Papyrus Australia Ltd (AU:PPY) has released an update.
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Papyrus Australia Ltd has signed a joint venture agreement with Vietnam’s Thanh Dung Co Ltd to commercialize its innovative phase 2 technology for converting banana plantation waste into sustainable packaging. This partnership marks a significant step for Papyrus as it aims to produce 3,000 tonnes of moulded fiber products annually, tapping into Vietnam’s agricultural resources while fostering economic growth and sustainability. With Papyrus holding a majority stake, the venture is set to generate $1.6 million in revenue, enhancing both the local economy and environmental conservation efforts.
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