Territory’s mighty $1.5 billion Sea Dragon project puffing along

THIS year has seen the proposed $1.5 billion Project Sea Dragon become a shovel-ready project, shareholders in the world’s biggest prawn farm have been told

Seafarms Group will be farming black tiger prawns for at its $1.5 billion Sea Dragon operation

ANTICIPATION continues to grow in the biggest aquaculture project the Territory has ever seen and last week’s meeting of Seafarms Group shareholders has added to that.

This year has seen the proposed $1.5 billion Project Sea Dragon become a shovel-ready project, shareholders in the world’s biggest prawn farm have been told.

“In fact on-ground earthmoving and other related work programs are being undertaken at Legune Station for our Project Sea Dragon development as I speak to you today — an extremely significant development for our shareholders,” the annual meeting of Seafarms Group shareholders was told by executive chairman Ian Trahar.

This has taken almost seven years to get to this stage in developing this world-class project.

Mr Trahar said financing of the initial phased development of Stage 1 of the PSD development is the most important task now at hand.

He said the Northern Territory Government had been a strong and consistent supporter, delivering on its commitments to support the project in numerous and meaningful ways, including providing the $17.5m funding required to upgrade the Keep River Road to Legune Station.

“This major work is also underway,” he said.

“This achievement should not be underestimated, as this has been achieved in record time for a project of this size and complexity — the first major aquaculture development in Australia of a truly global size.

“When fully developed it will employ more than 1500 people in Northern Australia and generate annual export revenues in the order of $3 billion.

“Importantly PSD will also become a world leader in black tiger prawn genetics/breeding – a critical part of our biosecurity strategy. It will be one of the most biosecure aquaculture projects in the world — very isolated no other aquaculture projects nearby.

“There have been many doubters that this project would not get to this stage. As such, I would like to formally thank our dedicated professional staff across all aspects of our business, the Northern Territory Government as well as the Western Australian and Federal Governments and the Traditional Owners for the support they have shown and continue to show for PSD.

“I also welcome our Project Sea Dragon partner Nissui (and their 50 per cent owned Sealord company). As you are aware Nissui is a major international seafood giant, with Sealord one of the largest seafood companies in the southern hemisphere.”

Collectively these companies have more than 140 years in the international seafood industry, employ more than 10,000 people globally and generate net annual sales in the order of US$6.7 billion (A$9.26 billion).

Mr Trahar said the appointment of Mr Hisami Sakai has added considerable experience to the Seafarms Board, as he has more than 40 years’ experience in all aspects of this internationally significant global business of seafood.

He said market conditions for Project Sea Dragon remain highly favourable.

“International prices being received for premium black tigers remain well above our feasibility study assumptions,” Mr Trahar said.

“Market demand for the PSD product remains strong for our planned staged production tonnage and size of animal. The general market trend remains for more product more quickly.

“As expected the interest in PSD continues to develop as the reality of what we have achieved as a company has finally been acknowledged and recognised. I expect further agreements to be reached with other major industry players and/or major international offtake corporates.”