Advertisement

Agriterra expands cocoa operations in Sierra Leone

Coffee and chocolate demand showed no signs of slowing down as African agricultural company Agriterra announced Wednesday it had expanded its cocoa and farming operations in Sierra Leone.

Coffee and chocolate demand showed no signs of slowing down as African agricultural company Agriterra announced Wednesday it had expanded its cocoa and farming operations in Sierra Leone.

The company's wholly-owned subsidiary, Tropical Farms, has acquired a 50-year lease with a 21-year extension option over a cocoa and coffee plantation covering 1,208 hectares, located 40km from Kenema in south-east Sierra Leone.

Advertisement - Article continues below

The plantation, formerly run by Beresfords, will be rehabilitated and redeveloped in order to recommence the production of cocoa, coffee and additional cash crops.

A further 546 hectares, located north of the plantation was also signed on the same terms as the plantation.

The group has already started investing in the rehabilitation and development of the plantation with the installation of a nursery which will be the largest cocoa production facility in Sierra Leone.

The nursery has an irrigation system capable of supporting capacity of up to 500 hectares worth of seedlings and covers a green area of 1.6 hectares. It currently contains 250,000 seedlings in the germination process, which once matured, will be used to plant a 200-hectare area that is in the process of being cleared.

Tropical Farms has employed 160 workers from the local community and purchased machinery to begin works.

The company is in talks to secure a further 1,200 hectares to the north of the existing plantation and another 800 hectares to the south.

"Through [Tropical Farms] we have already established a successful cocoa trading business," Agriterra Chief Executive Andrew Groves said.

"With this acquisition and investment we are now entering the second phase of our growth strategy focussed on developing our own plantations.

"The plantation is in a highly productive and suitable area for cocoa production, and with the investment programme already underway, we are looking forward to the plant out this season and increasing our production."

Shares rose 2.0% to 3.25p at 8:48 Wednesday.

RD

Advertisement
Advertisement

Recommended

Visit/investments/investment-strategy/601044/broker-safety-your-questions-answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
Visit/investments/investment-strategy/600861/how-demographics-affects-stock-valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Visit/investments/stocks-and-shares/600863/sirius-minerals-anglo-american-takeover
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Visit/investments/stockmarkets/600634/why-investors-should-be-cautiously-bullish-for-2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Visit/economy/inflation/601584/the-end-of-the-bond-bull-market-and-the-return-of-inflation
Inflation

The end of the bond bull market and the return of inflation

Central bank stimulus, surging post-lockdown demand and the end of the 40-year bond bull market. It all points to inflation, says John Stepek. Here’s …
30 Jun 2020
Visit/investments/property/601606/house-prices-crash-uk-property-prices-falling-where-next
Property

House price crash: UK property prices are falling – so where next?

With UK property prices falling for the first time in eight years, are we about to see a house price crash? John Stepek looks at what’s behind the sli…
2 Jul 2020
Visit/investments/commodities/gold/601587/bullish-gold-price-cup-and-handle-chart-pattern
Gold

This chart pattern could be extraordinarily bullish for gold

The mother of all patterns is developing in the gold charts, says Dominic Frisby. And if everything plays out well, gold could hit a price that invest…
1 Jul 2020