TFS Corp buys NT cattle station

TFS Corporation has bought a Northern Territory cattle station for $8.5 million with plans to plant 2700 hectares of Indian Sandalwood on it.

The purchase of the Bonalbo Station within the Douglas Daly district is subject to due diligence and securing a transferable water extraction licence for the property.

The sale is expected to settle in June next year.

TFS shares were off half a cent to 95 cents.