Racecourse Mill began operations in 1889 under the Racecourse Central Mill Company Limited. In 1927, the Racecourse Co-operative Sugar Association Limited was formed to take over the former company's assets and an agreement was entered into with Farleigh Mill management to resume Farleigh's Homebush area cane supply in return for the Calen/Kolijo lands supplying Racecourse Mill.

Racecourse Mill growers voted to merge with other Mackay district mills to form the Mackay Sugar Co-operative Association Ltd in November 1987.

In 1991, Racecourse Mill was chosen as the site for the refining joint venture between Mackay Sugar and ED & F Man. Racecourse Refinery was constructed using the most modern equipment and methods in the world. It was commissioned in 1994 and its output is regarded as the best quality refined sugar in Australia. The refinery is powered by Racecourse Mill's boilers. It produces about 400,000 tonnes of refined white sugar annually sold under the CSR label.