The Peel River Land and Mineral Company (Peel Company) was formed in 1853 after gold was discovered on the banks of the Peel River. It was established by Act of Parliament in London to purchase the Peel River Estate (Goonoo Goonoo) from the Australian Agricultural Company (AACo). The gold mining activity was short lived. The Peel Company then concentrated on working sheep and cattle on the property. It also made early ventures into Queensland: Cashmere (near St George 1861-1873); Corona and Nile (near Winton 1875-1881) and Currawhillingi (NSW/Qld border 1881-1918) as well as Eagle Grange (NSW 1898-1918); Moorlands station (Tamworth); Avon Downs (NT); Mt Alfred and Mt Margaret stations (Qld). From 1849 the Peel Company laid out town lots in (south) Tamworth. From the 1870s farm lots were laid out in several subdivisions around the town. In 1909, 88,518 acres were resumed by the NSW Government for closer settlement; a further 17,500 acres in 1938 and 18,150 acres in 1952. The Goonoo Goonoo homestead block was sold in 1985.

The first General Superintendent of the Peel Company was Philip Gidley King (1854-1904) who was succeeded by his son, G B G King (1904-1910) and grandson, G M G King (1910-1930). They were followed by J F Holloway (1930-1932). From 1932 the AACo and the Peel River Land & Mineral Company were jointly managed in Australia. The companies together purchased a number of properties including Caldervale (near Tambo, Qld) in 1934 and the Coonamble Properties (Sandcycamp, Pillicawarrina and Narraway, NSW) in 1948.

In 1959 the AACo acquired the whole share issue of the Peel River Land & Mineral Company and the company was delisted from the London stock exchange.