Australia's Mining Magnates Are Getting Into Beef

Getty/ Paul Kane

Barnaby Joyce was right. Australia could be moving from the mining boom to the dining boom.

At least that’s what you can be forgiven for thinking if you have a look at what Andrew ‘Twiggy’ Forrest and Gina Rinehart have been sinking their teeth, or rather money into.

According to the West Australian, Rinehart is looking at buying up another Kimberley cattle station. This time it’s the 189,000 hectare Yakka Munga Station near Broome.

The West reports the property was on the market for more than $17 million before ANZ appointed receivers.

In July Rinehart’s Hancock Prospecting announced a $65 million joint venture with Milne Agrigroup. The deal gave her half of two Kimberley stations – Liveringa and Nerrima – which cover 470,000 hectares. She also has interests in the 385,000 hectare Mulga Downs Station in the Pilbara.

Meanwhile, fellow iron ore magnate Forrest in May forked out about $40 million for WA’s Harvey Beef.

Both are targeting the growing Chinese appetite for produce.

“Heightened, long term, predictable demand will encourage Australian farmers and associated industries to return to the passion and on-farm investment which in years past, typified their industries,” Forrest said late last month.

China is Australia’s largest export market, accounting for $7.49 billion or 19.6% of all agriculture exports in the 2012/13 financial year.

There’s more here.

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