Andrew Forrest, owner of Australia’s third largest iron ore company and who made his fortune exporting iron to China is expanding into Australia’s beef industry. Forrest purchased Western Australia’s only licensed beef exporter to China, Harvey Beef, which has the capacity to process 4,500 cows per week. Australia ranks third behind India and Brazil for beef exports, shipping 1.1 million tons worth A$12.3 billion last year, and Forrest states that Australia could increase production by 50% if the country can solidify trade relations with China which is expected to double its beef imports by 2018. Another Australian iron ore entity, Tinto Group, has also shifted into beef production owning 24,000 head of cattle on six ranches across Western Australia making it the biggest owner in the state. In April Mr. Forrest met with China’s premier Li Keqiang to discuss a bilateral agricultural agreement between Australia and China and has been working to gain the involvement of Australia’s Agricultural Minister Barnaby Joyce in the talks.
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