Australia is experiencing the worst drought ever experienced in the country. And some people make real big profits from other people's unhappiness.
Singapore-based food company Olam sold 89,085 megalitres of its permanent water rights in Australia for $ 490 million to the Canadian Pension Fund. And all this is happening at a time when the toughest water restrictions for Australian citizens are being introduced.
For some, a real apocalypse has come, while others make money on it. This surprise $ 490 million deal comes as the country succumbs to one of the worst droughts in its history after NSW imposed a total ban on private watering as part of its toughest water restrictions.
But that doesn't really matter to Olam International, which has sold some of its permanent water rights in the lower Murray-Darling Basin, Australia.
The blue gold will be used to irrigate approximately 12,000 hectares of almond orchards near Victoria, Australia, also sold to the same Canadian company.
Australians are suffering from a mega drought and are currently under tier two restrictions, which means:
- A complete ban on watering flower beds and vegetable gardens from hoses
- Garden watering: before 10 am or after 4 pm with a watering can or bucket, only 15 minutes with drip irrigation systems before 10 am or after 4 pm.
- Swimming pools and spas require a permit before filling a pool with a volume of more than 500 liters.
Fines: $ 220 for individuals and $ 550 for businesses.