Gina Rinehart invests in beef industry

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Image credit: flickr user: Moorunga

A company associated with Gina Rinehart’s Hancock Prospecting has reached an agreement to buy two grazing properties, as well as major Wagyu herd in western NSW., making the Australian billionaire the second largest Wagyu producer in the country, behind Australian Agricultural Company.

Image credit: flickr user: Moorunga
Image credit: flickr user: Moorunga

According to the Sydney Moring Herald, the deal will see Ms Rinehart become an owner of two grazing properties near Dubbo and about 3,000 head of cattle, including 1,600 Fullblood Wagyu females.

“This is part of Gina Rinehart’s commitment to invest in Australian agriculture and ensure the country is positioned to meet the demands of our northern neighbours,” a spokesman for Hancock Prospecting said.

It is also understood that Australia’s richest person is close to finalising the acquisition of four more beef cattle stations in the Kimberley region of Western Australia, after Hancock Prospecting acquired the Liveringa and Nerrima stations in July.

Ms Rinehart also recently reached an agreement with the Queensland Government over a $500 million dairy export deal into the Chinese infant formula market.

The deal will see Hope Dairies – majority owned by Rinehart’s Hancock Prospecting – produce pharmaceutical grade infant formula and ultra-high temperature processing (UHT) milk at a Queensland processing plant.