Perth, Australia-based Seafarms has broken ground on its massive new shrimp-aquaculture project in Australia’s Northern Territory.
The USD 1.5 billion (EUR 1.3 billion) project will include the development of up to 10,000 hectares of ponds in Legune Station, Australia, to grow up to 180,000 metric tons of black tiger shrimp annually, as well as a breeding and broodstock development center, a hatchery, a stocking and quarantine center, and a processing plant.
In September 2021, Seafarms hired Mick McMahon as its chief executive officer and Ian Brannan as its chief finance officer and charged them with overseeing “a time of critical growth for Seafarms as it continues to finance and develop its world-class Project Sea Dragon.”
Previously, McMahon served as the CEO of poultry firm Inghams Group Limited. Prior to that, he was COO of Coles Supermarkets and managing director of Coles Express. He has also served as CEO of Skilled Group, Australia’s largest skilled labor provider, and worked at Royal Dutch Shell for 19 years.
“McMahon brings deep knowledge and experience to Seafarms that will benefit the development and growth of Project Sea Dragon aimed at transforming our business into a significant global seafood player,” Seafarms Chairman Ian Trahar said in a press release. “McMahon is uniquely positioned to appreciate the challenges and opportunities that the vertically integrated business structure of Project Sea Dragon brings, and the importance of our advanced breeding and biosecurity programs.”
Brannan worked as group CFO at Inghams during McMahon’s leadership tenure there.
“Having already worked together, Mr. McMahon and Mr. Brannan are a proven team,” Trahar said.
McMahon has subscribed to purchase 36.4 million Seafarms shares and Brannan has subscribed to acquire nine million shares by way of a direct share placement.
The first stage of development of Project Sea Dragon is now underway, with the goal of achieving a first harvest by late 2023. The first stage is expected to cost USD 281 million (EUR 249 million), and will create 6,000 MT of prawn production annually, according to the company.
Photo courtesy of Seafarms
