Kimberley’s Ruby Plains and Nerrima Stations Sell for a Combined Price of $100m
Mining magnate, Gina Rinehart recently sold three cattle properties in the Kimberley region for a total of around $100 million. The biggest property owner in Australia made the sales to two well-known farming families.
Alice Springs businessman Viv Oldfield paid approximately $70 million for Ruby Plains Station and the adjoining Sturt Creek outstation. Johnathan Emanuel paid around $30 million for Nerrima Station, the other Kimberley property. The deals are part of Rinehart owned Hancock Agriculture and S. Kidman & Co’s sale of eight properties which was announced in March 2021.
- Mining magnate, Gina Rinehart recently sold two cattle properties in the Kimberley region for a total of around $100 million.
- Alice Springs businessman Viv Oldfield paid approximately $70 million for Ruby Plains Station.
- The other property, Nerrrima Station, was sold to Johnathan Emanuel for around $30 million.
- The sale was made in order for Rinehart owned Hancock Agriculture to expand its portfolio.
- Five other Rinehart-owned properties remain up for sale.
The total area of land involved in these sales is around 1.9 million hectares. The properties are being sold in order for Hancock Agriculture to expand its portfolio including moving further into domestic beef production and away from exports.
The buyers of the properties are looking to expand their operations and take advantage of the current positive harvest forecasts and near-record beef prices.
Sale of Ruby Plains station
480,000ha Ruby Plains and the adjoining 316,000ha outstation at Sturt Creek have reliable wet seasons and ample pastures. They also come with around 25,000 head of Brahman cattle. Mustering is taking place and the price paid for the property is subject to final cattle numbers.
The Western Australian government also needs to consent to the sale and find that it’s in the public interest.
This is the first time Viv Oldfield has bought an interest in Western Australia. His previous investments have included the purchase of 324,000ha Maryvale Station. This was a significant addition to his landholdings in Central Australia which also include Deep Well Station as well as Lilla Creek Station, Andado Station, Horseshoe Bend Station, and New Crown Station which he jointly owns.
Sale of Nerrima Station
Nerrima Station was also offered for sale on a walk-in walk-out basis with more than 15,000 head of cattle. Purchaser Johnathan Emanuel is part of the well-known Emanuel family that has a long history in the world of Australian cattle.
This history goes back to the 1880s when, together with the Durack family, the Emanuel family claimed over one million acres of land along the banks of the Ord River in Eastern Kimberley. In more recent years, the Emanual family founded and sold Emanuel Exports in Western Australia.
Other Hancock Agriculture and S. Kidman & Co assets for sale
Five of the eight properties that were announced for sale earlier this year by Gina Rinehart’s Hancock Agriculture and S. Kidman and Co are still available for purchase. This combination of eight properties equates to around 20% of the 10 million hectares of grazing country controlled by Ms. Rinehart.
The properties that are yet to be sold include:
- Riveren and Inverway cattle stations which Hancock bought from Indonesian owner, Japfa Santori in 2016. These properties include 550,000ha and 40,000 head of cattle.
- Aroona Station which covers 147,000ha and includes 15,000 head of Brahman cattle.
- Willeroo Station which covers 171,000ha and includes 21,000 branded Brahman cattle as well as full working plant.
- Phoenix Park live export depot and holding facility which covers an area of 3500ha.
As the wet season approaches, these properties may take a while to sell. But the first three properties to be sold Ruby Plains Station and Sturt outstation, and Nerrima Station have already brought an impressive $100 million return.