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Australia

Seafarms’ Sea Dragon Project Moving Forward

   

 

Seafarms’ $1.5 billion Sea Dragon Project, which plans to develop 10,000 hectares of Penaeus monodon ponds in northern Australia, has received its environmental permits and is now in the process of raising over $7 million to finalize arrangements with the indigenous owners in the Northern Territory (The Northern Land Council), the last approval required before starting the project.

 

Seafarms owns a shrimp broodstock facility in Exmouth, Western Australia, and a hatchery in Darwin, Northern Territory, which will supply postlarvae to the farm.  Harvests will be processed in Kununurra and exported to Asia from the port of Wyndham.  First-stage approval allows the construction and operation of 112 land-based growout ponds capable of producing 14,000 metric tons of shrimp annually.

 

Seafarms has sought financial backing from several Chinese firms that may put up to $500 million into the project.  On May 30, 2017, former Australian federal trade minister Andrew Robb said he was finalizing a major corporate deal involving stock exchange listed Chinese and Australian companies, which should become the model for sharing transactions involving the two countries.  The deal is speculated to be the Sea Dragon project.

 

Seafarms’ shares (SFG) trade on the Australian Securities Exchange (ASX) for around $0.05 cents each, and the company has a market cap of about $78.5 million.

 

   

 

Information: Ian Trahar, Seafarms Group Limited, Level 11, 225 St. George’s Terrace, Perth, Western Australia, Australia (Phone +61-8-9321-4111, Fax +61-8-9321-4411, Email info@seafarms.com.au, Webpage http://seafarmsgroup.com.au).

 

Sources: 1. The Australian.  Seafarms Prawn Project to Raise Funds to Clean Native Title Hurdle.  Damon Kitney.  May 31, 2017.  2. NT News.  Project Sea Dragon Placed on Trading Halt on Stock Exchange.  Ashley Manicaros.  May 31, 2017.  3. The West Australian.  $2b Prawn Farm Close to Getting the Green Light.  Ben Harvey and Jenne Brammer. January 27, 2017.