The Project Sea Dragon will cost $281M and is expected to export 6000 tonnes of prawn in the first year of operation.
Seafarms Group
Seafarms Group Limited (SFG) has entered into binding transaction documents with Mainstream Aquaculture Property Pty Ltd to sell two farms in Cardwell, Queensland under a lease-back arrangement for $13.5 million.
However, Seafarms Queensland Pty Ltd (SQPL), which is the proper seller and SFG's wholly-owned subsidiary, will continue to own and operate Farm 3 in Ingham, the hatchery near Flying Fish Point, and the processing plant on the site of Farm 1 in Cardwell.
Therefore, SFG will focus on Black Tiger prawn aquaculture in Ingham and developing Project Sea Dragon, which is facing court action following the federal court order to halt the company's distribution of funds.
Regarding this announcement, CEO Peter Fraser said: "Farms 1 and 2 have been important in our journey towards Project Sea Dragon but have been focused on the production of Banana prawns for the domestic market which is not a part of our strategy going forward."
Mainstream Aquaculture is an Australian-owned company and one of the world’s largest vertically integrated producers and suppliers of Barramundi under the Infinity Blue brands. It exports to 32 countries and operations in the USA and Australia.
Finally, SFG has confirmed that Mainstream will advance $7.56 million as an interest-free secured loan, offset against the purchase price at completion.
