A second mining billionaire in three months has made a new significant investment in Western Australia’s cattle industry, lured by the ‘vast potential’ that exists for beef and cattle exports into Asia.

Australia’s richest woman, Gina Rinehart, yesterday confirmed that she had bought a 50 per cent stake in two large west Kimberley cattle stations, Liveringa and Nerrima.

Mrs Rinehart’s company Hancock Prospecting, paid $40m for the half-share, with the remaining share owned by Dowford Investments, the parent of the Milne AgriGroup, headed up by Graham Laitt.

ABC news also reported that the joint entity, known as Liveringa Station Beef (LSB), will take over the mothballed Waroona abattoir south of Perth.

Mrs Rinehart’s move into cattle production follows mining magnate Andrew Forrest’s announcement earlier this year that he had bought Harvey Beef, WA’s largest beef processor and the state’s only accredited exporter to China.

In a statement, Hancock Prospecting confirmed it had entered into the joint venture with Dowford to expand prime beef production on the stations.

The statement said Hancock Prospecting had invested in LSB to continue its “longstanding role in primary industries, including the pastoral industry, in Australia”.

“It intends to provide capital and commercial knowledge to support the industry as it targets expansion into global markets,” the statement added.

Mrs Rinehart said Australia’s north had a “vast potential” as a food producer.

“We are well placed to meet the growing needs of our Asian neighbours,” she said.

Milne Agrigroup’s businesses include Milne Feeds animal nutrition, Mt Barker Free Range Chicken and Plantagenet Free Range Pork.

Mrs Rinehart said Australia’s north had a “vast potential” as a food producer.

“We are well placed to meet the growing needs of our Asian neighbours,” she said.

Milne Agrigroup’s businesses include Milne Feeds animal nutrition, Mt Barker Free Range Chicken and Plantagenet Free Range Pork.

Mrs Rinehart said her family’s interest in the WA pastoral industry continued over generations “over generations in Mulga Downs Station in the Pilbara”.

“I spent part of my childhood growing up on Mulga Downs and in the Pilbara, and have had a life-long regard for people in the outback, particularly in Northern Australia,” she said.