HANCOCK Prospecting Pty Ltd has purchased the Willeroo pastoral property.
Willeroo, located approximately 100km west of Katherine in the Northern Territory, covers an area of 171,000 hectares holding around 20,000 head of cattle.
Hancock Prospecting released the following statement this morning:
"The Willeroo investment compliments the commitment of the HPPL group and its chairperson Gina Rinehart to invest in regional Australia with a special focus on Northern Australia.
"This acquisition continues to build on Hancock Prospecting's long history in northern Australia, Australian agriculture and Australian jobs.
"The Hancock family are possibly the longest continuous owners of cattle stations in northern Australia, with Mrs Rinehart's ancestors commencing the first stations in northwest Australia (including Ashburton downs with the "h3b" brand, Hancock 3 brothers, instituted by their father) in the second half of the 1800's, after members of their family arrived at Cossack, near Roebourne, and established the first port and town at those locations.
"Speaking after the transaction Mrs Rinehart said they were interested to secure Willeroo.
"We believe we can add improvements and value to the station, where we will copy what we have introduced successfully on our other Hancock stations, and are currently rolling out across Kidman properties also. Willeroo will well complement our existing investments in the north.
"It is adjacent to Aroona which we acquired earlier this year allowing us to operate the two stations as a combined unit. Also being near to the Phoenix park export depot it will assist part of the wet season growing program for Riveren and Inverway as well as help to provide better market timing opportunities for some of Hancock Beef's Kimberley cattle stations.
"David Larkin, CEO of Hancock Agriculture said with continued investment and introducing the new technology and cattle welfare programs trialled successfully at Hancock properties, the beef portfolio would grow, presenting greater tools for management and economies of scale with an opportunity to increase stock numbers and productivity."