Asa Wahlquist; 3/6/09
The federal Government’s $303million Twynam water rights purchase is set to close at least one cotton gin, cost 56 jobs and remove $2.5 million from bush economies. The head of Australia’s oldest cotton company, Richard Haire, said his Queensland Cotton Corporation had suffered “collateral damage” from the Twynam agriculture company’s sale last week of 240 gigalitres of water. Queensland Cotton bought three NSW cotton gins, or mills, from Twynam three years ago: in the Gwydir Valley at Collarenebri, at Warren in the Macquarie Valley, and at Mungindi in the Macintyre Valley. Mr Haire said Twynam’s water sale meant the $20 million cotton gin at Collarenebri was no longer viable.
See: http://www.theaustralian.news.com.au/story/0,25197,25579741-5013404,00.html
Tags: Australia, Environment, Trade