Gina Rinehart lists cattle farms for a combined $300m sale
The nation’s richest woman is looking to part ways from most of her West Australian cattle portfolio, putting a combined almost two million hectares up for grabs from early March.
The agriculture arm of mining magnate Gina Rinehart’s Hancock Prospecting made the announcement on Sunday, just weeks after Mrs Rinehart paid out millions of dollars in bonuses across her 2400-person strong Roy Hills workforce.
The sale will include 1.876 million hectares across seven properties in WA and the Northern Territory, which account for about 20 per cent of Hancock Agriculture’s 30-property cattle portfolio, owned in partnership with S. Kidman and Co.
Buyers will have the opportunity to purchase properties individually on a “walk-in, walk-out basis”, according to Elders, the rural real estate specialists appointed for the sale.
Elders has described the sale as a “rare opportunity” for properties with “rich histories in the Australian beef industry”.
The properties could reportedly fetch $300m.
Cattle at Gina Rinehart’s Helen Springs cattle station.
In the NT, Mrs Rinehart will sell off neighbouring properties Aroona Station and Willeroo Station, with a combined carrying capacity of 33,125ha and almost 320,000ha located about 100km from the Katherine, and Riveren Station and Inverway Station, encompassing a combined 726,400ha and a carrying capacity of 61,376.
In WA, Mrs Rinehart will part ways with more than one million hectares of land including Nerrima Station, Phoenix Park, Ruby Plains and Stuart Creek stations.
On those stations are more than 108,000 cattle and offspring, a number of strategic feeding ports and export depots, according to Elders. The portfolio has the capacity to turn off up to 45,000 head of cattle a year.
“The geographic locations of the stations, coupled with the completion of an extensive and high-quality capital improvements program and a refinement of the breeder herd allows for the operation of an efficient beef production enterprise which enjoys economies of scale and operational flexibility,” said Elders general manager Tom Russo.
Buyers will be invited to submit staged expressions of interest from in early March.
Gina Rinehart’s Helen Springs cattle station
Hancock Agriculture is Australia’s second-largest beef producer, behind the almost 200-year-old Australian Agricultural Company. Its portfolio includes the largest full-blood and pure bred wagyu herd in the world.
After the sale, Hancock Agriculture will own cattle stations across Queensland, South Australia, NSW and the NT.
Hancock Agriculture said after improving technology infrastructure, animal welfare and water storage on the properties for sale, “it is now looking to complete its investment cycle and focus on other areas of growth in its agricultural operations”.
This article first appeared on www.theaustralian.com.au.
