Mining magnate Gina Rinehart's foray into the beef industry has expanded with the purchase of a major Wagyu herd in western NSW.
A company associated with Ms Rinehart's Hancock Prospecting has struck an agreement to buy two grazing properties near Dubbo and about 3,000 head of cattle, including 1,600 Fullblood Wagyu females.
"This is part of Gina Rinehart's commitment to invest in Australian agriculture and ensure the country is positioned to meet the demands of our northern neighbours," a spokesman for Hancock Prospecting said.
The deal would likely make Ms Rinehart the second largest Wagyu producer in the country, behind Australian Agricultural Company, which exports the majority of its high quality beef to northern and south east Asia.
Ms Rinehart is also understood to be close to finalising the acquisition of four more beef cattle stations in the Kimberley region of Western Australia, after Hancock Prospecting acquired the Liveringa and Nerrima stations in July.
Australia's richest person also recently reached agreement with the Queensland Government over a $500 million dairy export deal into the Chinese infant formula market.
Hope Dairies, majority owned by Hancock Prospecting, will produce pharmaceutical grade infant formula and UHT milk at a Queensland processing plant, and buy 5,000 hectares of south-east Queensland dairy land.
Ms Rinehart plans to create one of Australia's largest dairy farms, producing an estimated 30,000 tonnes of infant formula for export to China every year.
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