The development valued at $500 million would be carried out on a 174-hectare (430-acre) cane farm with Mary River frontage near Maryborough, 255 kilometers (158 miles) north of Brisbane.

Chief executive Mike Barry said it would shortly lodge an application to the Maryborough City Council for the approval.

He said the development was consistent with the company''s property portfolio strategy to create value from its investment in real property whilst simultaneously increasing cane supply.

""Maryborough Sugar remains committed to its core business. Over the past twelve months the company has acquired properties totaling 1,014 hectares at a cost of $7.85 million. Fully developed, these properties should produce an additional 42,000 tons of sugar cane annually,"" he said.

Approval for the development, which includes 1,300 houses, a harbor area with a 300- berth marina, hotel and shopping precinct, was expected to take 12 to 24 months. Maryborough Sugar stock rose 7.7%.

Inpex considers Darwin for LNG plant

Inpex Holdings Inc said today it was studying Darwin as a site for a proposed liquefied natural gas project in Australia as opposition to a preferred location a quarter of the distance from the fields threatens to delay the venture.

The company told reporters via e-mail and reported on Bloomberg that the study envisages a two-unit LNG plant in the Northern Territory capital with a capacity of more than 8 million metric tons a year. The company said it would take a decision on the site for the plant later this year.

Environmental groups are opposed to its plans to build the $10 billion LNG plant on the Maret Islands off Australia''s northwest coast to process gas from the Ichthys fields in the Browse Basin.

The project would require an 850-kilometer (528-mile) pipeline to transport Ichthys gas to Darwin as opposed to a 190-kilometer link needed to the Maret Islands which is opposed by the environmental groups.

GrainCorp shares rise to record after clipping of farmers'' powers

GrainCorp Ltd share rose 17% to a record high after farmers lost the power to elect the majority of the board, following a vote by shareholders. Shareholders voted to end the Grain Growers Association Ltd''s right to choose six of the company''s 10 board members during the grain handler''s annual meeting.

The vote paves the way for GrainCorp to receive or make takeover bids. Rival Grain Company, AWB Ltd tried to win the support from its grain-grower shareholders for a similar change two weeks ago but the bid was rejected.