RIVER CESS COUNTY EXPANSION AREA
Pursuant to a Memorandum of Intent relating to the River Cess Area, the Group intends to undertake an investment to develop oil palms on suitable land provided from tribal landowners in the area.
The Memorandum of Intent in relation to the River Cess Area is subject to further legal documentation and approval processes to facilitate access and or use of the identified land in River Cess – additional information is provided at paragraph 6 of Part 9 of this document. The levels of shared interest between the parties to the MOI are yet to be agreed. It should be noted that under the Company’s current business plan the Company has sufficient expansion land under the Investment Agreements with the Government of Liberia for 12 years of development.
The proposed development would be for a minimum of 80,000 hectares and consist of an oil palm plantation to be developed jointly by the Group and the tribal landowners.
The River Cess County representatives and administration conducted a preliminary awareness program to inform the tribal landowners of the proposal during 2007, which received a favourable outcome.
The process for agreeing a contract over the River Cess Area is estimated to take at least 30 months from commencement, the timing of which requires further discussion.
A map of the River Cess Area is set out below:
