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Agriterra expands Sierra Leone cocoa operation

Agriterra said today that its subsidiary Tropical Farms has expanded its cocoa and farming operations in Sierra Leone. It has done so by acquiring a 50-year lease, with a 21 year extension option, over a previously producing cocoa and coffee plantation.

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Agriterra (LON:AGTA) said its subsidiary Tropical Farms has expanded its cocoa and farming operations in Sierra Leone.

It has done so by acquiring a 50-year lease, with a 21 year extension option, over a previously producing cocoa and coffee plantation.

The site covers 1,208 hectares, 40 kilometres from Kenema, the country’s third-largest city.

Previously run by Beresfords, the international plantation group prior to the civil war, it will be rehabilitated and redeveloped.

A deal to acquire a further 546 hectares, to the north of the plantation, has also been signed on the same terms as the plantation.

Chief executive Andrew Groves said: "Through Tropical Farms we have already established a successful cocoa trading business.

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

“We have an excellent international and Sierra Leone national team who have the experience and expertise to rapidly scale up our in-country operations with the aim of becoming Sierra Leone's leading cocoa company.

“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.”


Quick facts: Agriterra

Price: 5.475 GBX

AIM:AGTA
Market: AIM
Market Cap: £1.16 m
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