A company representing the Waanyi people has secured a landmark deal to acquire 100 per cent ownership of Lawn Hill and Riversleigh cattle stations in northwest Queensland.
Zinc miner, New Century Resources, divested interest in the Lawn Hill and Riversleigh Pastoral Holding Company for $9.8 million and last week it was acquired by Waanyi SPC (WSPC), who already controlled 51 per cent interest in the business.
WSPC is the corporate representative of the Waanyi people, particularly in relation to the ownership and management of pastoral companies.
The two vast properties contain numerous cultural sites that remain significant and sacred to the Waanyi, however the divestment has preserved the access rights of New Century to the properties for the purpose of continued mining exploration.
New Century managing director Patrick Walta said he is pleased to have facilitated the deal.
"It has been a long-held ambition of the Waanyi people to achieve full ownership of the Lawn Hill and Riversleigh Pastoral Holding Company, whose properties are of significant cultural value," he said.
The Lawn Hill and Riversleigh Pastoral stations were originally acquired by the Century Mine owners in 1996.
The Lawn Hill and Riversleigh Pastoral Holding Company (LHRPHC) was established in 1998 and the pastoral leases of the Lawn Hill and Riversleigh stations were transferred to the LHRPHC.
Shares in the LHRPHC were allocated to the Waanyi people via the WSPC, with an initial shareholding of 49 per cent.
WSPC later became the majority shareholder (51 per cent). The mine owners retained a minority interest.
The agreement for the Waanyi people to acquire 100 per cent of the stations has been several years in the making.
