Agriterra Ltd Mozambique update (0736I)
June 28 2013 - 2:01AM
UK Regulatory
TIDMAGTA
RNS Number : 0736I
Agriterra Ltd
28 June 2013
Agriterra Ltd / Ticker: AGTA / Index: AIM / Sector:
Agriculture
28 June 2013
Agriterra Ltd ('Agriterra' or the 'Group')
Update
Agriterra Ltd, the AIM listed pan-African agricultural group, is
pleased to announce a further update on operations in
Mozambique.
The Company is pleased to confirm that its beef operations at
the Mavonde Stud Ranch, Vanduzi feedlot, Dombe and Irmaos Ranches
are all progressing well and continue to perform strongly as
reported in the RNS dated 11 June 2013. They are unaffected by
highly localised security incidents in the country. Furthermore the
Company is not expecting any future disruption to these
businesses.
As reported, there have been a small amount of isolated
incidents on the road from Chimoio to Maputo and the Company has
taken the decision to refrain from sending transporters to the
capital as a short term measure. The Company's maize
farming/milling facilities centred in Chimoio, Tete and Beira, its
abattoir at Chimoio and beef retail outlets are all running
normally with sales unaffected. The Company's third beef retail
outlet targeted to open in Maputo is likely to be delayed by two to
three weeks.
Agriterra Director Andrew Groves said, "Our businesses in
Mozambique continue to perform. Our operations are not in areas
that have been affected by the reported isolated incidents but as a
precautionary measure we have taken the decision on our
transporters. We do not believe there will be any material impact
on the performance of the Company and I look forward to updating
shareholders on all aspects of the business, including our cocoa
plantation in Sierra Leone, as we continue our investment in the
growing African agricultural sector and build a fully integrated
business."
** ENDS **
For further information please visit www.agriterra-ltd.com or
contact:
Andrew Groves Agriterra Ltd Tel: +44 (0) 20 7408
9200
David Foreman Cantor Fitzgerald Europe Tel: +44 (0) 20 7894
7000
Rick Thompson Cantor Fitzgerald Europe Tel: +44 (0) 20 7894
7000
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 6,500 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 is
supplemented with 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 includes buying,
trading and production operations. The Company holds over 1,200
hectares of land for cocoa cultivation and also has a strong buying
register with three main hub stores, 41 satellite stores and a
direct buying register of more than 3,500 farmers across the
country. 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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