May 24, 2016

Shandong Geo-mineral International Investment Co Ltd., the investment arm of Chinese government-backed miner, Shandong Geo-mineral, has acquired Andermel Marron Farm in South Australia’s Kangaroo Island, reports Australian Financial Review (AFR).

Established in 1997 by John Melboune, the 289 hectare operation is the largest commercial fresh water crayfish producer with six breeding ponds, nine nursery ponds, and 52 grow ponds for the production of marron – the fresh water crayfish native to Australia, for the domestic market, according to Property Observer.

The property on South Australia’s Kangaroo Island, also includes an eight hectare vineyard planted in Shiraz, Cabernet Sauvignon, Sauvignon Blanc, and Chardonnay for the production of wine to be sold under Andermel’s Two Wheeler Creek label.

The $1.6 million deal was originally agreed upon during a visit by South Australia’s Premier, Jay Weatherill’s Trade Mission to China in May 2015, but has been finalized after the completion of all necessary due diligence. The transaction was brokered by Colliers International’s Jesse Manuel and Tim Altschwager, reports AFR.

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GAI News staff