Seafarms Group Limited – a subsidiary of ASX-listed Commodities Group Limited has inked an agreement with the owners of Legune Station (110 km east of Kununurra on the NT side of the border) that is set to transform Australia’s aquaculture industry.
Namely, Australia’s largest farmed-prawn producer is about to commence work on its $1.45 billion prawn aquaculture project in the Territory’s west.
The NT Government has welcomed the news.
“This is a huge investment and I want to thank Seafarms for this big vote of confidence in our economy. My Government looks forward to working with Seafarms on Project Sea Dragon which promises to deliver huge economic benefits and significant job opportunities for Territorians,” said Adam Giles, Chief Minister of the Northern Territory, in a media release.
“My Government is committed to building our regions and increasing the opportunity for Aboriginal Territorians and businesses. Project Sea Dragon is exactly the kind of enterprise we need to see more of as we move to develop Northern Australia. As the Indigenous Affairs Minister, it’s also the kind of project that I know will be crucial to breaking the destructive cycle of welfare dependency in our communities.”
According to The Australian, Legune Station is owned by a Queensland farming consortium behind Sunny Queen Farm, and has the capacity to support more than 30,000 cattle.
The plan is to transform the site and develop up to 10,000 hectares of fully integrated land-based black tiger prawn production facilities for national and international wholesale markets.
Australia produces about 26,000 tonnes of prawns each year, while the project could produce over 100,000 tonnes of black tiger prawns annually.
Final development of this nation-leading project will be subject to the necessary legislative, community and financial approvals, including all environmental assessments.