Market Herald logo


Be the first with the news that moves the market
  • Tassal Group has received all major approvals to expand Stage 3 of its prawn farm in Proserpine, Queensland
  • The company will now invest $30 million on developing an extra 80 hectares of ponds and new hatchery infrastructure
  • Tassal is targeting production in the 2021 financial year and expects it will generate $25 million
  • To accelerate its plans, Tassal has already started seeking approvals for Stage 4
  • Tassal Group’s share price is up 2.70 per cent, with shares trading at $4.19 apiece

Tassal Group has received all major approvals from the Whitsunday regional Council and Queensland State Government for Stage 3 of its Proserpine prawn farm.

The company has received Environmental Authority which specifies the environmental conditions and limits for the expanded prawn farm.

It has been given Aquaculture Development Approval which confirms the construction and operational plans meet all the relevant requirements.

Lastly, it received Development Approval which enables Tassal to develop the new prawn hatchery infrastructure

Tassal will now commence the development of 80 hectares of production ponds and the new hatchery infrastructure to prepare for stocking the expanded farm in FY 2021.

The sustainable seafood grower will invest $30 million to do so.

The company reports these works will create 50 new jobs and support its target of generating $25 million in EBITDA from prawns.

But it doesn’t stop there. Tassal is also fast-tracking the approvals process for Stage 4 expansion at Proserpine to add a further 70 hectares of ponds and new hatchery infrastructure for the following financial year.

“Importantly, the re-development program for the existing prawn farm infrastructure of 270 hectares of ponds, including the deployment of smart technology and processing development, continues to be on track to achieve our FY20 forecast of 2400 tonnes of production,” Managing Director and CEO Mark Ryan said.

Tassal Group’s share price is up by 2.70 per cent, with shares trading at $4.19 at 4:10 pm AEDT.

TGR by the numbers
More From The Market Herald
Centrex Metals (ASX:CXM) - Managing Director, Robert Mencel

" Centrex Metals (ASX:CXM) soars amid Samsung C&T Corporation deal

Centrex Metals’ (CXM) share price has almost tripled in morning trade after its subsidiary signed an agreement with leading fertiliser trader Samsung C&T
Seafarms Group (ASX:SFG) - Executive Chairman, Ian Trahar

" Seafarms Group (ASX:SFG) predicts Project Sea Dragon to cost more than expected

Seafarms Group (SFG) is expecting its Project Sea Dragon to cost more than previously reported.
Wide Open Agriculture (ASX:WOA) - Managing Director, Ben Cole

" Wide Open Agriculture (ASX:WOA) advances lupin protein development

Wide Open Agriculture (WOA) has providing an update on the development of its lupin protein.

" Australian Dairy Nutritionals (ASX:AHF) certifies farms organic

Australian Dairy Nutritionals Group (AHF) has certified all of its farms organic following a three-year conversion program, which began in 2018.