Gina Rinehart buys into Kimberley cattle stations
Gina Rinehart's Hancock Prospecting is buying a 50% share in Liveringa and Nerrima stations in the West Kimberley.
The joint venture with Graham Laitt and his family, the owners of the Milne AgriGroup, involves expanding their prime beef production.
The venture will re-open the mothballed Waroona abattoir previously known as Clover Meats, which was once one of the biggest meat processing facilities in WA.
Rinehart told The West Australian her family had a long and continuing links to the WA pastoral industry, with the investment aimed at helping to meet booming food demand in Asia.
Hancock Prospecting and Mr Laitt have been working on the deal for about a year in a well planned move into beef production.
The ABC estimated the price was about $40 million.
"It intends to provide capital and commercial knowledge to support the industry as it targets expansion into global markets," the Hancock Prospecting statement said.
"We are well placed to meet the growing needs of our Asian neighbours," she said.
Established in 1910, Milne's businesses include Milne Feeds animal nutrition, Mt Barker Free Range Chicken and Plantagenet Free Range Pork.
After taking equity in 1987, it was 2002 when the former lawyer Graham Laitt assumed control of Milne, adding it into his existing farming holdings.
