Chief executive Chris Kelly said most of that is to cover the extra cost of workers and equipment, including helicopters, needed to reach stock on its farms in the Lake Mahinerangi area, west of Dunedin, in particular its Waipori Station.
Snow falls of up to two metres deep also damaged guttering on farm buildings that will have to be replaced. . .
The company already had much bigger losses from the effects of the drought in the North island.
Why is the taxpayer facing that risk?
The only valid argument I’ve come across for keeping Landcorp is as a land bank for Treaty of Waitangi claims.
Once all of those have been settled any remaining farms should be sold off in an orderly manner so as not to flood the market.
It’s possible the undoubted expertise the company has in farm management might have value as a business which could also be sold.