Old Mutual to invest millions in dairy project in Swaziland
Old Mutual has revealed that it was investing millions of rand on a dairy farm project in a joint venture with the Swaziland government’s agencies.
The Times of Swaziland on Thursday reported that Old Mutual’s local division was partnering with the Swaziland National Provident Fund and Public Service Pensions Fund to invest R90 million towards production of dairy products.
Old Mutual CEO Muzi Bell on Wednesday said the diary project was expected to begin in March with 600 milking cows, and was expected to produce at least 30% of locally consumed dairy products per annum.
Bell said 2 500 cattle would be kept at the farm when operating at full-scale, with the project to be phased in over a three-year period.
Asked about the risks of investing in the agriculture sector based on the harsh conditions currently being experienced in much of Southern Africa, Bell said Old Mutual had been investing in agriculture for a while and thus quantified its risks accordingly.
He added that he still had to report the investment to the company’s structures, but was confident that it would get the green light.
“We intend setting up another dairy processing plant to make sure we don’t rely on one processing plant. We also have to protect and improve local dairy farmers,” Bell said.
Old Mutual was also finalising investing in a hydro-power station and constructing a dam that could supply water for up to two years in cases of shortages or drought.
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