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Elders to sell 30,000 hectares of timber

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PERTH, Dec 17 AAP

December 17 2012, 1:16PM

Elders subsidiary APT Projects Ltd will sell 30,000 hectares of pulpwood timber plantations in the Ord River irrigation area.

The standing timber, which is owned by MIS investors in schemes, will be sold to entities associated with Santanol Pty Ltd.

Elders said it is not selling any of its own assets, but it will receive a fee for the sale.

The agreement also provides for the conditional sale of MIS-grower-owned Indian Sandalwood standing timber.

Elders shares were 0.5 cents, or 4.1 per cent, lower at 11.5 cents at 1300 AEDT on Monday.