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It said the volume of woodchip shipped from Ukraine to Turkey increased to over 100,000 tonnes from 72,304 in the prior six months as it relocated its operation to the modern, secure Black Sea port of Yuzhny.
AEG also re-confirmed plans to establish a standalone pelleting company to focus on the commercialisation of its new biofuel technology.
Its process converts sawdust and other industrial and agricultural products into granules for use in large-scale power plants as well as micro-combined heat and power boilers.
The company’s major landmark of the year fell outside the reporting period as AEG signed a joint venture deal with the Métis Settlements of Alberta, Canada, owners of huge areas of standing prime forestry assets.
The exclusive deal was initially set up to commercialise 100,000 hectares of mature forests in Western Canada, which were expected to yield more than 20 million cubic metres of standing timber.
But in an update, the AEG JV announced that the area under its control is likely closer to 200,000 hectares.
It is currently carrying out extensive sampling to assess the volume, quality and density of the standing timber, much of which is believed to be more than 50 years old, making it ideal for a wide range of applications.
AEG owns 45% of the JV company, called the KAQUO Forestry and Natural Resources Development Corporation. KAQUO in the Cree tongue means ‘all together’.
So, together the AIM-listed business and the Métis, one of the Aboriginal peoples of Canada, will look to commercialise the asset by promoting 197-year tree farming permits to TIMOs and other investors, including timber industry firms.
Of course very little of this progress was captured in the financial results. The group did generate £6.4mln of revenues in the six months to June 30 following the acquisition of the Nikofeso in Ukraine. It posted an underlying loss of £355,000.
At 11am, the shares, up 42% in the year to date, added a further 2% to 3p.
Separately, AEG announced it is on the hunt for a new chairman after Colin Hill stepped down from the role.