CPC sells Mimong Station to Sterling Buntine

CONSOLIDATED Pastoral Company has offloaded another property as part of its divestment, selling Mimong Station in Queensland to Australian cattle king Sterling Buntine.

CPC divestment: Mimong Station in Queensland has been sold to Sterling Buntine.

CONSOLIDATED Pastoral Company has offloaded another property as part of its divestment, selling Mimong Station in Queensland to Australian cattle king Sterling Buntine.

The cattle station covers just under 80,000ha at Kynuna in Queensland’s North West and sold for a reported $20 million.

It comes after CPC earlier this year sold three stations in the Northern Territory and Western Australia to a Vietnamese investment group Clean Agriculture & International Tourism in a deal understood to be worth $135 million.

Mimong Station is one of CPC’s smaller holdings and has a carrying capacity of 9000 head of cattle.

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In a statement, CPC chief Troy Setter said: “The acquisition of Mimong Station by Sterling Buntine reflects the quality of the station and its strategic fit with their existing pastoral interests. Sterling shares our vision for taking care of the land, the cattle and our teams.”

Mr Buntine, who owns Baldy Bay, owns a number of stations across the NT and WA and at one point ran about 2.5 million hectares of cattle properties in Northern Australia.

In 2008 he purchased 400,000ha property Alroy Downs Station at Tennant Creek, NT, for $70 million.

He was also part of a five-member syndicate that made a last-minute bid for S Kidman and Co in 2016.

The divestment of CPC, which is owned by British private equity firm Terra Firma, was announced in March last year.

It then owned 16 stations and was estimated to be worth $1 billion.

CPC remains one of the biggest pastoral empires in Australia with 11 stations covering 3.5 million hectares and a carrying capacity of almost 300,000 head of cattle

The company also holds a 90 per cent interest in a joint venture that owns and operates two feedlots in Indonesia.