Economic Evaluation Report September 7, 2023

for BeetSugar_v10

1. EXECUTIVE SUMMARY (2015 prices)

Total Capital Investment 266,096,000 $

Capital Investment Charged to This Project 266,096,000 $
Operating Cost 83,092,000 $/yr
Savings (due to Power Recycled) 3,242,605 $/yr
Savings (due to Heat Recovery) 170,444 $/yr
Net Operating Cost 79,678,645 $/yr
Main Revenue 81,359,000 $/yr
Other Revenues 20,246,490 $/yr
Total Revenues 101,605,000 $/yr
Cost Basis Annual Rate 101,698 MT MP/yr
Unit Production Cost 817.04 $/MT MP
Net Unit Production Cost 783.48 $/MT MP
Unit Production Revenue 999.08 $/MT MP
Gross Margin 21.58 %
Return On Investment 9.18 %
Payback Time 10.89 years
IRR (After Taxes) 6.33 %
NPV (at 5.0% Interest) 39,650,000 $
MP = Total Flow of Stream 'Sugar'

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2. MAJOR EQUIPMENT SPECIFICATION AND FOB COST (2015 prices)

Quantity/
Standby/ Name Description Unit Cost ($) Cost ($)
Staggered
1/0/0 SMSX-101 Solids Mixer-Settler Extractor 11,368,000 11,368,000
Rated Throughput = 1060.47 m3/h
3/0/0 PFF-101 Plate & Frame Filter 761,000 2,283,000
Filter Area = 272.24 m2
1/0/0 SCR-102 Stationary Screen 12,000 12,000
Rated Throughput = 449539.42 kg/h
1/0/0 HX-102 Heat Exchanger 34,000 34,000
Heat Exchange Area = 14.75 m2
1/0/0 SL-101 Silo/Bin 62,000 62,000
Vessel Volume = 34.22 m3
1/0/0 HX-104 Heat Exchanger 21,000 21,000
Heat Exchange Area = 6.43 m2
1/0/0 R-102 Stirred Reactor 620,000 620,000
Vessel Volume = 7.83 m3
1/0/0 V-101 Blending Tank 313,000 313,000
Vessel Volume = 41852.58 L
1/0/0 G-101 Centrifugal Compressor 663,000 663,000
Compressor Power = 622.40 kW
1/0/0 R-103 Stirred Reactor 119,000 119,000
Vessel Volume = 152.83 m3
4/0/0 R-104 Stirred Reactor 121,000 484,000
Vessel Volume = 157.40 m3
7/0/0 HX-105 Heat Exchanger 99,000 693,000
Heat Exchange Area = 86.64 m2
1/0/0 R-105 Stirred Reactor 98,000 98,000
Vessel Volume = 110.25 m3
1/0/0 R-106 Stirred Reactor 98,000 98,000
Vessel Volume = 110.43 m3
3/0/0 PFF-102 Plate & Frame Filter 542,000 1,626,000
Filter Area = 193.24 m2
7/0/0 PFF-103 Plate & Frame Filter 209,000 1,463,000
Filter Area = 72.79 m2
1/0/0 PFF-104 Plate & Frame Filter 1,537,000 1,537,000
Filter Area = 553.13 m2
3/0/0 HX-106 Heat Exchanger 103,000 309,000
Heat Exchange Area = 94.04 m2
1/0/0 R-107 Stirred Reactor 62,000 62,000
Vessel Volume = 51.37 m3
3/0/0 PFF-105 Plate & Frame Filter 517,000 1,551,000
Filter Area = 184.03 m2
3/0/0 EV-101 Evaporator 9,723,000 29,169,000
Mean Heat Transfer Area = 837.24 m2
2/0/0 SG-101 Steam Generator 767,000 1,534,000
Throughput = 85.25 MT/h

