Spruikers have been getting away with misleading investors by inflating expectations of both yield and quality. Am surprised this hasn't hit the market yet. This newspiece was just aired on the ABC's Country Hour. TFC will need to release a statement here to clarify its own situation.
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Ord Valley sandalwood harvest sold
Friday, 17/10/2008
Australia's first commercial harvest of Indian Sandalwood has been sold to markets in Taiwan and China.
Integrated Tree Cropping won't disclose the selling price, but says investors have made a reasonable return.
The company says the 40-hectare harvest in the Kimberley's Ord Valley was fast-tracked, because its oldest plantation wasn't going to produce enough of the highly valuable sandalwood oil.
ITC's Peter Jones says the company has been honest with investors and is looking forward to greater yields in the future.
"Obviously, the investors are not going to get the full return that was initially anticipated when the projects were started," he says.
"But ITC has made sure that they are compensated and there has been a payment made to them that will allow them to walk away with an amount of money that represents the value of the wood that we've been able to harvest at this point."
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