Gina Rinehart forks out $25m for Wagyu cattle farms near Dubbo

GINA Rinehart has bought the world’s second biggest Wagyu cattle herd outside Japan, two Dubbo farms worth about $25m.

For Farm: David Simms runs Chateau Baudin on French Island, pure breed and F1 Wagyu selling to the Japanese market with plans to sell to restaurants. Picture: ANDY ROGERS

AUSTRALIA’S richest person, Gina Rinehart, has bought what is believed to the world’s second biggest Wagyu cattle herd outside Japan, snapping up two properties near Dubbo in NSW in a deal worth around $25 million.

The acquisition of the Boogadah and Kagan properties from businessman Paul Salteri marks Mrs Rinehart’s first investment in beef on the east coast and is the latest example of her push to capitalise on booming Asian demand for Australian food.

Earlier this year Mrs Rinehart paid about $40 million to buy a 50 per cent stake in two vast cattle stations in the Kimberley.

She is close to finalising the purchase of four more Kimberley cattle stations worth $65 million in a deal that would see her end up with nearly 1.5 million hectares across Western Australia.

In a deal finalised today, a company owned by Mrs Rinehart’s Hancock Prospecting bought the two grazing properties as well as Mr Salteri’s Greenhills wagyu herd numbering about 3000 head.

A spokesman for Mrs Rinehart confirmed the deal.

“This is part of Gina Rinehart’s commitment to invest in Australian agriculture and make sure the country is positioned to meet the demands of our northern neighbours,” he said.

Mrs Rinehart is also pursuing a $500m joint venture in Queensland’s dairy industry with plans to export infant milk powder to China.

Her main focus remains on building the $10 billion Roy Hill iron ore mine in Western Australia’s Pilbara.