Platinum Crush to build soybean processing plant in Iowa
ALTA, IOWA, US — Newly-formed Platinum Crush, LLC is planning to invest $350 million to build a new soybean crushing plant in Buena Vista County near Alta, Iowa, US. The new facility is expected to be able to crush 38.5 million bushels of soybeans per year, or about 110,000 bushels per day.
In addition, the new plant is expected to produce 847,000 tonnes of soybean meal per year (2,420 tonnes per day) for livestock feed markets, 450 million pounds of crude soybean oil per year (1.28 million pounds per day) and 77,000 tonnes of pelleted soybean hulls per year (220 tonnes per day). The soymeal and soy hulls will be used in livestock feed rations, the company said.
Platinum Crush is run by development partners Mike Kinley and Nick Bowdish. Kinley also is leading the development of Shell Rock Soy Processing, which is being built at the Butler Logistics Park northwest of Shell Rock, Iowa, US, and will crush 110,000 bushels daily once it is operational in late 2022. Shell Rock secured the necessary financing for its project in late May.
“Platinum Crush is positioned to extract all the value possible from locally-grown soybeans,” said Kinley, who is a managing member of Ag Development Group, LLC, which develops value-added projects for the ag sector. “This plant can supply both food and fuel needs. It will also bring Buena Vista County and the surrounding area into the center of the global food and fuel economy.”
Groundbreaking on the Alta soybean crushing plant is slated for later this year, with plans to have the facility fully operational by March 2024. It will create 50 to 60 jobs.
“Not only will Platinum Crush create many high-quality jobs, but it allows northwest Iowa to build on its strong agricultural heritage,” said Bowdish, a leader in the development and management of Midwest ethanol plants, including Elite Octane in Atlantic, Iowa, US, and Siouxland Ethanol in Jackson, Nebraska, US. “This plant will expand farm income and help diversify the economy, which can benefit everyone in the region. The benefits stem from many different people all doing their part.”
The new Platinum Crush facility will be built adjacent to the CN Railway, which will service the facility.
“CN is pleased to see the next world-class soybean crush plant select our network to move value-added agricultural products to consumers all around the globe,” said James Cairns, senior vice president of rail centric supply chain for CN. “We are excited about the opportunity to make this facility a reality in northwest Iowa.”