
   
4. Planting 160 hectares of avocados and 100 hectares of asparagus, in addition to permanent working capital for farming 170 hectares of artichokes.
   


The total cost of the project has been estimated at US$11.0 million of which the IIC will contribute US$5.5 million through a long-term loan.