Newfoundland to Finance Salmon Farm

By

SeafoodSource staff

Published on
June 12, 2008

The Newfoundland and Labrador government is providing nearly $8 million in financial support for a new salmon farming operation on the province's south coast.

Gray Aqua Group of New Brunswick will establish a $16 million, four-site operation in the Bay d'Espoir region, according to a Canadian Press report.

The Newfoundland government is providing $7.8 million - a loan guarantee of $6.8 million and an equity investment of $1 million.

Trevor Taylor, Newfoundland's acting minister of fisheries, says the operation is a boon to the growing aquaculture industry, and will create 35 permanent jobs and additional processing employment.

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