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Deal #3463 Version #61331

Liberia

Created at

2013-03-25

Last update

2015-07-22

Last full update

2024-03-05

Land area

Intended size

8 800 ha

Size under contract (leased or purchased area)

[2010, current] 8800.0 ha

Comment on land area

8800 hectare for company production and 6400ha for outgrower scheme.

Intention of investment

[current] Agriculture unspecified, For carbon sequestration/REDD

Comment on intention of investment

The company is entitled to sell the carbon rights.

Nature of the deal

Lease

Comment on nature of the deal

Duration 25 years with an option for automatic extentsion for a futher ten years upon the company's request, granted that the company has kept its contractual obligations.

Negotiation status

[2010] Concluded (Oral Agreement)
[2011, current] Concluded (Contract signed)

Comment on negotiation status

The company won the bid for the plantation in 2010 and was authorised to begin production from 2010, however the contract was only signed in 2011. US$ 64 million dollar investment- US$ 48 million for the development of the company plantation and US$15 million for the outgrower plantation.

Implementation status

[2010, current] Startup phase (no production)

Comment on implementation status

This plantation was formerly state owned (production commencement date is unknown). Sifca is planting palm-oil seeds on 15,000 hectares (37,000 acres) of land in south-eastern Liberia (2013).

Leasing fees

Comment on leasing fee

Investor was required to pay a once-off leasing fee of US$ 3100000 in 2011. Rental is set at $2.00 per developed acre and $1.00 per undeveloped acre and is subject to inflationary adjustments.

Contract farming

Yes

Not on leased / purchased (out-grower)

Yes

Not on leased area/farmers/households (out-grower)

[current] 6400.0 ha

Comment on contract farming

Purchase price shall be the export sales price, depending on the grade of produce.