Mozambique: Rice import reached US$63.1 million in Q1
Portucel writes off EUR14.5 million from the value of timber plantations in Mozambique
2:18 CAT | 22 Aug 2016
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Portucel wrote off €14.5 mn from the value of its timber plantations in Mozambique, because “the political and economic situation in the country is unstable, which presents additional challenges, in terms of the safety of everyone involved and also the security of supplies of products, materials and services needed for the project. Pressure on the Metical has resulted in inflation, a problem which became serious in 2015 and continues to increase.” A major Portucel plantation is being developed in Barue, Manica, where there have been repeated attacks. http://en.thenavigatorcompany.
By: Joseph Hanlon
Source: News reports & clippings
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