Mining mogul Andrew Forrest announced that his company, Minderoo, has purchased Australian beef processor and the country's sole accredited China exporter Harvey Beef, according to ABC. The financial terms of the acquisition deal were not disclosed in the said report.

Forrest said of the deal: "Following detailed discussions with the Chinese leadership, we are determined to ensure that the Australian agricultural industry's future in China is just as bright as our mining future... We hope this acquisition will send a strong message of confidence in the future of the industry... to provide confidence to increase supply and make Australia the supplier of choice to meet Asia's long-term food security requirements."

According to Minderoo chief operating officer (COO) Grant Vernon, one of the reasons for the purchase was the China export license of Harvey Beef. He also said the transaction would ensure certainty for the future of the company's 300 employees. Minderoo will upgrade Harvey's facilities to better meet the international demands for its products, the report detailed.

The Harvey Beef facility in Perth exports to China, Japan, Indonesia, Taiwan, Korea, US, and other countries. It was established in 1919 by Ernest Green, ABC added.