Article by Tallis Miles, courtesy of The Weekly Times.
Australia’s richest woman — mining magnate Gina Rinehart — has significantly expanded her Wagyu cattle empire after acquiring a 10,000ha station in central west NSW.
Property records show Ms Rinehart’s Hancock Prospecting, via subsidiary Pastoral Properties (NSW) Pty Ltd, has purchased the Wongaboori Station, a grazing property at Mendooran, about 90km northeast of Dubbo.
It is understood Sydney-based Paul McGirr sold the Wongaboori Station, which comprises four non-adjoining blocks, via an off-market deal settled in December last year.
The terms of the deal remain subject to confidentiality arrangements, but The Weekly Times understands the sale was worth more than $70 million in total.
The acquisition expands Ms Rinehart’s agricultural stronghold in the wider Mendooran district to more than 26,000ha, adding Wongaboori Station to the existing 16,600ha Glencoe Station, Boogadah, Caigan and Hiddendale aggregation.
Hancock Agriculture representatives have been contacted regarding the transaction but declined to comment.
The Glencoe Aggregation has become a hub for Hancock Agriculture’s fullblood Wagyu F1 herd, which has become one of the largest in Australia at more than 12,000-head, following Ms Rinehart’s shift toward the breed a decade ago.
The building of the significant Mendooran Aggregation began in December 2014, when Hancock purchased the 4600ha grazing properties Boogadah and Caigan for $25m. The sale included the Green Hills fullblood Wagyu cattle herd, at about 3000 head, including 1600 fullblood females.
Then in November 2015 Ms Rinehart snapped up the then 10,000ha Glencoe Station for $30m. In December 2016 Ms Rinehart added the 1011ha breeding property Hiddendale to the aggregation.
As part of their production Hancock cattle are grazed on pasture in NSW, before they are fed out on the 3682ha Southern Burnett operation and 451ha Maydan Feedlot both in southern Queensland.
In recent years Ms Rinehart’s agricultural portfolio has changed shape significantly following the sale of 10 of the country’s most famous cattle stations totalling a combined 6.7 million hectares.
Some of the capital from these sales has been redeployed to purchase agricultural assets across Australia including the 10,029ha Moolan Downs Station in Queensland’s Western Downs and the 8371ha Ottley Station in northern NSW from Packhorse Pastoral for about $80 million.
Ms Rinehart, via Valley River Holdings Pty Ltd, a wholly-owned subsidiary of Hancock Prospecting, also acquired a trio of farms at Kennedys Creek, in Victoria’s Western District, spanning a combined 467 hectares for about $9.8m, through an off-market deal.
