SANDALWOOD producer TFS Corporation has received about $49 million from a Middle Eastern sovereign wealth fund to plant 595 hectares of Indian sandalwood at a new plantation in the Northern Territory.
It is the fourth investment by the Middle eastern wealth fund in TFS's sandalwood plantations.
"TFS welcomes the positive and ongoing support of our foundation Middle Eastern investor as the company transitions to being a major global producer of Indian sandalwood with over 7,600 hectares now established across Western Australia, Northern Territory and Queensland," TFS chief executive Frank Wilson said on Friday.
Mr Wilson said the investment coincides with the start of the first harvest from TFS's earliest plantation of just over 100 hectares, which was established at Kununurra in Western Australia in 1999.
TFS shares were 1.75 cents lower at 77.25 cents at 1506 AEDT.
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