March 31, 2016
Aussie firm Seafarms Group needs investors for Sea Dragon project
Seafarms Group Ltd, an Australian agri-food company, needs $115 million to start a gigantic tiger shrimp farm project in northern Australia, reports said.
Its ambitious Project Sea Dragon, which will cost $1.15 billion when fully developed, is envisioned to produce 100,000 tonnes of shrimp yearly, mostly for export.
The project will involve the development of hatchery; feed mill; breeding program and multiplication centre; biosecurity, shrimp health and diagnostics; science; grow out; and harvesting and processing.
According to the company, Project Sea Dragon "is a unique and world-class aquacultural opportunity designed to meet the growing global demand for seafood, particularly in Asia, at a scale that enables it to leverage Australia's comparative advantages in biosecurity, marine science, access to key raw materials and expertise in large-scale resource and agricultural development".
Seafarms, citing a Word Bank report, said global population is expected to increase from 7 billion today to 9 billion by 2050, when the world's total food requirement is expected to increase by 70% particularly in Brazil, Russia, India and China. The middle class, where demand would mostly come from, is forecast to increase from 1.8 billion to around 5 billion people by 2030.
With its gargantuan cost, Project Sea Dragon would most likely need outside help. As Seafarms Executive Director Chris Mitchell said, "It's much less likely to proceed without foreign investment."
