Forestry company Ifloma plans to invest US$348 million in Mozambique

29 June 2012

Mozambique-based forestry company Indústrias Florestais de Manica (Ifloma) plans to invest US$348 million in planting trees and construction of a paper factory in the provinces of Manica and Sofala, in central Mozambique, Mozambican newspaper Correio da Manhã reported.

Citing a government source, the newspaper said that 2011 had marked the start of the process of attributing land for planting the trees and for construction of the wood chip processing plant at the port of Beira, in Sofala province.

In Manica Ifloma plans to plant 73,000 hectares of pine and eucalyptus trees to feed its future paper factory, which will turn the company into the market leading paper company in Mozambique, the director of the factory, Cremildo Rungo told the newspaper.

Rungo also said that the project had already been drawn up and presented to the government, via the Sofala Provincial Agriculture Directorate, and was now awaiting approval from the Agriculture Ministry to launch.

Ifloma currently has a pine and eucalyptus plantation covering an area of 25,000 hectares, and has just finished planting 7,000 hectares of the two types of tree. (macauhub)