Agriterra group plans to increase its investments in Mozambique and Sierra Leone

8 October 2012

The Guernsey-based Agriterra group has sold a 20 percent stake in an oil block in Ethiopia to fund its agricultural activities in Mozambique and in Sierra Leone, the group said in a statement issued last Wednesday.

According to the statement, the 20 percent stake was sold to Marathon Ethiopia BV, a subsidiary of Marathon Oil Corp, for US$50 million, and the sale depends on approval from the Ethiopian Mining Ministry.

This injection of capital, the statement said, will be used to expand the group’s agricultural projects in Africa, specifically in Mozambique, where it breeds beef cattle via the Mozabeef project, and has grain milling facilities, particularly maize, via its agricultural subsidiary Desenvolvimento e Comercialização Agrícola (DECA).

In Sierra Leone the group buys cocoa for sale and also has palm plantations to produce oil.

The group, which was previously known as White Nile Ltd, said in the statement that it was waiting for £11 million as partial payment for work carried out at an oil concession in the Lower Sudan. (macauhub)