Gray Aqua Group Limited has received $5 million in provincial government funding to expand its salmon farming business on the south coast of Newfoundland and Labrador, it was announced today.
A news release notes the new funding will be used for the purchase of capital assets associated with the expansion of farming activities, including site set up and farming equipment, such as boats, motors, cages, and moorings.
The expansion is expected to enable the company to grow from an initial annual production of 4,000 metric tonnes to 16,000 metric tonnes by 2018, increasing employment from 42 to 96 full-time positions.
“Our company is one of the largest of its kind and believes there is a lot of potential for expansion in Newfoundland and Labrador,” said Tim Gray, President of Gray Aqua Group.
“We will continue to work with government and the communities on the south coast to provide sustainable, long-term opportunities for our workers, and other local businesses, while supplying the global seafood market with the high-quality farmed salmon they have come to expect from our company.”
The funding comes through the provincial government’s Aquaculture Capital Equity Program.
The announcement was made today at the Centre for Aquatic Health and Development in St. Alban’s.
“Aquaculture development continues to drive the economy of the south coast of Newfoundland,” said Fisheries Minister Derrick Dalley.
“We are pleased today to once again partner with Gray Aqua Group to expand this vital industry. In turn, our investment will provide more employment opportunities and income for the region, as well as other socio-economic benefits