Rinehart buys up in NT

GINA Rinehart has further entrenched her reputation as one of the biggest investors in Australian cattle, with Hancock Prospecting confirming the acquisition of Aroona Station, 100km west of Katherine in the Northern Territory, on Monday.
Rinehart buys up in NT Rinehart buys up in NT Rinehart buys up in NT Rinehart buys up in NT Rinehart buys up in NT

Alex Paull

It comes after Rinehart’s joint venture with Shanghai CRED successfully secured the 117-year-old S.Kidman & Co cattle station in October, with Treasurer Scott Morrison officially greenlighting the sale in December.

The cattle stations wholly-owned by Hancock are run independently of the Kidman stations, which are now owned by the Australian Outback Beef joint venture between Hancock and Shanghai CRED.

Aroona covers an area of 147,510 hectares holding around 15,000 head of cattle.

Rinehart said Aroona complemented Hancock’s existing investments in northern Australia.

“It is near to the Phoenix park export depot and it will assist part of the wet season growing program for Riveren and Inverway as well as help to provide better market timing options for some of Hancock Beef’s Kimberley cattle stations,” Rinehart said.

While the price of the sale is yet to be revealed, Hancock External Affairs general manager and former NT Chief Minister Adam Giles said the acquisition would assist timing opportunities for getting cattle to markets.