Contractual close reached on NAIF loan to Signature Onfarm
The Northern Australia Infrastructure Facility (NAIF) is pleased to announce it has achieved contractual close for a $24 million loan to Signature Onfarm Pty Ltd.
NAIF’s financing will help construct a $37 million specialist beef processing and on-site employee accommodation near Clermont in Queensland. This is the first NAIF loan to reach contractual close in Central Queensland. The public benefit forecast to be generated by the project to the broader community is $63.5m.
The Signature Onfarm Project is being developed by the Angus family, an industry leader in the cattle industry in Australia and will be used by local cattle producers and other branded beef companies to process cattle at an abattoir located closer to their farm. That will result in increased carcass yields for producers and will ultimately grow the central Queensland premium beef brand.
Other benefits include:
- 200 construction and up to 70 ongoing jobs;
- Facilitate the transport and sale of central Queensland premium beef both domestically and to overseas markets, including China, the EU and Asia.
- Grow the reputation of the area as a premium beef region;
- Reduced freight costs and trucks on the road;
- Training and development opportunities for local young people in the beef industry;
- Opportunities for Indigenous employment and Indigenous business participation in the beef supply chain.
NAIF CEO Chris Wade said: “The Signature Onfarm project will bring a range of benefits to the region and Queensland more broadly. This project will create 200 construction jobs and 70 ongoing jobs once complete, bringing significant economic benefits to the region.”
With contracts signed including by the Queensland Government, the proponent will soon be able to draw on NAIF’s loan as required.
Mr Wade added: “Reaching contractual close is an important milestone for the project and is the first project in Central Queensland to reach this stage. We thank the Queensland Government for their co-operation in signing off on the documents. This project is an example of how NAIF can support sectors such as agriculture in these difficult times and we look forward to working with the Queensland Government to ensure the funds for this project can flow as quickly as possible.”