Australian Agricultural Company Limited
(ASX:AAC) has approved the start of civil works for a meat processing facility near Darwin in the Northern Territory.
The beef producer says the processing facility will cost about $85 million to develop and will secure the long-term future of Australia's northern pastoral industry.
Chairman Donald McGauchie has advised the company is interested in attracting investors and is currently in talks with a number of potential investors. Should third-party terms prove unattractive the company says it does have access to internal sources of capital.
The company believes the abattoir will be efficient from a carbon emissions standpoint and improve animal welfare outcomes.
Australian Agricultural Company booked a net loss of $4.1 million in the first half of the 2012 financial year.
