S. Kidman & Co to sell cattle stations in the NT and Queensland
S. Kidman and Co. will divest four cattle stations with the capacity to run more than 45,000 head across the NT and Queensland.
The reshaping of Gina Rinehart’s cattle empire continues with her companies S. Kidman & Co and Hancock Agriculture to sell four cattle stations across the Northern Territory and Queensland.
Hancock Agriculture and S. Kidman & Co acting chief executive Adam Giles said the companies intended to divest Brunchilly on the Barky Tablelands in the Northern Territory as well as Glengyle, Durrie and Naryilco in southwest of Queensland.
“Discussions are advanced in regards to the process,’’ Mr Giles said in a statement.
“Following recent rainfall and substantial flooding, all stations are enjoying excellent seasonal conditions.
“Since acquisition, the stations have benefited from an extensive capital improvement program including a digital communications system, shading yards, troughs and parts of paddocks, as well as new yards, fences, solar panels and watering systems.’’
Since acquiring then-Adelaide-based S. Kidman & Co in late 2016 for $386.5m, in a joint venture with Chinese company Shanghai CRED, Hancock Agriculture has vastly reshaped the business, upgrading technology and cattle welfare across its sites, and divesting many of its assets.
Over the past 18 months S. Kidman & Co has sold at least eight cattle stations including Riveren and Inverway in the NT for $105m, Aroona, Willeroo, Sturt Creek and Ruby Plains in WA, and Innamincka and Macumba stations in South Australia.
The sales in total are understood to have brought in more than $250m.
S. Kidman & Co no longer has any assets in WA or SA, and following the sale, according to the assets listed on its website, will have one station in the NT and three in Queensland.
The four cattle stations being divested cover a total of 24,182sq km and have the capacity to run more than 45,000 head.
“The Kidman stations retained have been identified to allow the continuation of the Kidman supply chain model, breeding cattle in the north for backgrounding in the channels and supplementing the Channel Country breeder herd,’’ Mr Giles said.
“Suitable cattle will then be delivered into feedlots for preparation for sale in the Kidman boxed beef brand and for the delicious Kidman pies.
“Other cattle will visit feedlots and or be sold directly into the east coast market.
“We remain committed to retaining and continuing to support the iconic history of S. Kidman & Co and its legacy and to expanding our fine 2GR Wagyu herd.’’
S. Kidman and Co was founded in 1899 by Sir Sidney Kidman, and was put up for sale by the company in 2016.
At the time of purchase, the consortium was forced to divest the largest of the Kidman portfolio properties, the massive Anna Creek Station.
S. Kidman & Co moved its headquarters from Adelaide to Brisbane earlier this year.
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Originally published as S. Kidman & Co to sell cattle stations in the NT and Queensland
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