Rowing Australia would like to congratulate Australian rowing patron, Mrs Gina Rinehart, on her company’s recent bid to purchase of the historic Australian cattle company, S. Kidman & Co.
Last week, Hancock Prospecting announced that they had put in a bid to purchase the Kidman & Co pastoral group for $365 million, with the deal uniting two of Australia’s most significant and successful names in business, Hancock and Kidman.
Mrs Rinehart’s company, Hancock Prospecting will own 67 per cent of the cattle company which has as many as 185,000 cattle and a collective land area of over 101,000 sq km, which is equal to about 1.5 times the size of Tasmania. The bid from Hancock Prospecting, when approved, will give them majority control of Australia’s largest single landholding in an alliance with a minority Chinese partner.
Kidman encapsulates the sprawling pastoral empires — the ‘sheep’s back’ — on which Australia was built through the second half of the 19th century and running through the first half of the 20th century.
Hancock — Mrs Rinehart’s father, Lang — personifies like no other the discovery and development of the huge resources projects, initially in WA in the Pilbara but spreading into Queensland, in the second half of the 20th century and which now are the foundation of our contemporary and future prosperity.
To quote an article from The Herald Sun: “In using minerals-generated wealth to buy control of — and keep under Australian control — one of the great pastoral companies, Rinehart has imprinted her unifying vision on the next stage of our economic history. She has blended past and present to build new dynamic foundations for the future.”