Last checked at 24 Jan 2011 07:00
Agriterra Ltd / Ticker: AGTA / Index: AIM / Sector: Agriculture
24 January 2011
Agriterra Ltd ('Agriterra' or 'the Company')
Operations Update
Agriterra Ltd, the AIM listed company focussed on the agricultural sector in central and southern Africa, is pleased to announce a positive update on its grain processing and cattle ranching operations in Mozambique.
Overview
·; Record maize sales achieved for DECA and Compagri for Q4 2010 - total sales from both facilities increased by 130% on Q4 2009 to US$4.0 million
·; DECA facility continues to perform strongly - sales from Q4 2010 up by over 120% from Q4 2009 to 11,326 tonnes of maize and bran
·; Mozbife operations achieving strong growth - herd currently stands at over 1,100 head across 15,000 hectare Dombe and 1,000 hectare Mavonde ranches
·; Irrigation development continues apace on Mavonde ranch - over 380 hectares now fully irrigated
Agriterra Executive Director Euan Kay said, "We have achieved excellent sales at our grain processing facility at Chimoio this year and sales from Tete are now also starting to increase, supplying the booming mining area of Tete and its hinterland. In tandem with this we are expanding our beef ranching operations in order to capitalise on the increasing domestic and international demand for beef and are, as a result, fast-tracking development of our Vanduzi feedlot/abattoir project and ranching operations, which we believe will create further value for our shareholders."
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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 |
Robin Henshall | Matrix Corporate Capital LLP | Tel: +44 (0) 20 3206 7000 |
Hugo de Salis | St Brides Media & Finance Ltd | Tel: +44 (0) 20 7236 1177 |
Susie Geliher | St Brides Media & Finance Ltd | Tel: +44 (0) 20 7236 1177 |