Packhorse wrangles first raising for $1.5b cattle and carbon fund
Share
Packhorse Pastoral Company, which is backed by Canberra Rich Lister Terry Snow, has closed its first capital raising and acquired its seed asset, a Queensland cattle station, as it embarks on a plan to muster a $1.5 billion cattle and carbon fund over the next five years.
The $62.5 million raising helped Packhorse lock in its first acquisition, the 8360-hectare Stuart’s Creek near Roma, in a $30 million deal, bought from private owners. The deal also puts it on the way toward its initial target in its first year of operations of $300 million in agricultural assets, with about 30 per cent of that total comprising debt.
Mining magnate Gina Rinehart has announced she will be parting ways with a large portion of her cattle farms in Western Australia, the Northern Territory and Queensland.
The nation s richest woman has put almost two million of combined hectares on the market, and will reportedly make $300million from the sale.
The agricultural arm of Rinehart s Hancock Prospecting announced on Sunday that 20 per cent of their cattle portfolio would be included.
Mining magnate Gina Magnate will part ways with almost two million combined hectares
The sale includes 1.876 million hectares across seven properties in Western Australia, with the profits to be shared with joint venture partner S. Kidman and Co.
Mining magnate Gina Rinehart to sell cattle farms for $300million msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
FWP Proposes Calf Creek Tree Thinning in Bitterroot newstalk955.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newstalk955.com Daily Mail and Mail on Sunday newspapers.