Business
Expansion and Development of Cocoa Plantation
Expansion and Development of Cocoa Plantation.
About this update from Pacsco Limited
[{"type":"text","content":"\n \nRNS Number : 0707C Agriterra Ltd 11 April 2013 \n \n\nAgriterra Ltd / Ticker: AGTA / Index: AIM / Sector: Agriculture\n11 April 2013\nAgriterra Ltd ('Agriterra' or the 'Group')\nExpansion and Development of Cocoa Plantation, Sierra Leone\n \nAgriterra Ltd, the AIM listed pan African agricultural company, is pleased to provide an update on the rapid development and expansion of its cocoa farming operations in Sierra Leone, through its wholly owned subsidiary Tropical Farms Ltd ('TFL'), in line with Agriterra's strategy to build a vertically integrated pan-African agricultural group.\n \nHighlights\n \n· Accelerated development initiatives underway at 1,200 hectare plantation in south-east Kenema to facilitate commercial large scale cocoa production\n· 200 hectares cleared to date - intention to clear full 1,200 hectares by Q4 2013 and complete planting across entire plantation by Q4 2014\n· Acquired further 400 hectares in line with expansion strategy - scheduled to begin clearing land in 2014 ahead of planting cocoa and potentially coffee in 2015\n· Advanced negotiations to acquire additional 1,600 hectares contiguous to the north-east of the current plantation\n· Discussions underway to acquire further 1,550 hectares adjacent and south of the plantation for further ramp up of production in the mid term\n· Potential supplementary cocoa nursery planned - construction to be completed by Q1 2014 enabling the cultivation of up to 1 million seedlings for planting across 1,000 hectares in 2014\n· Developed local infrastructure to support plantation growth - improved road to Kenema and constructed four management houses\n \nAndrew Groves, Agriterra Chief Executive said, \"I am delighted to report on the continued growth and development of TFL's farming operations. The expansion of the Plantation underpins TFL's efforts to become a leading agricultural producer, in addition to its established cocoa trading business. The forward pricing environment for cocoa is positive, with the International Cocoa Organisation forecasting that demand is expected to exceed production by 45,000 tonnes in the season to September 2013. We are therefore confident that our e...