The steaks are high


Australia’s richest woman, Gina Rinehart, is boosting her cattle herd in the world’s third-biggest beef exporter to serve up more premium steak to discerning customers in China, reports Bloomberg.

S. Kidman & Co., a unit of Rinehart’s Hancock Prospecting Pty, wants to increase its herd size by 25% to around 200,000 cattle within two to three years.

The iconic Australian cattle company has stations covering 31,000 square miles, stretching across four states and territories. Kidman is establishing premium brands to distribute its grass-fed beef to overseas customers.

“The big market opportunities are in China. Australia stands in a good position to cater for the premium end of that grass-fed market,” said Andrew Robb, a Kidman board member. Robb, the former Australian trade minister, forged a free trade agreement with the Asian nation in 2015.

Some premium steaks fetch as much as $280 in China and Kidman wants to sell direct to high-end restaurants. Kidman is increasing the carrying capacity of its stations, primarily by bringing more water to the herds. The properties had not been improved for some time, he said. (Source: Bloomberg)

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