Three former SilvaCel executives decided to start ShinCel with market support from Oji Paper Company and Marubeni Corporation. (The name ShinCel is derived from Shin meaning new in Japanese and Cel relating to the cellulose content of the wood chips). NCT took up the offer of an initial 45% stake in the business with a limited supply contract for eucalyptus logs. Construction started in February 1999 and ShinCel dispatched its first shipment to Oji Paper Company in November of that year. In 10 years, ShinCel has exported 5.1 million tonnes (or 151 shipments) and continues to make a substantial contribution to NCT’s bottom line. NCT DURBAN WOOD CHIPS (PTY) LTD In 2003, NCT increased its export activities by investing in its third wood chip processing and export plant in the port of Durban. Commissioned in August 2004, the mill exported its first load of wood chips to Japan in February 2005. NCT’s partners in this venture, Zululand Chip Manufacturers (ZCM), held 30% equity. NCT became 100% shareholder of NCT Durban Wood Chips in March 2009 when the co-operative purchased the remaining shares from ZCM. 13 6 0 Y e a r s a n d g r o w i n g
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