Article courtesy of the Armidale Express
Gina Rinehart is expanding her agricultural beef production in New England, with the purchase of another property.
Pastoral Properties, a subsidiary of the billionaire’s mineral exploration and extraction company Hancock Prospecting, has bought several properties in the region, as part of the tycoon’s diversification into Wagyu beef.
The most recent purchase was the historic Warrabah Station, between Kingstown and Manilla, and the acquisition takes the total number of Ms Rinehart’s New England properties to six.
Other properties include three Lyndhurst properties, totalling 3280 hectares, and two Kingstown properties which includes the 17,800-hectare Sundown Valley, purchased for its breeding and growing capacity.
“Ms Rinehart has moved into agricultural land purchases because she is passionate about beef production,” David Larkin, Hancock Agriculture’s CEO, said, when contacted by The Armidale Express.
“There are considerable players in the global meat export market. We are expanding our development into that market, and we have 23,000 Wagyu on the ground,” he said.
Ms Rinehart owns one of the world’s biggest full-blood and pure-bled wagyu herds, with more than 8000 head.
Late last year, Hancock Prospecting confirmed it had purchased New England grazing property, Glendon Park for the Wagyu business.
Glendon Park is located about 40 kilometres north-east of Armidale, and covers 3234 hectares.
In a statement released at the time of last year’s purchase, the company said Glendon Park would be used to grow the 2GR Wagyu herd, and work in conjunction with recent acquisitions to continue to grow the 2GR Wagyu brand.
The Wagyu bred on Glendon Park will be finished and processed in Australia, before being delivered into mainly local and some overseas markets, including the Nobu restaurants in Australia and overseas.