Australia’s largest beef cattle company, Australian Agricultural Company Limited (ASX:AAC), is set to sell its Meteor Downs cattle station to Xstrata.
The company’s chief executive David Farley said Xstrata has offered a price well in excess of the book value of the property, underlining the strength of the property holdings and supporting the company’s balance sheet.
Money from the sale will go into increasing grazing land to support the company’s northern trading operations, and a beef processing facility it is planning in Darwin.
For the second half of 2010, the Australian Agricultural Company Limited (ASX:AAC) reported a profit of $904,000.
