AusBN - Billionaire and mining magnate Gina Rinehart has finalised an agreement to export as many as 300,000 live cattle a year to China, in a deal reportedly worth up to AUS$500 million.
Rinehart’s mining firm Hancock Prospecting has formed a joint venture agreement with the Zhejiang Aozhou Cattle Industry, which will see the development of a cattle facility on Jintang Island.
The island, located South of Shanghai, will initially receive 150,000 cattle per annum, but this number could potentially double according to Rinehart.
"Hancock intends to redirect the sale of suitable cattle from its Northern cattle stations from other live export channels, with shortfalls to be purchased from other exporters," said Rinehart.
The cattle are likely to be exported via the Darwin port, controlled by Chinese company Landbridge, however Broome and Derby have also been mooted as potential shipping ports.
The deal should significantly strengthen Australia’s live export business, as well as providing a timely boost to the struggling Northern Territory economy.