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China's infants in Rinehart's sights in baby formula push

2014-11-14 08:51:23| Food - Topix.net

Gina Rinehart, the Australian billionaire who built her fortune on iron ore, is planning a A$500 million investment to supply infant formula to a Chinese market forecast to almost double over three years. Hope Dairies, controlled by Rinehart's closely held Hancock Prospecting, is seeking to acquire about 12,400 acres of farmland in Queensland state and is targeting first production in the second half of 2016, according to co-investor and director Dave Garcia.

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