Agriterra Ltd Opens Second Beef Retail Unit (6504X)
February 12 2013 - 2:01AM
UK Regulatory
TIDMAGTA
RNS Number : 6504X
Agriterra Ltd
12 February 2013
Agriterra Ltd / Ticker: AGTA / Index: AIM / Sector:
Agriculture
12 February 2013
Agriterra Ltd ('Agriterra' or 'the Group')
Second Beef Retail Unit Opened
Agriterra Ltd, the AIM listed pan African agricultural company,
is pleased to announce that the Group has opened its second beef
retail unit ('the Retail Unit') in Mozambique, as part of the
Group's strategy to maximise the margin of its rapidly growing
integrated beef business.
The Retail Unit, located in Tete, is being supplied by carcasses
from Agriterra's newly constructed 4,000 head per month capacity
abattoir located in Chimoio, which commenced operations December
2012. The new unit complements Agriterra's first beef retail unit,
which opened in Chimoio in December 2012 and continues to perform
well. It is the Group's intention to roll out a further four retail
units in 2013. Cattle for both units are being supplied to the
abattoir from the Group's own ranches at Mavonde and Dombe, and the
feedlots at Vanduzi, as well as being bought from the local
community.
Euan Kay, Agriterra Executive Director said, "With the roll out
of our beef retail units now underway, the margins from our beef
operations will improve significantly. Our ranches continue to grow
both in terms of land size and head count, our herd now standing at
5,650 head, and the abattoir at Chimoio is benefiting both our
business and the local community. I look forward to updating the
market on further developments as we continue to expand our
in-country operations through organic growth and targeted
investment."
** ENDS **
For further information please visit www.agriterra-ltd.com or
contact:
Andrew Groves Agriterra Ltd Tel: +44 (0) 20 7408
9200
David Foreman Seymour Pierce Tel: +44 (0) 20 7107
8000
Rick Thompson Seymour Pierce 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 five
divisions: beef, maize, cocoa, fruit and palm oil. Its cattle
ranching business, Mozbife, has a herd in excess of 5,650 head, a
land holding of over 21,000 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 also owns a proximal banana plantation and macadamia
orchard.
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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