12/01/2018 - 14:00

Quintis buys $3m of sandalwood

12/01/2018 - 14:00

Bookmark

Upgrade your subscription to use this feature.

Embattled sandalwood producer Quintis has announced the purchase of $3 million of sandalwood from growers operating on plantations managed by the company.

Quintis buys $3m of sandalwood
Quintis said the product would be used in the sandalwood oil market.

Embattled sandalwood producer Quintis has announced the purchase of $3 million of sandalwood from growers operating on plantations managed by the company.

Sandalwood Properties conducted the tender at arm’s length and said Quintis was the highest bidder and will pay about $79 per kilogram for the estimated 38 tonnes of heartwood.

In a statement to the ASX today, the company said it continued to focus on developing end markets for its sandalwood products.

“The majority of the heartwood acquired is expected to be supplied to the sandalwood oil market,” the company said.

“This wood will be transported to the company’s Mt Romance processing facility in Albany, WA, for additional processing and distillation.

“The balance of the heartwood acquired is expected to be sold to the wood market after it has been processed at the company’s Kununurra primary processing centre.”

Last week, a group of Quintis shareholders requisitioned a general meeting to spill three directors, including chairman Dalton Gooding, with avocado grower Craig Duncan, Kimberly Development Commission director Robert Boshammer and property developer John Allen nominating for roles.

The company has since said it intends to advise shareholders to vote against the proposed resolutions. 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options