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Midway (ASX:MWY) enters land sale for grain terminal development

Midway Limited and CHS Broadbent land sale announcement


Midway Limited (ASX:MWY) has entered a binding Memorandum of Understanding (MOU) with CHS Broadbent to sell a section of its North Shore site in Geelong, Victoria, for the development of an 80,000 metric tonne grain storage and export terminal. The agreed price for the land sale is $15.5 million, and CHS Broadbent's grain export volumes will contribute to Midway's Port volumes.

Executive commentary on the land sale and grain terminal development


Midway Chairman Gordon Davis expressed that the sale and grain project combine global infrastructure and customer base with the supply chain strength of the local CHS Broadbent team. Midway Managing Director Tony McKenna highlighted that the new export precinct was the result of negotiations providing clear commercial benefits for all parties. CHS Broadbent Managing Director Steve Broadbent emphasized the significance of the export terminal in providing a more competitive pricing opportunity for farmers in the area and delivering further value to growers.

Summary of Midway and CHS Broadbent land sale announcement


Midway Limited (ASX:MWY) has finalized a binding Memorandum of Understanding with CHS Broadbent for the sale of a section of its North Shore site in Geelong, Victoria, to facilitate the development of an 80,000 metric tonne grain storage and export terminal. The agreed price for the land sale is $15.5 million, and CHS Broadbent's grain export volumes will contribute to Midway's Port volumes. The new export precinct is expected to provide a more competitive pricing opportunity for local farmers and deliver further value to growers. The development is estimated to have an annual export capacity of 1.5 million metric tonnes, with projected exports of around 1.0 million metric tonnes in an average year. The sale of the land will settle upon registration of the plan for sub-division and the completion of site development works. Midway will also fund development on its retained part of the site for new site offices, new weighbridges for log trucks, and an extension of the existing woodchip pad and log yard. The capital expenditure by Midway for the site alterations to accommodate the new CHS Broadbent grain export terminal is estimated at $4.5 million in FY24-25.

Sourcehttps://announcements.asx.com.au/asxpdf/20231127/pdf/05xtg0f7k7qv6b.pdf

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