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15 Jan 2009 10:50
15 January 2009
Cambium Completes Acquisition as part of Brazilian Charcoal Strategy
Jersey - The Directors of Cambium Global Timberland Limited are pleased to announce the Company has acquired approximately 7,837 acres of bare land timber property to establish a eucalyptus plantation for conversion to charcoal for use by the pig iron industry in Brazil. The total amount invested to acquire the land was approximately 3,250,000 sterling and an additional 3,500,000 sterling will be required to bring the investments into production.
This acquisition completes the Brazilian charcoal strategy that was announced by the Company in July 2008. Currently the Company has purchased properties for the strategy totaling approximately 8,500,000 sterling in land purchases and an equivalent amount estimated for plantation development.
For More Information:
CP Cogent Asset Management
Rich Standeven / Matt Haertzen
+1 214 871 5400
PwC
Melville Trimble
+44 (0)207 213 8898
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