Hewitt Cattle Australia (HCA) today confirmed it has received Foreign Investment Review Board approval for the purchase of an aggregation of cattle properties from Australia Pacific LNG (APLNG).
The purchased properties are located in south-west Queensland and border one of HCA’s existing properties, Pony Hills.
Once completed, the new aggregation will comprise four properties, including the three acquired cattle properties – Strathblane, Wybara and Scotts Creek.
The transaction includes the buying back from APLNG of pastoral land previously owned by the Hewitt family.
As part of the acquisition, HCA conducted an operational due diligence process which culminated in an agreement regarding the future co-existence of HCA’s cattle operations and APLNG’s CSG activities.
HCA’s CEO, Mick Hewitt said, “HCA endeavours to have a productive relationship with all of its neighbours and other land users. Through the ownership of Pony Hills, an adjoining property, the Hewitt family has worked alongside the CSG industry for more than 15 years, and we are confident that our future agricultural operations and APLNG’s activities can successfully co-exist.”
Mr Hewitt said the acquisition was in line with HCA’s expansion plans as it allows the business to create a contiguous landholding in one of Queensland’s most recognised beef producing regions.
It also supported its targeted goal of long-term shareholder returns through a sustainable business model.
“We are looking to expand by buying suitable agricultural assets targeting beef cattle production which complements our existing operations. We know the properties we are acquiring well, and with the first-class infrastructure that APLNG has developed, they are a perfect fit for our existing and future operational plans,” Mr Hewitt said.
In 2014 HCA was formed as a joint venture between the Hewitt Cattle Co and Canadian pension fund the Public Sector Pension Investment Board. In April HCA confirmed the purchase of CQ properties Oakleigh and Stoodleigh.
Source: Hewitt Cattle Australia