Andrew Forrest's Fortescue Metals Group is set to acquire Australia's biggest sheep station, the million-hectare Rawlinna Station on the Nullarbor.
The ABC understands a conditional contract has been signed with the owners of the station, which was established in the 1960s by the MacLachan family.
The purchase price is unknown at this stage.
Rawlinna, about 400 kilometres east of Kalgoorlie-Boulder, is home to more than 30,000 merino sheep.
It is believed FMG, via its subsidiary Fortescue Future Industries, would consider using the vast plains at Rawlinna for renewable energy generation.
The ABC understands FMG would continue to operate Rawlinna as a pastoral station, which also has significant potential for mineral discoveries.
As recently as February, mining giant BHP was drilling for nickel on the property as part of a greenfields exploration push.
FMG declined to comment on the acquisition when contacted by the ABC.
The MacLachlan family's private company, Jumbuck Pastoral, has been contacted for comment.
The sale was first reported by the Australian Financial Review.
The ABC contacted Rawlinna Station manager Jimmy Wood, who referred all enquiries about the sale to his employer, but confirmed the once drought-stricken station was abuzz after recording 20 millimetres of rain on Anzac Day.
Fortescue's renewable energy push
Dr Forrest returned as executive chairman of FMG, the company he founded in 2003, in August 2022 after the departure of former chief executive Elizabeth Gaines.
He controls a 29.84 per cent stake via Minderoo Group, which was worth $19.1 billion at Friday's share price of $20.89 just after midday (AWST).
In its March quarterly results released on Monday, FMG reported iron ore shipments of 46.3 million tonnes from its Pilbara operations and a record of 143.1 million tonnes for the nine months to March 31.
Australia's third-largest iron ore miner finished the quarter with a cash balance of $US4 billion ($6.05 billion) and debt of $US6.1 billion ($9.1 billion).
The latest acquisition by the billionaire businessman comes after Fortescue Future Industries last year made its initial moves to create green hydrogen in the Esperance region.
In February, the ABC reported that Fortescue Future Industries had secured signatures from "more than 50" residents willing to lease land for wind turbines and solar panels.
The Forrest family's agribusiness Harvest Road, which owns the Harvey Beef brand, was also prolific last year with two significant acquisitions in Western Australia's north.
Harvest Road acquired the 643,000-hectare Balfour Downs pastoral station in the East Pilbara along with 12,000 head of cattle.
It also acquired the Springvale Station, which covers 604,430 hectares in the Kimberley, in a deal believed to be in the vicinity of $70 million.
