Final investment decision to be made on stalled $1.4 billion Territory prawn farm

THE director of the stalled billion-dollar NT prawn farm Project Sea Dragon says the company expects to make a final investment decision on the project by the end of the year

• Project Sea Dragon needs shareholder vote as capital raising hits roadblock
• Seafarms $1.5 billion NT prawn project covers off on another milestone

THE director of the stalled billion-dollar NT prawn farm Project Sea Dragon says the company expects to make a final investment decision on the project by the end of the year.

Construction works have stalled on the $1.4 billion aquaculture development which were expected to be underway by the end of this year.

But the economy crippling coronavirus has proven to be a significant roadblock.

Seafarms Group will be farming these types of black tiger prawns for its Project Sea Dragon.

Project Sea Dragon, situated across five sites in the NT and WA, is expected to generate more than 1,500 ongoing jobs once it reaches full capacity.

Seafarms groups managing director Chris Mitchell said the company expects to make a final investment decision on the project by the end of the year.

“I’m very optimistic that we’ll get there, as I said, it takes longer than one would like,” he told the ABC.

“The project has been progressing through the whole year.

A trial pond at Legune Station where Seafarm will build land-based grow out farms to grow and harvest black tiger prawns. Picture: Seafarms

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“It’s not visible to people in Darwin because the people you would normally see around about have been like me and sitting in offices, speaking to people across the world about the project.”

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