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AFRICAN POTASH LTD. (FRA:GG00B4QY) Block Commodities Ltd: Uganda Operations Update

Directive transparence : information réglementée

03/12/2018 08:00

Block Commodities Ltd
Block Commodities Ltd: Uganda Operations Update

03-Dec-2018 / 07:00 GMT/BST


Block Commodities
London, 3 December 2018

Uganda Operations Update

Block Commodities Limited (the "Company"), the innovative commodity trader operating in Africa, is pleased to announce the progress in the pilot project being carried out in Uganda in partnership with Pure Grow Africa. The Company's Head of African Operations, Clinton van Eden, has recently visited farmers in remote areas in Uganda, along with Bobby Juuko Kimbugwe, CEO at Pure Grow Africa.

The Executives met groups of small-scale farmers to understand the hindrances holding back production growth and strategically plan the deployment of Block's pilot project. Block Commodities is developing Farmer 3.0, an integrated agri-business ecosystem for agriculture. It harnesses disruptive technologies to optimise agricultural activity and output using a blockchain-powered platform along with machine learning, predictive behavioural analytics and data-driven marketing.

In Uganda, smallholder farmers represent approximately 85% of the farming community. According to the World Bank, agriculture employs 70 percent of Uganda's population and represents a quarter of its gross domestic product (GDP).

The Farmer 3.0 pilot project was launched in September 2018 and will aim to supply up to 1,000 Ugandan smallholder farmers with utility token-based loans for farmers selected by Pure Grow Africa to purchase fertiliser and gain access to appropriate technology to enhance production.

The results of the meetings with farmers highlighted the need for alternative funding for fertilisers and pesticides, access to technical training and markets beyond the local level. The Company's deployment of an alternative form of lending, via utility token-lending, is set to disrupt the system.

Clinton van Eden, Block's Head of African Operations, commented: "More than offering technologies and tools, our job is to close the information gap and educate these farmers so they can make the most of their lands. Our mission is to take the burden off the farmers' shoulders so they can focus only on production and let them be the best farmers they can be," adds Clinton.

Upon successful completion of the pilot phase in Uganda, Block Commodities aims to expand the scheme to up to 50,000 smallholder farmers linked to Pure Grow.

About Block Commodities
Block Commodities' strategy is to maximise the value of African agricultural and other commodities through the deployment of blockchain technology. The resources will be linked through the vertical integration of primary industries down to consumers via blockchain platforms. Using blockchain's ability to dynamically incorporate all market participants into an efficient ecosystem, Block Commodities aims to facilitate the commercial operation of such ecosystems in the context of the agricultural production cycle.

In reclaiming the value lost in African agricultural and extractive industries through inefficient supply and distribution systems, Block Commodities aims to help sub-Saharan African farmers raise productivity and secure better returns for their produce. This is an important step in establishing African communities as significant future global agricultural producers.
Block Commodities has established its operating subsidiary in Zambia: African Potash Zambia Limited.
For more information visit: http://www.blockcommodities.com


The Directors of the Company accept responsibility for the content of this announcement.

For further information, please contact:

Block Commodities Limited  
Chris Cleverly info@blockcommodities.com
   
NEX Exchange Corporate Adviser:  
Alexander David Securities Limited  
David Scott - Corporate Finance +44 (0) 20 7448 9820
James Dewhurst - Corporate Broking +44 (0) 20 7448 9820
   
Public and Investor Relations:  
Cassiopeia Services - Stefania Barbaglio stefania@cassiopeia-ltd.com

 

Attachment

Document title: Uganda Operations Update
Document: http://n.eqs.com/c/fncls.ssp?u=FWWMEXKCEM


Dissemination of a CORPORATE NEWS, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


End of Announcement - EQS News Service

753465  03-Dec-2018 

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