One of the world’s most prestigious universities has taken a stake in a Top End station growing Indian sandalwood. Source: ABC News
Harvard University has invested an estimated $A40 million in a 399 hectare plantation set up and run by Tropical Forestry Services (TFS) in the Douglas-Daly region about 150 kilometres south of Darwin.
The investment was confirmed after TFS transferred part of its water license to an Australian company, owned by Harvard.
TFS manages the largest area of Indian sandalwood plantations in the world, with projects in the Northern Territory, Western Australia and Queensland.
A new planting method means TFS used two million tree-guards and four million bamboo sticks in last year’s Northern Territory program.
Planting occurred last July, with a team of about 70 people digging in and positioning seedlings by hand, inside cardboard biodegradable treeguards held in place by two bamboo sticks.
US business magazine Forbes estimates Harvard’s investment arm as having $US36.4 billion in its coffers.