Chinese group to buy ethanol plant from “Soybean King”

China National Heavy Machinery Corp., a Beijing-based developer of industrial facilities and warehouses, is asking Brazilian farmers to invest 40 million reais (US$20 million) in a corn-ethanol plant that will help diversify their revenue. CHMC, as the company is known, is seeking to start construction next year in Nova Mutum, in the state of Mato Grosso in Brazil. The proposed plant would process 400 tons of corn a day.


The company has also shown an interested to purchase Usina Itamarati Headquartered in the town of Nova Olimpia also in the state of Mato Grosso, Usina Itamarati is one of the largest producers in Brazil of ethanol, sugar and electricity. Founded in 1980, Itamarati Mills had its first harvest in 1983 to produce ethanol, and in 1993 began producing sugar.


The plant was founded by Olacyr de Moraes, who was at the time called “the Soybean King”, as he was the world’s largest soybean producer. However, the plant has been underperforming for the past years and is now being led by his daughter, Ana Claudia. In fact, it laid off 300 employees in january 2014

Established in 1980 as a subordinate to China National Machinery Industry Corporation (SINOMACH), China National Heavy Machinery Corporation (CHMC) contracts engineering projects and provides trade service, capital operation and technical solutions, including metallurgy, mines, transportation, building materials, power, hydraulics, environmental protection, chemistry, agricultural products storage and processing, etc. CHMC has offices in 12 countries such as Myanmar, Vietnam, Cambodia, Tajikistan, Indonesia, Turkey, Thailand, Sri Lanka, Ethiopia, South Sudan, Kenya and Guinea.