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Sea Dragon Project Update, Jan 28, 2017



Seafarms’ $1.5 billion Sea Dragon Project has moved one step closer to reality with the Western Australian Government’s agreement to upgrade a road to the project from the town of Kununurra.  An unsealed, 7.5-kilometer section of the road is not passable in the wet season and had been an obstacle to the project.  The upgrade will cost $12.3 million and connect the project’s processing plant in Kununurra, Western Australia, with the farm in the Northern Territory.


Searfarms owns a shrimp broodstock facility in Exmouth, Western Australia, and a hatchery in Darwin, Northern Territories, which will supply postlarvae to the farm’s projected 10,000 hectares of ponds at Legune Station, Northern Territory.  Harvests will be processed in Kununurra and exported to Asia from the port of Wyndham.


Sea Dragon’s first stage will create 300 construction jobs and 122 permanent jobs in Kununurra, and it forecasts 713 direct jobs at peak production.  There might also be opportunities for large-scale growing and processing of soybeans to produce feed for the shrimp.


Ian Trahar, executive chairman of Seafarms and one of Western Australia’s richest men, said Seafarms was close to getting its indigenous-land-use and environmental-impact permits.  Seafarms’ recent investor briefings in the USA received positive feedback, ahead of a capital-raising roadshow to take place in 2017.  Trahar said supermarkets and wholesalers in key markets were keen to take part in the project.  He thinks the first stage of the project will be operational by 2018-2019 and at peak production in 2024-2025, when it hopes to produce 150,000 metric tons a year.  That would turn Australia, which consumes 55,000 tons of shrimp a year, from net importer to major exporter.  Within ten years, Project Sea Dragon could be producing $1.7 billion worth of giant tiger shrimp (Penaeus monodon) a year.


Seafarms’ shares (SFG) trade on the Australian Securities Exchange (ASX) for around $0.07 cents, and the company has a market cap of about $78.5 million.


Video: To view a minute-and-a-half video of this news story, click on the link in the Source (below).


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, Webpage


Source: The West Australian.  $2b Prawn Farm Close to Getting the Green Light.  Ben Harvey and Jenne Brammer.  Video: reported by Clarissa Phillips.  January 27, 2017.

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