Chinese winemaker buys Australian vines
The company has recently raised $120m through a share placement and has said that it plans to invest the money in Australia. The vineyard purchases represent some of that investment, with more to come through the building of a wine-making facility in Mildura.
In a statement to the Shanghai Stock Exchange, Weilong said that it has agreed to purchase 1235.3 hectares of Australian vineyards in for a total of $13.4m. The company also plans to build a winemaking facility in Mildura, which will be developed by its Australian subsidiary Veyron Wine Australia.
The Midlura facility will have the capacity to process 60,000 tonnes of “high-quality Australian wine grapes” each year. The further investment of that $120m will see Veryon construct the workshop, purchase and install the press-related equipment and auxiliary facilities including fermentation tanks, storage tanks and other winemaking equipment.
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