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CHMC Seeks Farmers to Back $20 Million Brazil Corn-Ethanol Plant

April 4 (Bloomberg) -- China National Heavy Machinery Corp., the Beijing-based developer of industrial facilities and warehouses, is asking Brazilian farmers to invest 40 million reais ($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 Mato Grosso state, Romario Limberger Jr., the city’s secretary of industry, commerce and tourism, said in a telephone interview today.

While virtually all of Brazil’s ethanol is made from sugar cane, some farmers of grains want to produce the renewable fuel to reduce their exposure to volatile commodity markets, Limberger said.

“They won’t be so vulnerable to variations in the market,” he said. Farmers “want to add value to their products.”

The proposed plant will process 400 tons of corn a day, he said. CHMC didn’t reply to phone and e-mail messages after the close of regular business hours today.

To contact the reporter on this story: Stephan Nielsen in Sao Paulo at snielsen8@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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