Australian mining tycoon Rinehart to enter Chinese infant formula market

  • In a bid to tap the lucrative Chinese infant formula market, Mining tycoon Gina Rinehart has signed a contract to invest Aus$500 million in an Australian dairy venture, media reports stated. Rinehart has entered into a JV to export beef to Asia.  Rinehart stated that most of her Hope Dairies would manufacture pharmaceutical-grade formula milk and UHT at a processing unit in Queensland. According to reports, the agreement was made between the Queensland state government and Rinehart’s mining company Hancock Prospecting.