Australia’s Largest Cotton Property Seeks International Buyer
August 19, 2009 The owners of Australia’s biggest cotton property, Cubbie Station, say they’ve already offered to sell to the Federal Government, but so far it’s not interested.
The 90,000 hectare property and two smaller farms are on the market.
Cubbie Station and associated farms sit at the top of the Murray Darling river system in southern Queensland, holding enough water to fill Sydney Harbour.
The properties are capable of producing 300,000 bales of cotton and over 22,000 tonnes of wheat in a good year – but it’s the fact the good seasons have been sparse that the assets are up for sale.
Cubbie group chair, Keith De Lacy, says the Federal Government has knocked back offers to sell this year, and now the group is looking to international buyers.
“We did offer the Federal Government some of our water rights on three separate occasions and they didn’t take them up,” he says.
The properties are valued at $450 million and tenders close on September 30.
The Climate Change Minister, Penny Wong, has refused to say whether the Federal Government will put in a bid for Cubbie Station, or whether it’s sought legal advice about a compulsory acquisition.
But she has told the Senate that compulsory acquisition would be against the government’s policy.
“I’ve answered questions in this place previously about it, and what we have said is that that is not the approach we are taking.
“We will purchase from willing sellers and we will assess on the basis of value for money and environmental need.”
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