01/06/2013 (Stockhouse) - Feronia late Thursday announced that the commissioning of the new palm oil mill at Yaligimba in the Democratic Republic of Congo in 2013 is expected to provide it with immediate access to an additional 3,757 hectares of mature oil palms for the production of crude palm oil, an increase of 62.1% from the area currently accessible.

The company also reported first-quarter revenue that fell to $1.2 million from $1.9 million a year earlier, due to lower production volume and falling palm oil prices.

Feronia, though, added that 1,757 hectares of oil palm had been replanted in the year to date as of May 22, 2013, and its first quarter 2013 production shortfall has recovered since quarter end.