MELBOURNE, Australia, Sept. 09, 2020 (GLOBE NEWSWIRE) — Kibush Capital Corporation (OTC: DLCR) announced today that its subsidiary company Paradise Gardens ( Development (NG) Ltd has successfully received approval from the Department of Forestry Papua New Guinea, on applications for the Timber Authority (TA) in Senenu Forrest, Gaire. The area at Gaire is approximately 45 kms from the capital of Port Moresby along the coast to the southeast of Papau New Guinea.
The Timber Approval allows the company to commercialize up to 5000 cubic metres of timber within 12 months and is valid for an initial term of 2 years. With the road the company has built linking the resource area to the main highway, the operations will not be hampered by weather or environmental conditions. This is approval for 5000 CM of timber will add to the already growing list of revenues sources the company has secured.
Warren Sheppard, CEO of DLCR, had the following to say.
“With our experience in dealing with Resource landowners and access Landowners we have 5-year agreements in place that will assist continuous operations going forward. The TA for the Senenu Forrest Area is the first of up to 7 new logging areas that are currently under negotiation each area is approximately 50,000 hectares in size, this should give the company resource for the foreseeable future. Our equipment purchases since January 2020 will play a vital role in streamlining operations and to prepare we have nearly completed maintenance programs on the critical machines, in addition we have made a number of purchases covering support trucks and dozers which we will bring up to operational standard over the next 6 months, this equipment will support our expected increased output.”
About Kibush Capital Corporation:
Kibush Capital is a Resource company with Timber Operations in Papua New Guinea, and Australian CBD import and distribution.
Safe Harbor Statement:
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words “anticipate,” “believe,” “estimate,” “may,” “intend,” “expect” and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties.
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