Agricon's decision to set up a mixed crop project in Ghana was started with its acquisition of Canola Property Ghana Limited, and more recent formation of its second subsidiary, Agricon SH Ghana Limited. Upon completion of an extensive feasibility study and the identification of suitable areas where land could be leased for mixed crops, we completed our first land acquisition of 8,000 acres in December 2012 and are completing negotiations on additional leases totaling approximately 24,000 acres for the first phase of our Mixed Crop project.
The initial phase and substantial land holdings will give Agricon the ability to begin its large-scale farming operations. Two of the properties are located at about 40 km from Tema, and close to the Volta River. The other property is located between Accra and Cape Coast, two of the larger metropolitan areas in Ghana. All properties have very good access to major roads that can be used for distribution, both locally and to the harbor for easy export.
We intend to engage in purchasing, and developing additional agricultural properties in addition to the Company's present holdings. We believe that the investment in growing and processing agricultural food products represents a significant opportunity to create shareholder value and growth over the next decade. We intend to continue acquiring properties that fit our investment profile.