the good oil!!!

First commercial olive oil production on schedule
23-Nov-2002
Submitted by Timbercorp Ltd

The Timbercorp Olive Project at Boort in central Victoria is moving rapidly towards first commercial olive oil production.

Timbercorp’s chief executive officer, Mr Robert Hance, told about 800 people at the project field day on Saturday (23 November) that construction of the olive processing facility was on schedule for commissioning at the end of March next year.

“What this means is that we will be processing our first commercial olive oil in less than six months’ time,” he said. “Test pressings of our first fruit this year have indicated our extra virgin oil will be of premium quality.”

Timbercorp, Australia’s largest agribusiness investment manager, started the $110 million olive grove development in 2000. There are now 2100 hectares under olive trees on the site at Boort, about 100km north-west of Bendigo.

The Boort estate is the largest single olive grove in Australia. The grove totals 707,000 trees and this will be further expanded next autumn when the next 500 hectare stage of development is planted. The grove will cover between 3000 and 3500 hectares when fully developed.

The olive processing facility is planned to process 50,000 tonnes of olives a year. The oil will be marketed in Australia and internationally. Timbercorp has entered a joint venture agreement with the large Italian olive oil distributor, the Braha/Costa d’Oro group, to market Boort oil around the world.

Mr Hance said the Timbercorp Olive Project and other new agricultural ventures in the Loddon Shire – being called the New Mediterranean – were revitalising an area that was seen as needing a boost to ensure its future.

“These enterprises are creating new employment, both directly and indirectly, through the expansion of service suppliers to the projects,” he said.

Mr Hance said these developments were especially important in the present drought conditions, when so much economic activity had been slashed, or ceased altogether.

The olive grove – and Timbercorp’s almond orchards near Robinvale – are watered by state-of-the-art micro-irrigation systems which ensure accurate delivery of water without wastage. The Timbercorp Olive Project has 49 per cent of its water right at present. This

should allow the project to satisfy its own needs this season, given its ownership of excess permanent water rights in advance of its needs. An allocation from the Goulburn-Murray Water Authority of 52 per cent would satisfy with certainty its requirements in the current irrigation season, from 15 August 2002 to 15 May 2003.



For further information, contact:

Darren Lipton, General Manager Horticulture, Timbercorp
Telephone: (03) 8615 1200