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Deal #1396

Location #1

Spatial accuracy level
Administrative region
Location
Sinoe, Liberia

Target country
Liberia

Location #2

Spatial accuracy level
Administrative region
Location
Grand Kru, Liberia

Target country
Liberia

Location #3

Spatial accuracy level
Administrative region
Location
Maryland, Liberia

Target country
Liberia

Location #4

Spatial accuracy level
Administrative region
Location
River Cess, Liberia

Target country
Liberia

Location #5

Spatial accuracy level
Administrative region
Location
River Gee, Liberia

Target country
Liberia

Land area

Intended size (in ha)
350000
Size under contract (leased or purchased area, in ha)
[2010] 220000
Comment on land area
Concession area 350,000ha of which 220,000ha can be planted plus 40,000ha for outgrowers

Intention of investment

Intention of investment
Agriculture unspecified, For carbon sequestration/REDD

Nature of the deal

Nature of the deal
Lease

Negotiation status

Negotiation status
[2010] Concluded (Contract signed)

Implementation status

Implementation status
Project not started
Comment on implementation status
Option to extend lease to 99 years

Leasing fees

Annual leasing fee
5
Annual leasing fee currency
US Dollar ($)
Annual leasing fee type
per ha
Comment on leasing fees
US$5.00/yr/dev ha, US$1.25/yr/undev ha (10yrs), US$2.50/yr/undev ha (55yrs). To be reviewed every 5 years but not to increase more than 20%

Contract farming

Contract farming
Yes
On leased / purchased area
Yes
On leased / purchased area (in ha)
40000

Contract #1

Duration of the agreement (in years)
65

Number of domestic jobs created

Jobs created (domestic)
Yes
Planned number of jobs (domestic)
40000

Operating company

Comment on investment chain
Golden Veroleum is owned by the U.S.-based Verdant Fund LP, whose sole investor is Singapore-listed palm oil giant Golden Agri-Resources, part of Sinar Mas Group

 

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Data source #1

Data source type
Contract
File
Date
2010-09-01

Data source #2

Data source type
Research Paper / Policy Report
File
Date
2013-08-01
Comment on data source
"Oil palm in Africa:Past, present and future scenarios" by Ricardo Carrere from Rain Forest Movement, 2010 (updated in 08/2013)

Data source #3

Data source type
Media report
File
Date
2010-01-12

Data source #4

Data source type
Media report
File
Date
2013-03-23

Data source #5

Data source type
Government sources
File
Date
2010-08-16

Data source #6

Data source type
Research Paper / Policy Report
File
Date
2013-02-01
Comment on data source
The Forest Trust's Independent Assessment of Free, Prior and Informed Consent Process by Golden Veroleum, February 2013

How did the community react?

Community reaction
Mixed reaction
Comment on community reaction
According to The Forest Trust (TFT) there is materiality to a number of the claims made by the communities (see Reuters press release)

Promised benefits for local communities

Promised benefits for local communities
Health
Education
Capacity Building
Financial Support
Comment on promised benefits for local communities
The company will provide direct employment for an estimated 40000 persons, as well as develop infrastructure, train out growers and provide them low cost seedlings for cultivation and production of final brand of consumer products for local consumption and export to Economic Community of West African States (ECOWAS) countriesThe company will provide direct employment for an estimated 40,000 persons, as well as develop infrastructure, train out growers and provide them low cost seedlings for cultivation and production of final brand of consumer products for local consumption and export to Economic Community of West African States (ECOWAS) countries.

Detailed crop, animal and mineral information

Crops area
Oil Palm

Use of produce

Has domestic use
Yes
Has export
Yes

In country processing of produce

In country processing of produce
Yes
Comment on in country processing of produce
Palm oil, agrofuels

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