Mossman devastated as mystery investor walks away

The small north Queensland community of Mossman has been dealt a devastating blow, with a mystery investor pulling the plug on plans to purchase the local sugar mill, sending the region’s single largest employer into liquidation.

The mill’s parent company, the Daintree Bio Precinct Group, has been facing liquidation since the company went into voluntary administration last November.

The company received a lifeline on 29 February when creditors supported a proposal put forward by an unnamed investor, who stepped in at the last minute with plans to save the mill.

In devastating news, the community has been informed that those plans fell through today, with the investor backing out of the deal just before the end of the 15-business day statutory deadline.

“It’s heartbreaking, not just for growers and the local sugar industry, but for the whole Mossman community,” CANEGROWERS Mossman Chairman Matt Watson said.

“Local growers have been backing this business for years through investment in our crops and the mill itself, and we had high hopes when this investor approached the company administrator with a plan to save the mill.

“They laid out their plans for bringing the mill back to profitability over the next four years, before transitioning into a green energy hub.

“To have those hopes crushed at the last minute and for the investor to simply walk away from the community is just devastating.”

CANEGROWERS is now calling on the State Government to honour its commitment to provide $12.1 million in funding to support workers and farmers.

“Growers have already invested more than $14 million into this year’s crop and the harvest is rapidly approaching. We need the government to come through on its funding commitment so that growers can recoup as much of that money as possible, otherwise a lot of families and businesses in the town will go to the wall,” CANEGROWERS CEO Dan Galligan said.

Premier Steven Miles announced the funding at a Community Cabinet meeting in Cairns on 28 February, saying the government understood that Mossman Mill plays “a pivotal role in shaping the town, livelihoods and culture of the communities around it.

“Of course, we would like to see the mill continue operations but our government is committed to ensuring our workers, farmers and wider community are supported, whatever the outcome,” Mr Miles said.

At the same meeting, Agriculture Minister Mark Furner acknowledged the significant contribution growers had made to the 2024 crop.

Mr Galligan is now calling on the Premier and Agricultural Minister to back up their words with actions and provide the funding necessary to help get the 2024 crop harvested.

“This is not just about growers getting paid, it’s also about mill workers, suppliers, tradies, businesses of all shapes and sizes, right across the region. Growers have put over millions into this crop, but if we can’t get it harvested, more than $40 million will be lost to the community.

“Now is the time for government to step up and support the entire community by ensuring we can get this crop off,” he said.