Maple Energy set to launch Peruvian ethanol project in March

In Peru, Maple Energy says it has made substantial progress in the development of its Ethanol Project in Peru and currently expects to begin processing sugarcane and producing ethanol this month.

Due to unexpected delays from third-party providers relating to the Ethanol Plant, the projected commencement of commercial operations was delayed to the first quarter of 2012. 

As a result, the Company has incurred and continues to incur certain incremental project-related costs, including additional internal project management and administrative costs, additional pre-operating costs related to the development and on-going planting and cultivating of sugar cane on the main estate, and certain value-added taxes. 

Value-added taxes and a portion of the additional pre-operating costs are expected to be recovered once the sugarcane is harvested and ethanol is produced and sold. Maple will issue an update on the estimated project-related costs once start up has occurred.