NESTLÉ, the company behind leading coffee brand Nescafé, released plans on Friday to double the amount of coffee bought directly from farmers in the next five years.
The behemoth said it would eventually purchase 180,000 tonnes of coffee from around 170,000 farmers per year. It would also invest 500 million Swiss francs (US$486 million) in coffee projects by 2020.
Nestlé shares added US$0.19 on Friday in OTC trading to close 0.37 percent higher at $50.91. Its share price has climbed 26.3 percent since August last year. Coffee was trading last week at its highest level in almost 13 years.
The reporting season continued with OZ Minerals – which is exploring mining concessions in northeast Cambodia – recording on Wednesday a net profit of $406 million for the six months to June 30, a significant turnaround from a $586 million loss a year earlier. On the same day, it was slapped with a class action filed by Slater & Gordon.
The firm, representing 140 retail investors, alleged OZ breached market rules by failing to properly disclose the full extent of its debt. The investors claim to have lost about $18 million when holdings plummeted 80 percent and stock was suspended at 55 cents in November 2008. OZ’s share price on the ASX closed on Friday at A$1.20, 1.6 percent below its Wednesday opening.