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1/0/0 T-101 Straight-Flow Steam Turbine-Generator 2,517,000 2,517,000
Turbine Delivered Shaft Power = 16.26
MW
2/0/0 PM-101 Centrifugal Pump 170,000 340,000
Pump Power = 271.45 kW
3/0/0 HX-110 Heat Exchanger 88,000 264,000
Heat Exchange Area = 72.19 m2
4/0/0 HX-107 Heat Exchanger 92,000 368,000
Heat Exchange Area = 77.04 m2
2/0/0 CR-101 Crystallizer 1,409,000 2,818,000
Vessel Volume = 164.80 m3
4/0/0 BCFBD-101 Basket Centrifuge (BD) 44,000 176,000
Filter Area = 6.69 m2
2/0/0 CR-102 Crystallizer 1,576,000 3,152,000
Vessel Volume = 214.06 m3
3/0/0 BCFBD-102 Basket Centrifuge (BD) 41,000 123,000
Filter Area = 6.02 m2
3/0/0 CR-103 Crystallizer 1,533,000 4,599,000
Vessel Volume = 200.82 m3
4/0/0 BCFBD-103 Basket Centrifuge (BD) 45,000 180,000
Filter Area = 7.11 m2
2/0/0 HX-112 Heat Exchanger 98,000 196,000
Heat Exchange Area = 85.97 m2
2/0/0 HX-113 Heat Exchanger 72,000 144,000
Heat Exchange Area = 51.35 m2
1/0/0 HX-114 Heat Exchanger 76,000 76,000
Heat Exchange Area = 56.81 m2
1/0/0 RDR-101 Rotary Dryer 259,000 259,000
Drying Area = 46.41 m2
4/0/0 AF-101 Air Filter 48,000 192,000
Rated Throughput = 14210671.73 L/h
1/0/0 SL-102 Silo/Bin 62,000 62,000
Vessel Volume = 69.24 m3
1/0/0 GBX-104 Generic Box 705,000 705,000
Rated Throughput = 46.10 MT/h
1/0/0 DC-101 Decanter Centrifuge 230,000 230,000
Throughput = 556.06 m3/h
4/0/0 RDR-102 Rotary Dryer 630,000 2,520,000
Drying Area = 122.09 m2
1/0/0 RO-101 Reverse Osmosis Filter 160,000 160,000
Membrane Area = 1246.83 m2
1/0/0 SCR-101 Stationary Screen 250,000 250,000
Rated Throughput = 500.00 MT/h
1/0/0 VSCR-101 Vibrating Screen 248,000 248,000
Rated Throughput = 494.75 MT/h
1/0/0 CSP-101 Component Splitter 215,000 215,000
Rated Throughput = 1692.80 MT/h
1/0/0 CSP-103 Component Splitter 8,000 8,000
Rated Throughput = 1689.67 MT/h
1/0/0 CL-101 Clarifier 693,000 693,000

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 Surface Area = 1509.99 m2
1/0/0 MX-101 Mixer 221,000 221,000
Rated Throughput = 1692.80 MT/h
1/0/0 HX-103 Heat Exchanger 73,000 73,000
Heat Exchange Area = 53.09 m2
Unlisted Equipment 4,265,000
TOTAL 79,173,000

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3. DIRECT FIXED CAPITAL COST (DFC) SUMMARY (2015 prices in $)

Section Name DFC ($)

Beet Cleaning 6,129,000
Juice Diffusion 52,364,000
Juice Purification 32,722,000
Juice Evaporation 108,480,000
Syrup Crystallization 36,202,000
Sugar Drying 1,620,000
Plant DFC 237,518,000

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4. LABOR COST - PROCESS SUMMARY

Unit Cost Annual Amount Annual Cost

Labor Type %
($/h) (h) ($)
Operator 50.00 93,065 4,653,257 100.00
TOTAL 93,065 4,653,257 100.00

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5. MATERIALS COST - PROCESS SUMMARY

Unit Cost Annual Annual Cost

Bulk Material %
($) Amount ($)
Air 0.00 1,112,185,641 kg 0 0.00
CaCO3 0.00 52,923 kg 0 0.00
Coal 44.00 49,887 MT 2,195,011 6.61
Coke 285.00 17,317 MT 4,935,421 14.87
Limestone 20.00 35,328 MT 706,560 2.13
Sugar Beets 26.00 931,200 MT 24,211,200 72.95
Tare 0.00 28,800,000 kg 0 0.00
Water 0.50 2,280,387 MT 1,140,194 3.44
TOTAL 33,188,386 100.00

NOTE: Bulk material consumption amount includes material used as:

- Raw Material
- Cleaning Agent
- Heat Transfer Agent (if utilities are included in the operating cost)

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6. VARIOUS CONSUMABLES COST (2015 prices) - PROCESS SUMMARY

Units Cost Annual Annual Cost

Consumable %
($) Amount ($)
Dft RO Membrane 15.00 1,436 m2 21,545 100.00
TOTAL 21,545 100.00

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7. WASTE TREATMENT/DISPOSAL COST (2015 prices) - PROCESS
SUMMARY
Unit Cost Annual Annual Cost
Waste Category %
($) Amount ($)
Solid Waste 1,662,204 78.32
Ash 10.00 4,989 MT 49,887 2.35
Tare (a) 10.00 10,080 MT 100,800 4.75
Tare (b) 10.00 3,744 MT 37,440 1.76
Stones & Trash 10.00 6,013 MT 60,128 2.83
Mud 10.00 140,020 MT 1,400,201 65.97
S-101 10.00 1,375 MT 13,748 0.65
Aqueous Liquid 460,254 21.68
Scrubber Water Out 0.50 403,402 MT 201,701 9.50
S-160 0.50 206,465 MT 103,233 4.86
S-145 0.50 29,686 MT 14,843 0.70
S-151 0.50 17,733 MT 8,867 0.42
S-159 0.50 9,809 MT 4,904 0.23
Brine 0.50 26,492 MT 13,246 0.62
S-166 0.50 226,921 MT 113,460 5.35
Organic Liquid 0 0.00
Emissions 0 0.00
TOTAL 2,122,459 100.00

