Australian mining firm, Commodities Group, has announced it is restructuring and changing its name to Seafarms Group, while its subsidiary is changing its name to Seafarm Operations in order to focus its business on its successful shrimp farming division.
The company’s new focus will be on the development of Project Sea Dragon – a shrimp production operation of approximately 10,000 hectares in northern Australia with production capacity of 100,000 tons of shrimp per year.
Since 2013, Seafarms’ acquisition of the Seafarm prawn farm, the Crystal Bay Prawns brand, and Coral Sea Farm in Queensland have grown Seafarms to be one the largest aquaculture asset holders and operators in the country. In late 2013 Commodities Group (now, Seafarms Group) acquired Seafarm through its other subsidiary, CO2 Group, which owns a hatchery, shrimp ponds, and a grading, cooking, packaging and freezing operation.
In February 2015, Seafarms Group announced it had forged an Access and Option Agreement for the 180,000 hectare operating cattle station, Legune Station for use in the development of Project Sea Dragon. The agreement gives Seafarms the right to begin applications for tenure for aquaculture, environmental approvals, and all licenses required for the project, and gives approval for a bank feasibility study for the project. Seafarms has already completed a concept study including a capex range, operational earnings range, optimal locations, global market demand, and technical feasibility. The Access Option Agreement has a term of three years and gives Seafarms the option to purchase Legune Station at a predetermined price within that time period.
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