Guernsey’s Obtala Resources acquires company in Mozambique

28 July 2011

Guernsey, United Kingdom, 28 July – Guernsey-based Obtala Resources Ltd said Tuesday it had reached an agreement to acquire a Mozambican company that has a forestry concession in the northeast of Mozambique.

The acquisition of 100 percent of the Mozambican company was carried out by Argento Continental Corp, part of Montara Continetal Inc, itself a subsidiary of Obtala Resources, a company whose business is focused on investment and development of natural resources.

Under the terms of the agreement, the acquisition includes a sawmill, a variety of equipment and machinery for forestry, offices and other facilities.

The Obtala Resources group also said that the company it had acquired was awaiting approval to expand its concession area from 9,250 hectares to 63,653 hectares.

The concession is located around 150 kilometres from the deep water port of Nacala and an inventory showed that there were a variety of tree species with first rate wood.

The statement published by the Guernsey-based group did not name the company it had acquired or the cost of the acquisition. (macauhub)