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FINANCING JATROPHA
DEVELOPMENT
Antonio Tomás Parsons
Cazenave & Asociados S.A.
1
Our Approach on Financing Jatropha Development
1. A brief introduction on our company.
2. Our relationship with Jatropha
3. A cost benefit approach to financing Jatropha development.
2
The Company
Founded in 1969
Cazenave Creates and Manages ag-industrial business.
Cazenave provides Managing, Consulting, product development and Auditing Services to:
agricultural companies
ag- industries
banks
insurance companies
export firms
other ag-related companies
3
CAZENAVE & ASOCIADOS S.A.
• FAID 2011 Commoditie Production Trust
Commoditie Production Trust
• FIDEIAGRO 2009
Bluberry Trust
• Berries del NOA 2005
Bluberry Trust
• Berries del NOA 2007
High Oleic Production Agreement with
• High Oleic Sunflower Farmers.
• SAMSA Prod Girasol Alto Oleico Prod/Dow
• CA (SAMSA) Commodities Production for Glencore
Durum wheat production.
• Trigo Candeal. Molinos
Seed Royaltie Management
• C&M
Intersowing Canola and Soybeans
• Research and Development
• Patagonia Bioenergía Biodiesel
• Plant.a.Bío Jatropha R&D and Management in
• Brazil
Investment Projects
• ASAP
ASAGIR-MAIZAR-FPC (Crop
• Institucionales Associations)
• Farm management
Personel directly employed : 80 people
Invoicing: U$S / AÑO :337.420.000
4
Plant.A.Bio Lda
CAZENAVE & ASOCIADOS S.A.
Background: Cazenave & Asociados (CASA), one of PlantaBio founders, is a leading agribusiness
management, consulting, and investment firm, established in 1969 in Buenos Aires, Argentina. With
thirty eights years of experience in the agribusiness industry, CASA is a well recognized authority
in the agribusiness field.
Lartirigoyen y Compañia
Managing 130,000 hectares in Argentina. Edible Oil Production
PHONEUTRIA BIOTECNOLOGIA. Genetics Company producing AND
analysis reactives.
5
Plant.A.Bio Lda.
A Company Located in Minas Gerais, Brazil.
Develops Jatropha Technology and Manages Plantations
6
Project Location: Non edible crops area
7
PATAGONIA BIOENERGIA Snapshot
Overview Production Cost Comparison
(US$ per ton)
Patagonia Bioenergia S.A. $1,006 $1,019
$1,109
$1,167
(“PBE”) is a San Lorenzo, $782
Argentina-based
development-stage biofuels
$357
company Argentina Argentina U.S. Soy Malaysia Brazil EU
• 250,000 Mtons/year
Jatropha Soy Palm Soy Rapeseed
(MTPA) biodiesel
Source: Credit Suisse estimates based on public company data and broker
reports.
plant currently under
construction to come
online by July 2008 Projected Jatropha plantation in
Argentina and Paraguay: 40.000 ha.
• Expansion capacity of
an additional 250,000
MTPA
8
Patagonia Bioenergia and Jatropha
In order to ensure feedstock PBE has started a number of
activities.
• Starting a Nursery and a collection of Jatropha curcas and
macrocarpa from different provenances.
• Plans to plant, with Cazenave's assistance, 40,000 hectares in
Argentina and Paraguay.
• Is working on agreements with farmers providing equity, not
loans, and effectively assuring feedstock for the future.
9
Financing Alternatives. A Cost Benefit Approach
Within the various financing alternatives that will
benefit farmers, two approaches can be analyzed.
• Direct assistance providing seeds, agricultural
chemicals, financing different costs and insuring a
market for production.
• Developing improved genetic material, and superior
crop husbandry practices.
A cost benefit analysis of each alternative will help to
establish priorities in the use of scarce available
financing.
10
Production cost & Gross Margin
Jatropha at 4 x 2 m Spacing Production Costs and Gross Margin
Year Six
FIRST YEAR -
Unidade Qtde Times/ha USD USD/ha USD/ha
Lime aplication USD/ha 1,00 41,00 41
Land Marking Labour Day 0,81 1,00 13,50 11
Digging piting Labour Day 3,12 1,00 13,50 42
Fertilizing Labour Day 1,78 1,00 13,50 24 24
Planting Labour Day 1,74 1,05 13,50 25
Spraying Labour Day 3,50 2,00 13,50 95 95
Lime kg 1000,00 1,00 0,09 90
Fertilizer Kg 150,00 1,00 0,45 68 68
Ant Killer Kg 6,00 1,00 5,30 32
Fungicide L 1,00 1,00 5,00 5 5
Insecticide L 1,00 1,00 15,00 15 15
Weeding Labour Day 3,12 3,00 13,50 42 42
Saplings Unid 1250,00 1,05 0,10 125
Harvest Hd 1,00 23,00 0 104
TOTAL Cost USD/ha 614 352
Yield Tons / ha 4,00
Price Usd/ Ton 140,00 140
Income USD/HA 560
Gross Margin USD/ha 208
11
Gross Margin Sensitivity Analysis
Jatropha Gross Margin Sensitivity Analysis
ITEM Gross Margin USD/ha Var %
Expected Yield, Cost and Price 208 0
Yield Increase 50% 436 110
Price Increase 50% 558 80
Cost Decrease 50% 384 32
Yield and Price have, by far, a bigger impact on profit than direct costs.
Since price is market dependant we must aim at improving yield.
12
Impact Of Genetics & Crop Husbandry on Yield
How much help can we expect from genetics?
• Experience shows us that with species with a short
history in genetic development, the impact of
selecting superior individuals from existing
populations is far superior than that obtained by
applying conventional genetics to readily available
materials.
