July 1, 2014

Australia's largest abalone farm Craig Mostyn acquires Jade Tiger Abalone

Australia's largest abalone farm, Craig Mostyn group has bought Jade Tiger Abalone, which produced 220 tonnes per annum at the breeding and processing facility at Victoria's Bellarine Peninsula, which will double its production in the next three years.

Chief executive of Perth-based Craig Mostyn, David Lock said the company would invest AUD20 million (US$18.72 million) in the facility and planned to double its production in five years. He said about two-thirds of their abalone was exported to Singapore and on to other parts of Asia, where Australian abalone had a reputation for being excellent quality.

The abalone was called "jade tiger" because it has been selectively bred for its green shell and black and white stripes. Chief executive of Jade Tiger Abalone, Anton Krsinich, said the abalone took three years to grow from an embryo, but once it was fully grown could be exported live within 36 hours or put in a can.

Mr Krsinich said Indented Head on the Bellarine Peninsula was the perfect place for the facility. "We've got no factories or pollution around us and the site is a great site because it can pull staff from Geelong," he said.