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Cane growers swallowed by trees
5 May 2008
Large pieces of land used for canefields in north Queensland are being snapped up by the forestry industry. Buyers including The Ark Fund, Great Southern and ITC Timberlands are amongst the companies that have purchased more than $100 million of canefields. According to Danny Glasson, valuer with Herron Todd White, a premium of 20 per cent above prices paid by sugar producers was being achieved. "As long as the forest industry continues to expand [forestry companies] will provide an exit strategy for many sugar farmers and a strong competitor for coastal farming lands," he said.
The Australian Financial Review, 5/5/2008
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