November 22, 2007

Bluefin breed to boost Clean Seas Tuna sales

News that Clean Seas Tuna will start producing Southern Bluefin Tuna (SBT) fingerlings early next year sent share prices skywards.

Share values of the Australian company hit US$2 yesterday after being at 57 cents per share a year ago.

Marcus Stehr, Clean Seas managing director, said the company was working towards breeding SBT fingerlings in late January and throughout February.

If Clean Seas will be successful in producing SBT fingerlings in the third quarter of 2007-2008, it will undertake capital raising in 2009. This would enable Clean Seas to start a full-scale commercial production of up to 10,000 tonnes of southern bluefin tuna at Arno Bay from 2011 onwards.

Shareholders voted to buy Clean Seas Aquaculture Grow out from the Sterh's Australian Tuna Fisheries. The US$12-million deal will further consolidate the business.

Hagen Stehr said the kingfish operation was rapidly becoming a major business in its own right.