Mining billionaire invests in Ridley Corporation

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Andrew Forrest owns 5.1 per-cent of Australia’s biggest stockfeed processor, which produces salmon feed.

Farm Weekly reports that Andrew Forrest, one of Australia’s richest people, has spent AUD 12 million for a 5.1 per-cent stake in Ridley Corporation.

The animal nutrition producer is the country’s biggest stockfeed processor for many species including dairy, beef, poultry and aquaculture. In 2019, it opened a new 50,000 tonne-per-year salmon feed facility at Westbury, Tasmania, due to growing demand.

A one-time stockbroker and keen amateur boxer, Forrest, nicknamed “Twiggy”, is the founder and largest shareholder of Fortescue Metals Group, an Australian iron ore producer.

Though Ridley posted AUD 8.6 million yearly loss after reporting a 3.5 per-cent drop in sales revenue, research head with investment advisory group Wilsons James Ferrier told the publication that it was a good investment.

“It’s had three consecutive halves of earnings growth, largely achieved by cost reductions and the initial contribution from investment in new capacity,” he said.