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The Hananui project could produce 14,400 tonnes of king salmon annually and create up to 480 jobs once fully operational, according to the New Zealand government.

With a net loss of NZD 20.8 million, the salmon farming company remains confident about long-term growth opportunities.

CFO Ben Rodgers will leave the salmon producer in November, as the company "prepares for transformational growth".

The aquaculture feed giants will design a feed specifically tailored to the conditions of New Zealand’s King salmon.

It could be even less, following the Board's decision to reduce harvest volumes for approximately 4 months to rebuild biomass after a period of lower-than-expected growth.

It will invest NZD 11.72 million as part of a program led by New Zealand King Salmon including its pilot open ocean farm, Blue Endeavour.