19th Sep 2013 10:44
LONDON (Alliance News) - Agriterra Ltd Thursday said it had expanded its Kenema cocoa plantation by buying a further 1,600 hectares of land adjacent to the current plantation, is in talks to buy another 1,550 hectares, and has ordered a new nursery to give it capacity for up to one million seedlings with full irrigation.
It has also progressed its potential distribution and sales network, with a 2,000 metre square warehouse expected to be operational in November, new offtake deals signed with Noble Group Ltd, and deals signed with two new distribution stores in the eastern province of Sierra Leone.
In a trading update, the cocoa farmer in Sierra Leone said its total plantation now covers 3,200 hectares and it has planted 200 hectares of cleared land with 250,000 seedlings grown in its current nursery facilities.
Agriterra plans to clear another 1,000 hectares of land ahead of the 2014 planting season, with over 750 hectares planted by the third quarter of next year, it said.
Talks are advancing on acquiring a further 1,550 hectares south of the existing plantation, while it expects to complete construction of administration offices and accommodation on the existing site in December.
Agriterra shares were up 4.2% at 2.35 pence Thursday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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