Hancock Agriculture is committed to supporting its cattle production through the acquisition of high quality broadacre cropping properties with water allocations. Warra Warra is an example of a strong property that will assist in providing a supply of feed for our cattle, especially our 2GR Wagyu properties on the east coast. We look forward to developing this capacity further.
Gina buys $28m grain, cotton farm
WA mining and cattle magnate Gina Rinehart is diversifying her agriculture portfolio into grain and cotton production, starting with the purchase of a rumoured $28 million farm in Queensland.
Mrs Rinehart’s Hancock Agriculture confirmed on Tuesday the deal for the 3073ha Warra Warra farm in dedicated cropping country near Dalby, on Queensland’s Western Downs north-west of Brisbane.
Industry sources suggest a price tag of between $27m and $28m.
The farm has been growing cotton, corn, mung beans and sorghum over summer, and barley, chickpeas and wheat as winter crops. Almost 1000ha of the farm is irrigated.
Hancock Agriculture chief executive John McKillop, who joined the group in November, said the business was diversifying its portfolio into cropping with secure water rights as well as higher rainfall, grazing and dryland farming.
“Warra Warra is the first step in the revised strategy and will complement the Wagyu herd along the east coast, now one of the largest in the world,” he said.
“However, the highest and best use of the land and water is cotton and this will continue to be the focus for the foreseeable future.”
Article courtesy of the West Australian.