• Exotic crops introduced to a production area rarely
can show the genetic variation that can be found
where the species is originated.
13
A good example is the differences in yield potential
found in 20 years Soybean variety releases in Argentina,
where soybean is not indigenous, (Ganancia Genética en Soja en
Argentina entre 1980 y 2000, Diego Santos et all INTA Paraná May 2006),
with those found in 60 Cristalino Colorado landraces of
the INTA Pergamino Germoplasm Bank in Argentina,
(Estudio de Variabilidad en Poblaciones Nativas de Maíz. Rafael Defacio et
all INTA, Pergamino Buenos Aires 2005), in South América
where maize is indigenous.
INTA: National Institute of Agriculture Technology
14
•In soybeans these studies reported a 14,4 kg/ha per
year yield increase due to genetics (0,7%), and a
further 8,6 kg per year due to environment, mainly
crop husbandry.
• In the 60 maize materials difference in yield were
470% (Maximum to minimum) with good climatic
conditions, and 597% with adverse, dry, weather.
15
• In Jatropha, large scale studies on yield due to
genetic material and environmental conditions have
yet to be developed.
• The scarce information at present available, indicates
that important yield improvement could be obtained
by selection and further genetic improvement.
• Scouting for different genetic material of an
important number of provenances, is the first step
towards obtaining superior individuals for immediate
use through cloning and as a basis for a genetic
improvement program.
• In Brazil Plant.a.Bio Ltda is developing a scouting
program and in Argentina Patagonia Bioenergia is
engaged in a similar one.
16
• The results of these programs, and other similar
ones, the world over, would be enhanced by adequate
financing and cooperation among international
organizations and national, public and private,
research centers and companies.
• Seed and cuttings, certified free from diseases, must
be readily available for private and public research
institutes and companies.
17
• Collections must be compared utilizing adequate
tests with statistical analysis.
• Since Environment is responsible for great part of
traits, a short cut in selection would be obtained by
screening collection materials using molecular
markers, in order to ensure diversity in compared
materials.
18
Some traits to be evaluated in collection trials
• Yield
• Increased oil in percent of dry seed weight
• Oxidative stability of the oil and the fruit
• Oil composition and quality (cetane number, iodine value,
• cloud point, saponification number, etc…)
• Fruit and seed size
• Branching patterns.
• The existence of male sterile individuals.
• Number of fruit per inflorescence
• Number of inflorescence per plant
• Diterpen phorbol esters content
• Curcin content
19
• Superior individual stock can be made available by
cloning.
• Micropropagation, or tissue cultures, with the use of
biorreactors would accelerate this process
considerably.
• Training local personnel in the use of biorreactors and
insuring the availability of adequate protocols will
require financing.
• Plant.A.Bio’s tissue culture research is not at present
complete and would benefit with agreements with
other research centers.
20
Once superior, genetically differentiated
individuals, are detected and made available
to the scientific community, including private
enterprise, conventional breeding programs
can be developed from an advantageous start
point.
21
Financing research on Jatropha crop husbandry,
particularly on plant nutrition, would ensure sustainability
and increase farmers income.
Jatropha
Item % Yield and nutrient extraction Kg/ha
Capsules 100 3930 5895 7860
Seed 76 3000 4500 6000
Water 0,8 to 6 134 200 267
Nitrogen 6 236 354 472
Phosphorous 1,13 44 67 89
Potash 0,75 29 44 59
Calcium 0,47 18 28 37
Magnesium 0,78 31 46 61
22
• Recycling expeller cake adequately treated and enriched with a
limited amount of elements would insure plant nutrition at low
cost- It is also a clear pathway to sustainable agriculture. (We
would be “Exporting” about half of captured CO2, and none of
the nonrenewable nutrients).
• The cost of replacing nutrients extracted by a six ton seed crop
with conventional inorganic fertilizers is above 300
U$D/hectare.
23
Other research efforts, that, with the benefit of financing, would rapidly impact
on improving farmers income
• Research on Arbuscular Micorriza Fungi. This agent
contributes by increasing the roots ability to extract
nutrients, like Phosphorous and Potassium, that
otherwise would be in the soil in unavailable forms.
• In Brazil the inoculation of Jatropha with this
symbiotic agent is at present under study. (Fungos
Micorrízicos Arbusculares em Plantios de Pinhão Manso, Jatropha
curcas L. A.M.X Carvalho. XXXI Congreso Brasileiro de Ciencia do Solo,
2007).
• In this report the author, as an antecedent leading to
this study, quotes increases of 5% to 290% in yield of
annual species, due to correct inoculation with
Micorriza
24
Research efforts that, with the benefit of financing,
would rapidly impact on improving farmers income II
Research on other simbiotic or non simbiotic bioprimers
and bioprotectors.
• Beauvaria sp.
• Tricodermas,
• Pseudomonas,
• Azospirillum.
25
Summary of Actvities with great potential of improving
farmers wellbeing through financing.
• Scouting for superior materials.
• Ensuring availability of those materials to official and private
research institutes and companies.
• Developing micropropagation tissue culture on a large scale.
• Development of environmental friendly plant nutrition.
• Working on symbiotic or non symbiotic microorganisms that
favor plant nutrition and act as bioprotectors.
26
FINANCING JATROPHA DEVELOPMENT
Scarce financial resources should preferably be allotted
to research programs with greatest potential impact on
farmers income and welfare.
Agreements among international financing agencies and
official an private research centers and companies
would benefit farmers through a reduction in time
needed for research.
Agile and free circulation of information, technology
and disease free certified genetic material will be
conductive to obtaining results in a relatively short
lapse of time. 27
THANK YOU !
Antonio Tomás Parsons
atparsons@e-cazenave.com.ar
28
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