KIPT abandons forestry for agriculture
Friday 13 Aug 2021Kangaroo Island Plantation Timbers (KIPT) will convert its timber plantations to traditional agricultural production after the South Australian government knocked back the company's development application to build a port at Smith Bay on the Island's north-east coastline.
The company owns most of Kangaroo Island's tree crop and has announced to shareholders that it would soon convert its 18,696 hectares of high rainfall land to agricultural production. KIPT told the stockmarket the land was valued at AU$51.4 million.
It said the company would also continue to salvage any harvest opportunities, particularly for softwood plantations. KITP chairman Paul McKenzie said the announcement marked a major turning point for the company. "By undertaking this lower-risk and well-trodden strategy, we will turn our land into an institutional-grade, conventional agricultural estate," Mr McKenzie said.
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