Gina Rinehart buys NT stations

AUSTRALIA’S richest woman has bought two cattle stations southwest of Katherine

AUSTRALIA’S richest woman has bought two cattle stations southwest of Katherine.

Gina Rinehart’s Hancock Prospecting has bought Riveren and Inverway cattle stations off Indonesian company Japfa Santori, estimated to be worth more than $50 million.

The cattle industry in the Territory is booming at the moment with high prices and good land conditions.

The purchase expands her investment in the cattle industry to five stations including her latest acquisitions, Fossil Downs, Liveringa and Nerrima in Western Australia’s Kimberley Region.

The two new stations cover over 550,000 hectares of land with a combined herd of 40,000 head of cattle. They were bought by the Indonesian company in a historic move in 2013 off the Underwood family.

Mrs Rinehart, who is an NT business ambassador, said her investment was linked to developing Northern Australia.

“I am very excited about the acquisition of these two cattle properties and to be investing in Australia, particularly in the Northern Territory, a jurisdiction which is supportive of agriculture and other investments,” she said.

“This acquisition builds on Hancock Prospecting’s proud history in Australian agriculture. I am passionate about our agricultural industry and developing Northern Australia.”

Hancock Prospecting chief executive Garry Korte said the company would continue to grow a “diversified agricultural profile” in Australia. “We plan to invest further to grow our herd numbers on Hancock cattle stations and are just beginning to develop the 2GR beef brand to capture additional value through distribution networks in markets that value our clean green Australian food products,” he said.

A statement issued by Hancock Prospecting said the deal was able to be completed without impacting on operations at the two stations.

The stations are situated on the Inverway fertile black plains, productive Wavehill Basalt and Antrim soil types located in the southern parts of the Victoria River district. The area has more than 650mm of rainfall per year.