Huge Truffle harvest sets up Commercial Export in 2007 for WA Producer
11/07/2007
The 2007 French Black Truffle harvest from the Hazel Hill trufferie in Manjimup has arrived two weeks early and has seen a significant leap forward from the 24 kg in 2005 and 104 kg in 2006 to in excess of 400 kg this season.
This means commercial export quantities and there is a waiting market in the northern hemisphere.
World No 2 truffle trader, Pierre-Jean Pebeyre in France has undertaken distribution to his clients in France, Japan and the US and a Perth-based Macau company will take 50 kilos valued at $150,000, as soon as they are available.
Managing Director of Hazel Hill Pty Ltd, Wally Edwards said that following his visit to the trufferie last year, Mr Pebeyre, whose family have been truffle dealers for 110 years, was keen to take as much truffle as could be produced for the export market in the northern hemisphere, where the truffle season was now finished.
“This sought - after gourmet product will put Manjimup and WA firmly on the international map. The climate, soil and the outcome of 10 year’s research are producing the highest quality in quantity now,” said Mr Edwards.
“The interest in our truffles is enormous and is the reason why the Oak Valley Truffle Project was established three kilometres down the road last year - to obtain commercial critical mass for a waiting market.”
Oak Valley is set up as a managed investment project and Mr Barrett, Mr Edwards and Dr Nick Malajczuk, the scientist on the project, are the directors.
The 2007 PDS/Prospectus aims to raise $4.75 million dollars this financial year. It has currently raised $2.15 million dollars, including the land investment component. The Product Disclosure Statement / Prospectus closes for investment this financial year on 15 June.
Chairman of the Oak Valley Truffle (OVT) Project 2007, Geoff Barrett, said that growing truffles was no longer speculative.
“It is now a proven industry in Manjimup and the OVT Project has many unique investment benefits in the way that it had been planned and structured.
“Investors not only own their own trufferie, but they are land owners as well, so their investment in the truffles never comes to an end. Some hold the land in their Super Fund.
“All of the 74.8 hectares, set aside have been planted with equal numbers of truffle - inoculated oak and hazel trees, so no-one is disadvantaged whenever they buy into the investment.
“All water is generated within the property. A dam 1 km long holding 300 megalitres is fed by eight springs that generate water for 12 months of the year, so it is not taking water away from other producers.
“In the last year OVT and Hazel Hill have entered into a joint venture to produce gourmet products for the world market. Truffle oil, dukkah, brandy pate and other truffle products are currently being presented at an international food fair in Hong Kong. This is also part of the investment structure,” said Mr Barrett.
Currently the Hazel Hill trufferie is the biggest producer of truffle and hazel nuts, a by-product of the unique horticultural industry, in the southern hemisphere.
“We are very excited as we believe this new industry is now established.
“Oak Valley plans to develop a centre for excellence for truffle production, processing, and research in the Manjimup region. It is one of the very few places in the world that has the climate necessary to grow truffles commercially.
“New horticultural industries like truffles, are breathing fresh life into the region after the closing down of most of its timber operations that were once the heart of the town,” Mr Barrett said.
The Federal Government, through its Commercial Ready Grant scheme administered by Aus Industry, has committed $755,000 over three years to research the factors that enhance truffle production at the Hazel Hill farm. Two full-time and two part-time scientists are now employed to work on various areas of this research.
Full details are available in the PDS/Prospectus, which is available on the website: http://www.oakvalleytruffles.com.au.