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8. UTILITIES COST (2015 prices) - PROCESS SUMMARY

Unit Cost Annual Ref. Annual Cost

Utility %
($) Amount Units ($)
Std Power 0.14 23,161,467 kW-h 3,242,605 70.87
FictitiousPower 0.00 8,242 kW-h 0 0.00
Cooling Water 0.05 7,751,004 MT 387,550 8.47
Chilled Water 0.40 2,362,585 MT 945,034 20.66
FictCoolAgent 0.00 17,799,017 MT 0 0.00
FictHeatAgent 0.00 6,212 MT 0 0.00
Steam@140C 0.00 147,483 MT 0 0.00
Steam@100C 0.00 180,453 MT 0 0.00
TOTAL 4,575,190 100.00
Note: Power savings (3242605 $/yr) exist in the process due to recycling of the power.
Note: Savings (170444 $/yr) exist in the process due to heat recovery.

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9. ANNUAL OPERATING COST (2015 prices) - PROCESS SUMMARY

Cost Item $ %
Raw Materials 33,188,000 39.94
Labor-Dependent 4,653,000 5.60
Facility-Dependent 37,833,000 45.53
Laboratory/QC/QA 698,000 0.84
Consumables 22,000 0.03
Waste Treatment/Disposal 2,122,000 2.55
Utilities 4,575,000 5.51
Transportation 0 0.00
Miscellaneous 0 0.00
Advertising/Selling 0 0.00
Running Royalties 0 0.00
Failed Product Disposal 0 0.00
TOTAL 83,092,000 100.00

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10. PROFITABILITY ANALYSIS (2015 prices)

A. Direct Fixed Capital 237,518,000 $

B. Working Capital 16,702,000 $
C. Startup Cost 11,876,000 $
D. Up-Front R&D 0$
E. Up-Front Royalties 0$
F. Total Investment (A+B+C+D+E) 266,096,000 $
G. Investment Charged to This Project 266,096,000 $

H. Revenue/Savings Rates
Dry Pulp (Revenue) 50,270 MT /yr
Limecake (Revenue) 54,355 MT /yr
Molasses (Revenue) 64,528 MT /yr
Sugar (Main Revenue) 101,698 MT /yr
Std Power(Revenue) 4,931,680 kW-h/yr
Std Power(Savings) 23,161,467 kW-h/yr
Cooling Water(Savings) 3,408,871 MT/yr
FictCoolAgent(Savings) 15,050,087 MT/yr
Steam@140C(Savings) 147,483 MT/yr
Steam@100C(Savings) 31,586 MT/yr

I. Revenue/Savings Price
Dry Pulp (Revenue) 120.00 $/MT
Limecake (Revenue) 15.00 $/MT
Molasses (Revenue) 200.00 $/MT
Sugar (Main Revenue) 800.00 $/MT
Std Power(Revenue) 0.10 $/kW-h
Std Power(Savings) 0.14 $/kW-h
Cooling Water(Savings) 0.05 $/MT
FictCoolAgent(Savings) 0.00 $/MT
Steam@140C(Savings) 0.00 $/MT
Steam@100C(Savings) 0.00 $/MT

J. Revenues/Savings
Dry Pulp (Revenue) 6,032,357 $/yr
Limecake (Revenue) 815,319 $/yr
Molasses (Revenue) 12,905,646 $/yr
Sugar (Main Revenue) 81,358,752 $/yr
Std Power(Revenue) 493,168 $/yr
Std Power(Savings) 3,242,605 $/yr
Cooling Water(Savings) 170,444 $/yr
FictCoolAgent(Savings) 0 $/yr
Steam@140C(Savings) 0 $/yr
Steam@100C(Savings) 0 $/yr
1 Total Revenues 101,605,242 $/yr
2 Total Savings 3,413,049 $/yr

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K. Annual Operating Cost (AOC)
1 Actual AOC 83,092,000 $/yr
2 Net AOC (K1-J2) 79,679,000 $/yr

L. Unit Production Cost /Revenue

Unit Production Cost 817.04 $/MT MP
Net Unit Production Cost 783.48 $/MT MP
Unit Production Revenue 999.08 $/MT MP

M. Gross Profit (J-K) 21,927,000 $/yr

N. Taxes (40%) 8,771,000 $/yr
O. Net Profit (M-N + Depreciation) 24,438,000 $/yr

Gross Margin 21.58 %

Return On Investment 9.18 %
Payback Time 10.89 years
MP = Total Flow of Stream 'Sugar'

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