Formula for success: Rinehart owns 90% of Hope Dairies

MAJOR INVESTMENT: Gina Rinehart and Deputy Premier Jeff Seeney sign the Memorandum of Understanding for the $500 million deal for Gympie and the South Burnett’s dairy project.
MAJOR INVESTMENT: Gina Rinehart and Deputy Premier Jeff Seeney sign the Memorandum of Understanding for the $500 million deal for Gympie and the South Burnett’s dairy project.

AUSTRALIAN billionaire Gina Rinehart's Hancock Prospecting owns more than 90% of Hope Dairies, a spokesman for Mrs Rinehart confirmed this week.

The woman who picked the mining boom by betting on iron ore at a time when few realised what was about to happen in China, is now putting her money on powdered milk.

Hope Dairies has signed a Memorandum of Understanding to invest $500 million in a baby formula processing plant in the Mary Valley and 5000ha of farmland in the South Burnett.

The 30,000 tonnes of powdered milk it wants to start producing in 2016 will be exported to China.

About a quarter of the milk it needs will be drawn from local dairy farms.

Hancock Prospecting spokesman Jason Morrisson said yesterday the project was a substantial investment for Mrs Rinehart.

"Mrs Rinehart's company actually owns over 90% of Hope Dairies," he said.

"The remaining part of (Hope Dairies) is held by the management who have been very actively involved in the project for most of this year.

"That may change but this is now, and will be overwhelmingly, a majority Australian-owned and controlled company."

Mr Morrison also said the Hope Dairies had already bought a "significant number of properties" in the South Burnett.

"We've appreciated such strong support and positivity for this project," he said.

"Many in the community are encouraged that an Australian like Gina Rinehart is driving this.

"She is a proud Australian who invests in this country while many people are pulling out or winding back.

"She believes in this project and the revitalisation of the Queensland dairy industry."

Member for Gympie David Gibson said this week Hope Dairies would purchase the 800ha property near the intersection of the Mary Valley Link Road and the Bruce Hwy for the processing plant from the State Government "at market rates".

"The focus of the Mary Valley Economic Development Strategy is to facilitate improvement in the local economy, support the community and create new jobs and productive enterprises," he said.

"The Newman government has also made a commitment to double agricultural production by 2040 and the proposal from Hope Dairy will assist in achieving those objectives.

"The Queensland government is therefore looking to a sale of land in the Mary Valley for the purpose of a spray drying plant for Hope Dairy."

Gympie Times

Topics:  china gina rinehart gympie hope dairies milk

Clear skies and warm temps for Gympie this weekend

Warm and clear weather is on the cards this weekend.

Gympie's in for a warm and sunny weekend.

Dreamworld ride worker: "It couldn't have been foreseen"

A former Dreamworld senior ride operator has broken his silence

Happy World teacher's Day from CCC

Students from Cooloola Christian College thank teachers on World Teacher's Day, 2016.

Cooloola Christian College students say thank you to their teachers.

Local Partners

Brothers 3 sizzle on bar stage at Widgee

Did you catch Eagle Mountain and Brothers 3 last weekend at Widgee? Chances are you are in our photo gallery!

WHAT'S ON: Where to 'trick or treat' and party for Halloween in Gympie

SPOOKY: Josie Laird and Shelley Strachan get in the spirit of Halloween.

The ultimate guide to your Halloween in Gympie.

WATCH: NASA space station is live, see the view from above

In this picture taken from NASA's International Space Station from April 2015, the SpaceX Dragon is captured with the 57.7-foot-long Canadarm2 robotic arm before its installation to the Harmony module.

See the world from a new perspective as space station passes Rocky

What's on in Gympie this weekend

INTERGALACTIC: Lissa and Nee Nee will be providing plenty of family entertainment this Saturday

There's plenty of fun for young and old in Gympie this weekend.

EXCLUSIVE: See the new Aquatic Centre come together

SKY HIGHT: Gympie's new Aquatic Recreation Centre is well under way.

Taking to the skies for a brand-new look at the Aquatic Centre.

Orlando Bloom 'buried' Katy Perry in birthday flowers

Orlando Bloom "buried" Katy Perry in flowers for her birthday

MacBook fires up: New "touchbar" will include emojis

COULD emojis help the MacBook again deliver a laptop revolution?

Angus T. Jones got miserable on Two and a Half Men

Child star's misery while shooting 'Two and a Half Men'

Bachelorette shock: "This isn't how it's supposed to go!"

Georgia Love pictured in a scene from The Bachelorette finale.

GEORGIA chooses Lee and leaves Matty J heartbroken.

Radio presenter's shocking joke about Dreamworld victims

Images from the scene after four people died on a ride at Dreamworld at the Gold Coast

Radio host taken off air after tactless Dreamworld joke

Want to own one of Australia's best restaurants?

TOP GONG: Mooloolaba Spice Bar has been named in TripAdvisor's Top 10 Australian restaurants for 2016.

Here's your chance to pick up one of the Coast's favourite eateries

6 houses in Gympie under $200,000

$170, 000, 9 Norman St, Gympie

These Gympie houses are perfect for investors or first home-buyers

Tough times in CBD: Woolies says goodbye Ipswich

Woolworths in the Ipswich Mall.Photo: Rob Williams / The Queensland Times

The last day of trading will be January 1

Look at me! Kath and Kim home up for sale

Kath and Kim from the iconic Aussie TV series.

'Crack open the Baileys and grab a box of BBQ Shapes'

How to fit 100,000 new homes on the Coast

Property, real estate, housing, suburb,  August 2016

Fitting 2m extra people in south-east Qld in 25 years a balance

Hinterland horse stud passed in for $8.25 million

UNREAL: This Maleny estate is incredible.

12-bedroom hinterland horse stud still available