Mackay Sugar gains access to new farmland after investment firm acquires cattle property

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Racecourse Projects, owned by Cargill's Black River Asset Management and Mackay Sugar, has purcahsed a 3,244 hectare cattle property in North Queensland.
ABC | 23 October 2015

Mackay Sugar gains access to new farmland after investment firm acquires cattle property

by David Sparkes
 
Milling company Mackay Sugar has continued its ambitions to expand cane supply after taking a stake in a 3,244 hectare cattle property in North Queensland.
 
Investment firm Racecourse Projects, in which Mackay Sugar holds a 14.9 per cent shareholding, has acquired Hylton Park in the Blue Mountain area, south-west of Mackay, for an undisclosed sum.
 
Mackay Sugar CEO Jason Lowry said the acquisition would help the company reach its throughput target of 5.8 million tonnes per year by 2021.
 
"From Mackay Sugar's viewpoint, this is part of an ongoing effort to increase cane supply," Mr Lowry said.
 
"We're doing that through two efforts. One is through yield improvements on our existing land and the other is through expansion of our acreage.
 
"Depending on weather conditions, there is some [land on the property] that will be planted this year for harvest next year."
 
Only 900 hectares of the property will be converted to cane land, with capacity to produce 65,000 tonnes of cane per year.
 
Racecourse Projects was formed in 2013, and comprises Mackay Sugar and the $7.4 billion international investment firm Black River Asset Management.
 
Hylton Park is adjacent to the 1,200 hectare Prospect Creek farm, purchased by Racecourse Projects earlier this year.
 
Racecourse Projects also acquired Marwood Farm in the Mackay area in 2013.
 
Black River Asset Management is making a serious push to buy agricultural assets globally.
 
It is in advanced talks to purchase two sugar mills in Brazil, a sale analysts have suggested would be worth about $176 million.
 
Black River Asset Management is a subsidiary of Cargill, one of the world's biggest suppliers of food, agricultural and industrial products.
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