CPC sells Kynuna holding Mimong

Kynuna: Buntine buys CPC's Mimong

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SOLD: Sterling Buntine's Baldy Bay company has bought the Consolidated Pastoral Company Kynuna holding Mimong.

SOLD: Sterling Buntine's Baldy Bay company has bought the Consolidated Pastoral Company Kynuna holding Mimong.

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Sterling Buntine's Baldy Bay company has bought the Consolidated Pastoral Company Kynuna holding Mimong.

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THE sell off of the Consolidated Pastoral Company portfolio continues, with the sale of 'no-core' Kynuna holding Mimong Station to Sterling Buntine's Baldy Bay company.

Mimong is one of CPC’s smaller stations with a carrying capacity of 9000 cattle, covering 79,970 hectares (197,610 acres).

The sale price is undisclosed. However, the deal included plant and equipment.

CPC chief executive Troy Setter said following the sale of Mimong CPC would still have one of the largest pastoral holdings in Australia, with 3.5 million ha across 11 stations and carrying capacity of almost 300,000 head of cattle.

“The acquisition of Mimong Station by Sterling Buntine reflects the quality of the station and its strategic fit with their existing pastoral interests," Mr Setter said.

"Sterling shares our vision for taking care of the land, the cattle and our teams.”

Mr Setter said CPC continued to be actively engaged with buyers interested in the CPC platform as a whole and in parts.

“While challenging seasonal conditions in many areas of Australia have been well documented, CPC’s geographically diverse portfolio positions the business well in the current market and season," Mr Setter said.

"We continue to benefit from strong demand dynamics for beef in Asia and around the globe, our Indonesian supply chain and investments in our properties and genetics.”

Mimong is the fifth property to be offloaded by CPC.

On January 9 CPC announced the sale of Auvergne and Newry Stations in the Victoria River region of the Northern Territory and Argyle Downs Station in the East Kimberly region of Western Australia. The buyer was investment group Clean Agriculture and International Tourism. The  sale includes 52,000 branded cattle, as well as plant and equipment.

CPC announced in October it had sold the Channel Country property Nockatunga Station to Malcolm Harris' Cleveland Agriculture. The 850,000ha property was sold with cattle, plant and equipment.

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