Australis Aquaculture (AAQ) has commenced stocking of its Vietnam production operations, with 230,000 Barramundi fingerlings now in place. The sea food producer said the initial batches are currently stocked in tanks and nursery ponds.
Managing director Josh Goldman said within just a few weeks of Australis being granted approvals to operate in Vietnam the company had commenced operations and stocked commercially significant numbers of fish.
In mid-June 2008, Australis received approval from the Vietnamese government to establish a wholly-owned subsidiary in Vietnam that will develop integrated Barramundi production and sourcing operations.
"Australis expects its operation to build up to a capacity of 10,000 tonnes of Barramundi per year over several years," Mr Goldman said.
"The initiative to establish a large-scale production base in Vietnam is a major element in the company’s strategy to diversify its base of supply in support of its expanding sales and distribution activities."
According to Australis the first batch of Barramundi fingerlings will be transported to sea cages in approximately 90 days and are expected to generate approximately 150 tonnes of salable product in ten to 12 months.
"The company anticipates stocking additional batches of fingerlings on a regular basis and to exceed one million fish in inventory, roughly equivalent to current US stocking levels, within nine to 12 months," Mr Goldman said.
He said the Vietnam operation complemented the company’s US production hub outside of Boston and its proprietary third party sourcing network, which commenced in 2007.
"This broad and diversified supply strategy will enable the company to rapidly increase availability of fresh and frozen barramundi to its expanding sales channels", Mr Goldman said.
At 1335 AEST, Australis Aquaculture was steady at 27.5c.
Holding up well in a falling market.They should get good bang for their buck atm.
AAQ Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
