TORONTO, ONTARIO--(Marketwired - March 17, 2014) - Feronia Inc. ("Feronia" or the "Company") (TSX VENTURE:FRN) is pleased to announce that it has commenced its 5,000 hectare oil palm replanting for 2014.
Replanting commenced on March 15 and is expected to be completed in November.
Through replanting old palms with new, Feronia is able to increase its productive areas at far lower costs than through greenfield planting and with zero deforestation or displacement of local communities. Feronia has no reliance on deforestation for growth.
Feronia currently has 20,759 hectares of oil palm planted of which 9,723 hectares are producing and 11,036 hectares immature. This is the first year that trees planted by Feronia since it acquired its palm oil business from Unilever in September 2009 come into production, with 1,027 hectares planted in 2010 now producing fresh fruit bunches.
Commenting, Ravi Sood, Executive Chairman of Feronia Inc. said: "Replanting 5,000 hectares in a year is a considerable task but we proved last year that we have the people and skills to achieve this.
"Our planting programme is a major value driver for Feronia and the key to our production growth. By the end of 2014 we expect to have replanted over 17,000 hectares which is rapidly reducing the age profile of our plantations and will, over the coming years, increase our yields."
About Feronia Inc.
- Feronia Inc. is a large-scale commercial farmland and plantation operator in the Democratic Republic of the Congo ("DRC").
- The Company uses modern agricultural practices to operate and develop its oil palm plantations and arable farming business division.
- Feronia believes in the immense agricultural potential of the DRC for high-quality foodstuffs and edible oils given its ideal climate, excellent soil and highly skilled and experienced workforce.
- Feronia's management team is comprised of senior agriculturalists with extensive experience in managing both plantations and large-scale mechanized farming operations in emerging markets.
- Feronia is committed to sustainable agriculture, environmental protection and providing support for local communities.
- For more information please see www.feronia.com
Except for statements of historical fact contained herein, the information in this press release constitutes "forward-looking information" within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may", "will" and include without limitation, statements regarding expected oil palm replanting. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, operational risks, environmental and weather related risks, regulatory risks, the legislative process in the DRC and risks related to foreign operations (including various political, economic and other risks and uncertainties). Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
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