Gina Rinehart hasn't waited long to pour more beef profits into another substantial farm buy and further expand her wagyu strategy.
This time Hancock Agriculture has bought a big dairy farm just north of Tamworth in NSW.
The 1920 hectare (4744 acre) dairy will be converted to beef production as Ms Rinehart continues her pursuit of "high quality" properties along the east coast of Australia.
Ms Rinehart has famously sold off many of the enormous Kidman stations across central and northern Australia to continue her switch to feedlotting for her Wagyu and Santa Gertrudis brands.
The company only said a few weeks ago the substantial profits made from its beef operations "are being re-invested in high quality properties as opportunities of value are identified".
Hancock Agriculture operates one of Australia's biggest beef cattle herds across more than 3.5 million hectares of NSW, Queensland, Western Australia and the Northern Territory, with the portfolio including the famed S. Kidman and Co cattle stations.
The Hancock Prospecting's recent annual report said Australian Outback Beef Pty Ltd, the 100 per cent owner of S. Kidman and Co Pty Ltd, co-owned with Chinese joint venture partner Shanghai CRED Real Estate, reported revenue of $48.8 million this year.
Its operations incorporate backgrounding, feedlotting and branded beef products, coupled with the sale of four properties, delivered a strong net profit after tax of $84.8 million.
The latest buy is Split Rock Dairy, just north of Manilla.
The property has almost 400ha under pivot irrigation.
In a statement, Hancock Agriculture said the farm is now to be known as Buena Vista.
No sale price was released.
The company said the farm would now be integrated into the Hancock Agriculture portfolio with a focus on investing in infrastructure with a focus on animal welfare and employee safety.
Hancock Agriculture said the Manilla dairy purchase was consistent with its strategy of acquiring properties to support growth in our annual turnoff of 2GR branded Fullblood and Pure Bred Wagyu.
"We thank the vendor for facilitating the sales process and we wish them well."
The company said the purchase complements other agricultural acquisitions in the past year including Moolan Downs and Ottley as well as other smaller acquisitions around Australia that compliment other aggregations.
"Hancock Agriculture, remains committed to Australian agriculture and intends to retain and grow its substantial portfolio, which includes operations in Queensland, NSW, West Australia and the NT," the company said.
"Across these operations, Hancock will continue to be an investor and Australian agricultural industry leader in the application of innovative technology, and in identifying and incorporating ways to continue to improve employee safety and animal welfare.
Hancock's east coast wagyu operations, which currently form the largest Fullblood and Pure Bred Wagyu herd in the world, will continue to grow through additional production and broadacre cropping properties, the company said.
This year Ms Rinehart and the boss of her vast agricultural interests, the former NT chief minister Adam Giles, travelled to the UK to launch their beef brand under the UK-Australia free trade deal.
Its multiple branded premium beef product lines, including the premium 2GR Wagyu, are sold both domestically and internationally.
Chris McLennan
ACM national rural property writer based in Bacchus Marsh, Victoria. Career journalist. Multi award winner.
ACM national rural property writer based in Bacchus Marsh, Victoria. Career journalist. Multi award winner.
