HANCOCK Prospecting has announced it has purchased Warwick's Maydan feedlot. 

The feedlot accommodates both short-term and long-term custom feeding and is licensed to carry 8,000 standard cattle units, specialising in providing feeding strategies for premium beef producers.

It has demonstrated a consistent ability to produce premium high grade beef, most recently assisting several of its customers in producing award winning beef products.

Speaking after the transaction HPPL Chairperson Gina Rinehart said the Maydan acquisition continues the company's pursuit of investments in the cattle industry with a focus on optimising the quality of beef.

Hancock's 2GR branded fullblood Wagyu cattle from New South Wales already use the Maydan feedlot, which will continue to service its existing customers and new customers.

"We are pleased to invest in regional Australia and regional jobs", Mrs Rinehart said.

"This acquisition secures a key part of the supply chain producing and then processing export quality fullblood Wagyu to both our Asian neighbours and local markets. 

Vendors Geoff and Rebecca Willett congratulated Mrs Rinehart on her purchase.

Mr Willett is staying with the business to ensure a smooth transition through the sale and will remain with the business.

"Maydan has been a successful family run business for many years and we are pleased to see it being handed to a great Australian company," Mr Willett said.

"Mrs Rinehart has great plans for the cattle industry in Australia, and I am confident that with Hancock's investment Maydan will continue to thrive."

More to come.