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BALITEAKFARMS NEWS 24 March 2008
KUBU PROJECT UPDATE
BTF KUBU LOT #1
Planting Completed 21 March 2008
14,000 Teak Trees/ 7 Hectares
BTF is pleased to report completion of planting of 14,000 teak
seedlings on the BTF KUBU LOT #1, as per the site visit BTF conducted
on March 21, 2008.
Three days of significant rain has immediately followed planting
completion, insuring the absolute best possible start up conditions.
BTF KUBU LOT #1 is a 7 hectares lot (70,000 square meters) leased by
BTF under a 25 years Master Lease, with rights to renew for an
additional 20 years. BTF KUBU LOT #1 was planted with a combination of
Malaysian and Thai Tectona Grandis varieties.
Part of BTF KUBU LOT #1 is subleased to BTF clients, and part is retained by BTF for its own account.
Building of the irrigation system (water tower tanks, with related
piping system) is in progress, with completion expected by start of the
dry season around May. Building of the road to allow access to the
water tank trucks is also under way, with completion expected by end of
April, 2008.
BTF has optioned an additional 123 hectares on adjacent land in KUBU
for immediate expansion projects, for part of which discussions are
under way. BTF expects to conclude agreements with international
investors (both private individuals and corporations) for planting an
additional 40-50 hectares by the end of 2008, and finalize planting of
the remainder of the optioned land in Kubu7 by end of 2009, thereby
achieving by end of 2009 the target of 200,000 trees under management
and/or for BTF’s own account.
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