A $37 million Central Queensland beef processing development is a step closer after winning Northern Australia Infrastructure Facility (NAIF) backing.
NAIF announced today it had achieved contractual close for a $24 million loan to Signature Onfarm.
The loan will help construct a specialist beef processing plant and on-site employee accommodation near Clermont.
The project is expected to create 200 construction and up to 70 ongoing jobs, while the overall public benefit forecast to be generated by the project is $63.5 million.
Welcoming the announcement, Minister for Resources, Water and Northern Australia Keith Pitt said it was the first NAIF loan to reach the contractual close stage in Central Queensland.
It means contracts have been signed, including by the Queensland Government, and soon the proponent can draw on the NAIF loan.
Mr Pitt said the Signature Onfarm Project being developed by the Angus family would be used by local cattle producers and other beef companies to process cattle at an abattoir located closer to their farm.
“The result will be increased carcass yields for producers and, ultimately, growth for the central Queensland premium beef brand,” he said.
Signature Beef co-owner Josie Angus said the local area was one of the largest beef producing regions in Australia but there was no processing within the shire.
“Adding local processing capacity, coupled with the provision of service processing to allow more producers to take their own branded products direct to market, is a key feature of this development,” she said.