lanting 1,250 ha New Forests

Green Resources planted 1,250 ha of new forest in 2006, the largest area in the company’s history. The nurseries were pre•pared for doubling the planting in 2007.

Agreement with Malonda for Planting in Mozambique

At the end of 2006, Green Resources was selected by Fundacao Malonda of Mozambique to develop 60,000 ha of land in Niassa, the Northern Province in Mozambique. At the start of 2007, 80 ha new forest was planted and the final agreement signed to develop a commercial forest plantation focusing on sawlogs for the building and furniture industries.

Expanding in Tanga, Tanzania and Katchung, Uganda

Green Resources reached an agreement with the Norwegian Afforestation Group to become the lead investor in the Katchung Forest Reserve in Northern Uganda.

Expansion of Industrial Operations

Sao Hill Industries, Green Resources’ industrial operations, increased revenues by 79% in 2006 and generated 12% operating margin. There was a major improvement in transmission poles, and SHI started a small door and pallet production. Green Resources invested NOK 20 mill in Sao Hill in 2006, with the benefits expected in 2007 and later.

Employment of New Managers

Green Resources strengthened the management during 2006, both in the plantations, carbon business and industrial operations. Four experienced plantation managers were hired, a carbon business manager and a sawmill manager were appointed.

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