TFS buys NT cattle station for $8.5m

TFS Corporation has lined up an $8.5 million purchase of a cattle station in the Northern Territory for the further establishment of Indian sandalwood plantations.

TFS said today it had entered into a conditional contract with Bonalbo Cattle Company for the Bonalbo Station property in the Douglas Daly district.

TFS estimates it may be able to establish about 2,700 hectares of plantations on the property.

The contract is expected to settle in June next year, subject to TFS undertaking satisactory due diligence and obtaining a transferable water extraction licence for the property.

TFS shares closed the day's trade half a cent lower at 95 cents.