October 24, 2011

SLC Agricola buys north-eastern Piaui state's land

A 12,936 hectares of land in north-eastern Piaui state has been purchased by Brazil's SLC Agricola for BRL47.3 million (US$26.6 million), it said Friday (Oct 21).

The land is currently in its natural state of tropical savanna known in Brazil as cerrado.

"Licenses have been given to clear the area," SLC said in a filing with the local stock exchange, noting that part of the land will be protected from development according to Brazilian soy law. The firm estimated that 8,900 hectares of the property will be available for planting, which should begin for Brazil's 2012-13 grains year.

With the purchase, SLC's total land holdings, excluding leased properties, will rise to 262,200 hectares.