Gina adds to beef supply chain with Qld feedlot purchase
by Jon Condon, Beef Central (Australia)
16 June 2017
CONFIRMING rumours circulating around the feedlot industry since the start of June, Gina Rinehartís Hancock Prospecting has bought specialised Wagyu feeding business Maydan feedlot near Warwick in southern Queensland.
Maydan, referenced in Beef Centralís Top 25 Feedlots report (click here to view) is a mid-sized 8000 Standard Cattle Unit feedlot offering custom-feeding services, mostly to Wagyu supply chains.
Large clients have included Wally Rea, Jackís Creek, Cabassi Wagyu and other large Wagyu supply chains.† Opportunity for further expansion are understood to be limited.
Gina Rinehartís expanding Wagyu business has been a customer of the yard in recent years, typically occupying six of the yardís 40 pens, Beef Central was told.
Beef Central has been asking questions about the prospects of a sale of Maydan feedlot to Hancock since early June, and has been consistently misled about the developments. See references in this earlier report.
As recently as Thursday, a verbal agreement had not been reached, Beef Central was told.
Beef Central was also told by Maydan principal Geoff Willett that recent discussions had been held with three separate interests over purchase of the yard.
In a statement issued this afternoon, Hancock Prospectingís Gina Rinehart said the Maydan acquisition continued the companyís pursuit of integrated investments in the cattle industry focused on optimising the quality of its beef...