Deals

Hancock Prospecting buys 3,200ha Australian property to expand Wagyu herd

The Gina Rinehart-owned business will use the acquisition in New South Wales to increase its 20,000 head of cattle.

-

Hancock Prospecting, owned and operated by mining magnate Gina Rinehart, has purchased the Glendon Park aggregation in New South Wales.

Glendon Park covers 3,235 hectares and is located 40 kilometres north-west of Armidale. The purchase price was not disclosed but Agri Investor understands it to be approximately A$14 million ($10.2 million; €8.9 million).

Hancock Prospecting said in a statement that it intends to use the property to grow its Fullblood Wagyu cattle herd, which it sells under the 2GR Wagyu brand.

The property has a carrying capacity of approximately 1,500 breeding cows, according to promotional material from agent Colliers International, and is “ideally suited” to cattle breeding and fattening. The property comes subdivided into 112 paddocks, watered by more than 120 dams, and comes with an 85ML irrigation licence.

Hancock’s Wagyu herd is currently around 20,000 head spread across multiple properties and will continue to expand with “ongoing investment such as [Glendon Park]”, the firm said in a statement.

Cattle bred at Glendon Park will be finished and processed in Australia, before being delivered to mainly local but also some overseas markets.

Hancock Prospecting has more than 25 farming properties in its portfolio and bills itself as Australia’s second-largest beef producer, with a total herd capacity size of more than 320,000 cattle.

According to its website, the company runs more than 8,000 head of Fullblood Wagyu cattle near Dubbo, NSW – one of the largest Fullblood herds in Australia – and is currently developing an F1 Wagyu herd, the first cross of a Fullblood Wagyu with another breed, across 3,300 hectares of farmland in southern Queensland.

Rinehart said in a statement: “Glendon Park is a high-quality property that is well-located near our existing operations and will support further growth. I am pleased to continue to invest in rural operations that will continue to grow our 2GR Wagyu business.”

The property was sold by Colliers International through an expression of interest campaign.