Obtala Resources close U.S.$3 Million investment for Forestry Project in Mozambique

Obtala Resources
London — Obtala Resources, a company based in the British Channel Islands, has announced that it has raised three million US dollars for forestry projects in Mozambique.

According to the company, three international timber investors have funded the project in return for equity in the company and off-take rights.

Part of the funds will go on the construction of two kilns to dry timber. The company will also develop a new sales and distribution centre in Maputo.

Obtala also announced that it will launch a social and community development fund “focusing on providing labour, health and education programmes in Mozambique”.

The three investors are Hong Kong based Global Timber Investment Limited (with a 900,000 dollar stake); George Miller, a private investor from the United States (1.16 million dollars); and Basic Materials Limited, a company with offices in Hong Kong and Russia (900,000 dollars).
Basic Materials Limited is to export timber to Asia and the Middle East.

According to the deputy chair of Obtala, Kevin Milne, “this investment allows us to materially progress our forestry business in Mozambique”. He added “the creation of the distribution centre in Maputo will provide direct access to local consumers on both a wholesale and retail basis”.

Obtala’s concessions in Mozambique are mainly in the central province of Zambezia. They are operated under a “forestry concession contract” which strictly requires that only a restricted number of trees can be cut down and that the timber must be processed within Mozambique.

Source:  All Africa


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