MACKAY Sugar has entered into an agreement to acquire an additional 1000ha of cane land within the district under the farming entity, Racecourse Projects.
Racecourse Projects, comprising Mackay Sugar and Black River Asset Management, will acquire a portion of the Barnganal Farm from Mackay's Borg family for an undisclosed sum.
The farm, which is situated in the Blue Mountains area offers 140 ha of established, irrigated cane land.
However, Racecourse Projects seeks to develop an additional 900 ha of cane land on the property over the next two years, which will ultimately deliver 85,000 tonnes of additional cane to Mackay Sugar's mills.
Chief executive officer Quinton Hildebrand said the agreement reaffirmed Mackay Sugar's commitment to cane expansion, so as to increase throughput and raise profitability.