Andrew Forrest Plans Beef Export to China; Australia Resumes Live Animal Trade with Iran
By Vittorio Hernandez | May 29, 2014 9:22 AM EST
Miner Andrew Forrest plans to venture outside the mining industry by looking into the possibility of exporting beef to China. He said on Thursday that he would place in his luggage sample parcels of steak for his next trip to China.
Customers shop for meat at Wal-Mart in Rogers, Arkansas, June 4, 2009. REUTERS/Jessica Rinaldi
The foray is in response to queries the iron ore billionaire often gets when in China where to get high quality reliable beef. Forrest, owner of Fortescue Metals (ASX: FMG) which is the third largest iron ore company in Australia, also visited Chinese supermarkets and found limited Australian beef available.
Forrest said he would buy a meat processing company to further boost export of beef to China, the third-largest exporter of Australian beef. He had already bough Western Australia's only licensed beef exporter to China as part of his plan.
He foresees Australia boosting its beef production by 50 per cent if it could secure a supply position in China which is expected to double its beef imports by 2018 due to change in diet caused by rising income.
In April, Forrest met with Chinese Premier Li Keqiang to discuss a bilateral agricultural partnership. He is also talking with Australian Agriculture Minister Barnaby Joyce to join the partnership.
In 2013, Australia exported 1.1 million metric tonnes of beef to China worth $12.3 billion. China boosted its share of meat consumption in 2013 to 9.2 per cent from 6.8 per cent, according to the Commonwealth Bank of Australia.
Also on Thursday, the sheep meat industry announced the resumption of live animal trade with Iran which used to be Australia's largest live animal export market until the Shah's revolution over 40 years ago which led to a halt of the trade.
With the resumption, the industry hopes to export over 1 million live animals to Iran annually.
To contact the editor, e-mail:
Most Popular Slideshows
- Pope Francis Meets Sudanese Woman Who Was Spared Death for Apostasy (PHOTOS)
- Malaysia Airlines Flight MH17: King Williem-Alexander, Queen Maxima Hold Solemn Reception Ceremony for Victims
- Jennifer Lawrence & Nicholas Hoult Allegedly Split: Mad Max Actor Cheats with Kristen Stewart & Riley Keough - Reports
- Transfer News: FC Barcelona Shockingly Sign Valencia Defender [PHOTOS]
Join the Conversation
- Ebola Virus on the Loose: World Cautioned as Infection Moves; Global Airports on High Alert; Kills Liberian Doctor, Infects American Worker
- Advisory: Britons Told to Leave Libya ASAP, UK Issues Travel Ban
- Malaysia Airlines MH17: Multi-Million Pound Law Suit Looms Over Putin’s Head, Assets At Risk
- Magaluf 2014 Update: Spanish Bar Where Teen Performed Sex Acts Closed, to Pay $78K Fine Along with Carnage Event Planner (VIDEOS)
- Malaysia Airlines MH17: Russian International Condemnation Extends to 2018 World Cup
- Apple iPhone 6 on Two Confirmed Release Dates, New Parts Leaked Suggesting Bigger iPhone to Come
- Google Nexus 6, 8 with Android L on Release Date Promises Killer Mobile Device Experience
- Xiaomi Mi4 vs OnePlusOne vs Nexus 5: Mi4 is the ‘Perfect’ Phone
- iPhone 6 Release Date Relevance to iOS Newbies: Specs Meaning, Price Considerations
- Israeli Women Stripping Naked for IDF Soldiers
- HTC One M8 Android 4.4.3 KitKat Update Roll Out, Introducing the HTC One Remix
- Shocking Video of Pedigree Dog Culling in Bali Emerges [Video]