Agriterra Ltd Mozambique Trading & Operations Update (2924T)
December 12 2012 - 2:00AM
UK Regulatory
TIDMAGTA
RNS Number : 2924T
Agriterra Ltd
12 December 2012
Agriterra Ltd / Ticker: AGTA / Index: AIM / Sector:
Agriculture
12 December 2012
Agriterra Ltd ('Agriterra' or 'the Company')
Mozambique Trading & Operations Update
Agriterra Ltd, the AIM listed pan African agricultural company,
is pleased to announce a positive update from its beef ranching and
maize buying, processing and farming operations in Mozambique.
Overview
-- 115% increase in group revenues in first half of financial
year to 30 November (FY 2012/2013: $11.4 million, FY 2011/2012:
$5.3 million)
-- Chimoio abattoir fully operational - production slaughter commenced 3 December 2012
-- Building up abattoir operations to full expanded capacity of
4,000 head per month from current throughput of over 200 head per
month
-- Retail unit in Chimoio commenced business on 11 December 2012
- additional retail unit due to open in Tete by the end of December
2012
-- Acquisition of additional 1,000 hectare land package
contiguous to Mavonde Stud Ranch to support an enlarged breeding
herd of up to 10,000 head once developed and irrigated
-- Total current herd of 4,779 head and target to expand to 10,000 head by 2015
-- Record maize meal sales achieved from maize processing
operations and new monthly milling records set
Euan Kay, Agriterra Executive Director said, "The first half of
this financial year has been highly successful with our grain
processing operations performing extremely strongly, and our beef
operations expanding and beginning to generate material revenues
for the group.
"The investment programmes, which we executed at both our beef
and grain operations, have created a solid foundation for
sustainable growth and expansion, and this is now translating into
significant revenue generation. As our abattoir operations continue
to build towards full capacity, and our retail units take market
share, our turnover and margins should continue to grow,
significantly enhancing shareholder value and strengthening
Agriterra's position as a pan-African agriculture business."
** ENDS **
For further information please visit www.agriterra-ltd.com or
contact:
Andrew Groves Agriterra Ltd Tel: +44 (0) 20 7408
9200
Jonathan Wright Seymour Pierce Ltd Tel: +44 (0) 20 7107
8000
David Foreman Seymour Pierce Ltd Tel: +44 (0) 20 7107
8000
Andy Cuthill MC Peat & Co LLP Tel: +44 (0) 20 7104
2332
Susie Geliher St Brides Media & Finance Tel: +44 (0) 20 7236
Ltd 1177
Notes
Agriterra Ltd is an AIM listed agricultural company with four
divisions: beef, maize, cocoa and palm oil. Its cattle ranching
business, Mozbife, has a herd in excess of 4,500 head, a land
holding of over 17,350 hectares, a feedlot, a 4,000 head per month
capacity abattoir and retail units. In addition to selling meat
from its own herds, throughput for the feedlot and abattoir will be
supplemented using cattle bought in from local communities.
The Company's maize buying and milling operations, DECA and
Compagri, are located in Chimoio and Tete in central and
north-western Mozambique respectively. These collect maize from
circa 350,000 farmers using the Company's own vehicle fleet,
process it into maize meal, the African staple, and then sell it
back to the local market, into supermarkets and to the World Food
Programme.
Agriterra's cocoa business is based in Sierra Leone, through its
100% subsidiary Tropical Farms Limited, which is currently a buying
and trading operation, but provides an ideal conduit to branch out
into cocoa production in West Africa. Its strategy is to establish
itself as a secure, sustainable and traceable source of supply to
meet the requirements of the major cocoa consumers who are placing
increased emphasis in this area.
The Company has expanded its portfolio of agricultural products
through the addition of palm oil, and holds a lease over
approximately 45,000 hectares of brownfield agricultural land in an
area suitable for palm oil production in the Pujehun District in
the Southern Province of Sierra Leone. This area of Sierra Leone,
which is close to the Liberian border, receives one the highest
levels of rainfall in Sierra Leone, which in itself, receives some
of the highest rainfall globally. In addition, the lease area is
located on the equatorial belt, which is the most favourable
geographical location for palm oil production.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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