Sucro and Santander Sugar Group form Joint Venture for Caribbean Sugar Refinery (CSR) to Boost Regional Cane Sugar production

Executive Summary

• Sucro Limited and Santander Sugar Limited (SSL) have formed a 50/50 operational joint venture, Caribbean Sugar Refinery Limited (CSR), to build a new cane sugar refinery in Belize.
• The joint venture plans to invest USD $20 million to establish a modern refinery within the SSL mill complex, with initial operations targeted for 2026.
• The project aims to supply over 75% of CARICOM's refined sugar needs and includes an expansion plan to Trinidad and Tobago to meet up to 150% of regional demand.

Key Details

• Joint Venture Structure: 50/50 operational joint venture between Sucro Limited (TSXV: SUGR) and Santander Sugar Limited (SSL).
• Entity Name: Caribbean Sugar Refinery Limited (CSR).
• Investment Amount: USD $20 million total, funded equally by the joint venture parties.
• Location: Proposed plant to be developed in the Valley of Peace, Cayo, Belize, within the SSL mill complex.
• Timeline: Initial refining operations targeted for 2026.
• Market Strategy:
  • Supply over 75% of CARICOM's refined sugar needs.
  • Expand to Trinidad and Tobago to meet up to 150% of regional demand.
  • Explore export opportunities to North America and Europe.
• Government Support: Memorandum of Understanding (MOU) signed with the Government of Belize (GOB) on September 4, 2025, for enabling environment, raw sugar sourcing, and regional engagement.
• Operational Leadership: SSL will administer and operate the refinery, overseeing logistics and procurement.
• Sustainability: CSR committed to environmental stewardance and adherence to an Environmental Compliance Plan.

Notable Quotes

• Jonathan Taylor, Sucro Founder and CEO: "This joint venture represents a transformative step for the Caribbean sugar industry... By leveraging regional resources and expertise, we aim to strengthen food security, support local farmers, and create sustainable economic opportunities for the Caribbean."
• Jose Rodriguez, SSL CEO: "Santander Sugar is proud to host the first phase of this refinery in Belize... Our collaboration with Sucro and the Government of Belize ensures that the benefits of this project are shared across our communities, fostering growth and stability in the region."
• The Hon. Dr. Osmond Martinez, Minister with responsibility for the Sugar Industry (Government of Belize): "This partnership aligns with our vision for economic growth, job creation, and regional integration. We welcome CSR and SSL's investment and look forward to the positive impact on our country and the wider Caribbean."