Local farmers buy back land from Chinese miner Shenhua in New South Wales

0

Strong points

  • Local Australian farmers have bought up rich New South Wales-based farmland owned by Chinese miner Shenhua from a food bowl in New South Wales.
  • The government of New South Wales had paid A $ 100 million to the Chinese miner to stop its coal mine plans in 2021.
  • Farmland is being returned to a legal entity and 12 local farming families in a sale of A $ 120 million.

Local Australian farmers have bought back rich farmland from Chinese miner Shenhua in the NSW Food Bowl following an agreement signed by the NSW government.

The government of New South Wales had paid the Chinese miner AU $ 100 million to stop its coal mining projects in 2021. Shenhua had owned more than 16,000 hectares of land near Gunnedah for 10 years, now these lands are returned to a legal entity and 12 local farming families via an Australian $ 120 million agreement.

READ RELATED – Value and volume of agricultural production reach historic highs

The new landowners will use the land for agricultural and cattle production as the land returns to their hands. In addition, the legal person involved in the controversial land deal purchased almost a third of the land with the intention of remaining anonymous until the approval of the Foreign Investment Review Board.

At the end of the line

As the disputed land has an incredible temperature and is now back in the hands of local Australian farmers, summer and winter crops are highly anticipated with an incredible groundwater system.

Share.

Comments are closed.