Tobacco sales gross US$12m

since the opening of the marketing season on February 16, the Tobacco Industry and Marketing Board said yesterday.
TIMB said the crop had been sold at an average price of US$2,90 per kilogramme.
The price is down from last year’s average price of US$3,48 per kilogramme.
This compares favourably with 2,5 million kg valued at US$9,03 million that was sold during the same period at an average price of US$3,48 per kg.
Of the total earnings, US$9,3 million was earned from the sale of 3,05 million kg under contract sales at an average price of US$3,06.
The balance of 1,08 million kg valued at US$2,6 million was sold through the auction sales at an average price of US$2,45 per kg.
TIMB said the volume of tobacco that has so far gone under the hammer this year represented a 60 percent increase over last year’s.
About 60 000 tobacco growers are expected to sell their crop at the auction floors this season, up from 50 000 in 2010.
A total of 170 million kg of tobacco is expected to be delivered to the floors this year up from 123 million last year.
Tobacco sales are expected to increase after the re-opening of the Boka Tobacco Auction Floors that are currently undergoing renovations.
Boka Investments, which was awarded a licence to operate the floors, is already advising farmers to register to sell their tobacco at their floors as they would be opening for business soon.
Only Class A buyers are participating in the selling of tobacco this season as Class B buyers were suspended for ripping off farmers last season.
TIMB chief executive Dr Andrew Matibiri last
week said they refunded the Class B buyers their licence fees.
The buyers had paid US$2 000 each in licence fees to TIMB ahead of this year’s selling season. – Business Reporter/New Ziana.

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