Cubbie Station

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Template:Use dmy datesTemplate:Use Australian English Script error: No such module "Infobox".Template:Template otherScript error: No such module "Check for unknown parameters". Cubbie Station, the largest irrigation property in the southern hemisphere Script error: No such module "Unsubst"., is located near Dirranbandi, in south west Queensland, Australia. The station comprises Script error: No such module "convert". and is operated by CS Agriculture, a joint venture between Macquarie Infrastructure and Real Assets (MIRA) (49%) and Shandong Ruyi (51%), a textile manufacturer owned by investors from China and Japan.[1]

Land holding

Cubbie Station is located on the Darling Riverine Plains bioregion. The topography of the region is defined by channels and floodplains of the upper reaches of the Darling and Barwon rivers.[2]

Cotton was first produced in the region from the late 1970s. In 1983, Cubbie Station was converted from grazing purposes to cotton production. Cubbie Station comprises agricultural and non-agricultural lands; with approximately Script error: No such module "convert". presently developed and a further Script error: No such module "convert". under development.[3]

Water rights

The station was created by amalgamating twelve floodplain properties to give Cubbie a total of fifty-one licences.[4] The station's water storage dams stretch for more than Script error: No such module "convert". along the Culgoa River, within the Murray-Darling basin. In an average year the station uses Script error: No such module "convert". of water, in a good year as much as Script error: No such module "convert"..

The water is used to supply Script error: No such module "convert". of irrigated cotton and other crops including wheat, which generates a net profit in the range of A$50 million to A$80 million a year.[5][6]

The station is licensed to take Script error: No such module "convert".,[4] the equivalent of all irrigation entitlements downstream in north-western NSW.[4] The property has the capacity to grow Script error: No such module "convert". of cotton. In 2006, the dams on the property were filled to 1% capacity allowing for only Script error: No such module "convert". of cotton planting.[7] The station is often derided for its large water usage requirements in a time of extreme drought in Australia and damage to the Murray Darling river system[8]

As part of the 49% purchase by Macquarie Infrastructure and Real Assets (MIRA), CS Agriculture has agreed to voluntarily contribute 10 gigaliters of water to the Culgoa River without compensation[1]

As of January 2019, Cubbie Station has not harvested any water since April 2017, when it took 14GL of the 156GL that passed through St George but left more than 2GL of its entitlement to flow downstream. In March 2018, Cubbie passed on another 3GL it was entitled to take.[9]

During his term as Minister for the Environment, Malcolm Turnbull did not rule out its possible acquisition by the Australian government.[10][11]

Sale of Cubbie Station to Macquarie Infrastructure and Real Assets (MIRA) and Macquarie Asset Management (MAM)

[1]Macquarie Asset Management (MAM) owns Cubbie Station, Australia's largest irrigated cotton property. MAM is the asset management arm of Macquarie Group.

Explanation

In 2012, the Chinese textile company Shandong Ruyi purchased Cubbie Station for $232 million.

In 2019, a Macquarie-run agricultural fund acquired a 49% stake in Cubbie Station.

In 2022, MAM acquired the remaining 51% stake in Cubbie Station, bringing its total ownership to 100%.

Purchase of Cubbie Station by Shandong Ruyi

On 31 August 2012 the Australian Government, on advice from the Foreign Investment Review Board, approved the sale of Cubbie Group, to a consortium comprising Shandong RuYi Scientific & Technological Group Co Ltd, a clothing and textile company owned by Chinese and Japanese investors, and Lempriere Group, an Australian family-owned company involved in wool trading and agricultural property management.[12] The approval provided RuYi with an 80% initial ownership interest on condition that this interest be reduced to 51% within three years. The interest is to be sold to an independent third party.[13] The consortium are bound by existing water licence conditions[13] and the property is operated and managed by the Australian company using the existing workforce.[14]

The purchase of Cubbie Station by foreign interests had the support of the major opposition party in the Australian Parliament, the Liberal Party. However, there was dissension amongst some members of the Nationals, who had concerns with foreign-ownership of agricultural land and water rights, claiming that the sale is not in Australia's national interest.[13][14][15]

The purchase of Cubbie Group by the joint venture CS Agriculture was completed on 25 January 2013, for an estimated purchase price of A$240 million.

[6]in2019 this sale was reversed and Shandong Ruyi sold Cubbie back into Australian owned MAM. (See above)

Voluntary Administration

On 29 October 2009, Cubbie Group Limited, the former owner of Cubbie Station, announced it would voluntarily enter administration on the following day. The company had incurred debts of over A$300 million, as a result of poor rainfall in the region in the preceding five years. Corporate recovery specialists, McGrathNicol, were appointed as Administrators of the Cubbie Group on 30 October 2009.[16]

See also

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References

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  1. ↑ a b c Script error: No such module "citation/CS1".
  2. ↑ Script error: No such module "citation/CS1".
  3. ↑ Script error: No such module "citation/CS1".
  4. ↑ a b c Script error: No such module "citation/CS1".
  5. ↑ Script error: No such module "citation/CS1".
  6. ↑ a b Script error: No such module "citation/CS1".
  7. ↑ Script error: No such module "citation/CS1".
  8. ↑ Script error: No such module "citation/CS1".
  9. ↑ Script error: No such module "citation/CS1".
  10. ↑ Script error: No such module "citation/CS1".
  11. ↑ Script error: No such module "citation/CS1".
  12. ↑ Script error: No such module "citation/CS1".
  13. ↑ a b c Script error: No such module "citation/CS1".
  14. ↑ a b Script error: No such module "citation/CS1".
  15. ↑ Script error: No such module "citation/CS1".
  16. ↑ Script error: No such module "citation/CS1".

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External links

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