In early 2002, the foundation directors of International Resource Developments were invited to visit Madagascar with a view to establishing those areas in which it was felt that they had the expertise and resources to undertake or advise on the establishment of viable industries which would have the effect of improving the socio-economic condition of the local community and contribute to the Gross Domestic Profit of that developing nation.
There have been very great, and ongoing improvements in both the infrastructure, and the economic environment, largely as a result of US$2.5 Billion dollars funding from the World bank for road reconstruction. This has in turn seen a rapidly growing interest from international business in undertaking development and production projects.
As a direct consequence of the initial exploratory visit in 2002, the directors hosted a Ministerial visit to Australia, and have subsequently visited Madagascar many times for meetings with Ministers and senior government officials. During these meetings the company has been encouraged to undertake a number of projects in a widely diverse range of activities, and has been granted land concessions on which to undertake projects.
The directors were invited by the Minister of Energy to investigate various sources of alternative energy, and have been assured of strong government support in any undertaking which will assist the country with energy production.
Madagascar currently generates 825.4 million kWh per annum, of which some 60% is produced by diesel electric generators. Currently, power consumption by the growing economy exceeds supply, and regular power cuts are experienced. Power cuts also result from the cost of diesel fuel to the state power authority, Jirama. As a consequence, the government is actively pursuing policies to encourage investment in various areas of energy production.
The company was already far advanced in planning plantation forestry involving a number of different species for erosion control and timber production. However, the production of vegetable oil for alternative fuel has assumed a more immediate priority from an economic point of view. It has the added advantage that profitable returns can be generated almost immediately, compared with the longer term returns from conventional forestry.
Greenstate biofuels has over the last number of years researched cereal crops as a source of biofuel, however it was determined that with the increasing reliance of these crops for food consumption production would not be sustainable for both uses.
It is with this background that the company now intends to launch its project for the production of biodiesel in Australia.
The company has prepared a strategic development plan and has put in place most of the requisite arrangements, which are ready to be moved to firm contract status as soon as project finance is confirmed
As a direct consequence of the initial exploratory visit in 2002, the directors hosted a Ministerial visit to Australia, and have subsequently visited Madagascar many times for meetings with Ministers and senior government officials. During these meetings the company has been encouraged to undertake a number of projects in a widely diverse range of activities, and has been granted land concessions on which to undertake projects. 
