FYI a gigalitre = 1,000 megalitres, which also is 1,000,000,000 litres of water
AS part of the agreement, Macquarie and Ruyi will voluntarily contribute up to 10 gigalitres to the Culgoa River and Lower Balonne
Back on 30 October 2009 Cubbie Station was 100% Australian owned but sadly went into voluntary administration … on 31 August 2012 the Australian Govt on advice from the FIRB approved the sale of Cubbie Group to a consortium comprising Shandong RuYi and Lempriere Group an Australian family-owned company. The approval provided RuYi with an 80% initial ownership on condition that it be reduced to 51% within three years. The purchase of Cubbie Station by foreign interests had the support of the Liberal Party … however there was dissension amongst some Nationals who had concerns with foreign-ownership …
BUT then Treasurer Scomo granted an extension in mid-2016.
Bank buying part of Australia’s ‘premiere agricultural assets’ FYI
Aug 2, 2019
Video Player is loading.PauseMute0:10/0:15Loaded: 0%Progress: 0% FullscreenMacquarie Bank to acquire almost half of controversial Cubbie Station
Macquarie Group has taken a 49 per cent stake in the giant Queensland cotton operation Cubbie Station from the farm’s Chinese majority owner.
Textile firm Shandong Ruyi will retain 51 per cent of Cubbie and operate the 93,700-hectare farm with no change to the current on-property management, including the station’s 42 staff.
*Ruyi had promised the Australian government in 2012 that its purchase of an 80 per cent share in Cubbie for $232 million would be cut to 51 per cent within three years.
*Then-treasurer Scott Morrison granted an extension in mid-2016.
Macquarie and Ruyi said on Friday the new co-ownership deal satisfied the Chinese company’s undertaking to the Foreign Investment Review Board.
“The joint ownership agreement provides certainty of ownership of Cubbie, supporting the local communities of Dirranbandi, St George and surrounding districts,” the companies said in a release.
Cubbie, about 500 kilometres west of Brisbane, can produce in excess of 250,000 bales of cotton in full production years or, alternatively, a wide variety of irrigated agriculture including wheat, sorghum, sunflowers, barley, chickpeas and corn.
It also holds significant water entitlements.
Macquarie said it was buying in to one of Australia’s “premiere agricultural assets”.
As part of the agreement, Macquarie and Ruyi will voluntarily contribute up to 10 gigalitres to the Culgoa River and Lower Balonne intersecting streams over a five-day period following extended dry periods.
This means less water needs to be recovered from other farmers during drought.© AAP 2019