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Rinehart to invest $437 million in Chinese dairy

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Staff writer ▼ | November 17, 2014
Gina Rinehart will invest A$500 ($437 million) in partnership with a Chinese company to create one of Australia’s largest dairy farms.
Gina Rinehart
Mining tycoon   To process 30,000 metric tonnes of infant formula
The deal was announced by Hope Dairies Ltd, majority owned by Rinehart, with minority investment from state-owned Chinese industrial giant China National Machinery Industry.

Hope Dairies said it plans to process 30,000 metric tonnes, equivalent to 35 million tins, of infant formula per year at a processing plant in Queensland state. The company plans to begin exporting in late 2016, it said in a statement.

"Australia has some of the finest agricultural products in the world and we need to position ourselves to meet the demands of our region," Rinehart said following the signing of an agreement with the Queensland government in Brisbane.

Hope Dairies said it plans to manufacture pharmaceutical grade product which will help allay fears after a spate of food safety scandals involving infant formula in China.