Consolidated Pastoral Company (CPC) has sold its Mimong Station in Queensland’s North West to Northern Territory pastoralist Sterling Buntine, reportedly for $20 million.
The 80,000-hectare property, which was one of the smaller in CPC’s portfolio, has a carrying capacity of around 9,000 head of cattle, but was sold without stock.
Sterling Buntine owns cattle properties in the Northern Territory’s Barkly region and Western Australia’s Kimberley, and in 2016 was part of a group of cattle barons who made an unsuccessful $385 million bid for the S Kidman and Co properties.
“The acquisition of Mimong Station by Sterling Buntine reflects the quality of the station and its strategic fit with their existing pastoral interests,” CPC chief executive Troy Setter said in a statement.
The North West Queensland region where Mimong Station is located received record amounts of rain in February.
The resulting pasture growth on the property would likely be a significant asset to Mr Buntine, whose Alroy Downs and Dalmore Downs stations are in the heart of the drought-stricken Barkly.
CPC still fielding buyers for remaining properties
Mimong Station is the fifth property CPC has sold since the company was officially put on the market as a whole or in parts in March 2018.
In January a trio of CPC’s properties in the NT and WA were sold to a Vietnamese company for $135 million.
“Following the [Mimong] sale, CPC will still have one of the biggest pastoral holdings in Australia, comprising 3.5 million hectares of land across 11 stations with a carrying capacity of almost 300,000 head of cattle,” Mr Setter said in a statement.
“We continue to be actively engaged with buyers interested in the CPC platform as a whole and in parts.
“While challenging seasonal conditions in many areas of Australia have been well documented, CPC’s geographically diverse portfolio positions the business well in the current market and season.
“We continue to benefit from strong demand dynamics for beef in Asia and around the globe, our Indonesian supply chain, and investments in our properties and genetics.”