MontaraContinental gets authorisation to start agricultural activities in Mozambique

16 September 2010

London, United Kingdom, 16 Sept – British group Obtala Resources said Wednesday that its subsidiary MontaraContinental had been authorised to start agricultural activities on 5,000 hectares of land in the district of Namuno, in Mozambique’s Cabo Delgado province.

MontaraContinental, in which Obtala Resources has a controlling stake of 60 percent, will immediately start preparing the ground for planting peanuts and sunflowers, according to a statement published on the group’s website.

According to the group, authorisation was granted by the Centre for Investment promotion (CPI) and the company received a provisional license for two years, which will be converted into a 50-year concession when the project receives final approval.

The statement added that MontaraContinental’s business is focused on food production, although in Namuno it will plant versatile products such as peanuts and sunflowers, which can be used for producing energy.

As well as the project in Mozambqiue, MontaraContinental is involved in a partnership in which it has a controlling stake of 70 percent for the exploration of 20,000 hectares in the district of Songea, in southern Tanzania, with its economic feasibility study currently being carried out. (macauhub)