Gina Rinehart expands cattle empire

The purchase of 1,500 fullblood wagyu cattle extends Hancock Prospecting’s recent growth in the industry.

The acquisition came from renowned Victorian-based breeder David Blackmore and Queensland-based Mal Burston.

Gina Rinehart has expanded her fast-growing agricultural operation through the purchase of 1,500 fullblood wagyu cattle.

Ms Rinehart’s Hancock Prospecting announced the deal this morning, with the acquisition coming from renowned Victorian-based breeder David Blackmore and Queensland-based Mal Burston.

The breeder herd will be located on the group’s recently purchased cattle properties near Dubbo in New South Wales, while progeny cattle will move to Hancock’s Queensland stations.

“This purchase provides Hancock Prospecting with more premier Australian Wagyu breeders with the best quality genetics. This will accelerate the expansion of our herd and the development of our premium 2GR brand,” Ms Rinehart said.

The transaction follows a period of expansion for Hancock in the cattle industry after she paid $30m for the Glencoe station near Dubbo last year.

In 2014, Hancock Prospecting agreed a $25m deal for Paul Salteri’s Boogadah and Kagan properties — also near Dubbo — and paid $40m for a 50 per cent stake in two giant cattle stations in the Kimberley.

The action is a bid to capitalise on strong demand for Australian beef in Asia and is part of the broader trend to tap into China’s growing interest in Australia’s food industry.

Ms Rinehart had also been eyeing a $500m infant milk powder project in Queensland, but last year changed tack to refocus that property on Wagyu production.

Breeder Mr Blackmore, who drew headlines last year in a high-profile right-to-farm case, said he welcomed the investment from the mining magnate.

“Ms Rinehart’s family has its roots in Australian agriculture,” he said. “I am delighted that Hancock is continuing to make productive investments in Australian agriculture.”