Seafarms keen to restart

The proponent of the $1.5 billion Project Sea Dragon at Legune Station just across the WA-Northern Territory border has indicated it could start work on construction again quickly once lockdowns were lifted.

A presentation by Seafarms to shareholders this week said the company was well-capitalised and believed it was well-positioned to benefit greatly from a post-COVID-19 world.

“While we recognise that COVID-19 creates a severe shock to Australian and global commerce, and creates immediate stresses on the planned PSD construction schedule, there is flexibility there that can be used to our advantage,” it said.

“Based on currently available projections, we estimate that PSD will be coming into production just as the world economy rises from the pandemic.

“Safe, clean food with impeccable provenance, reliably supplied will not only continue to be in high demand but will attract a price premium.”

This week shareholders also ticked off the issuing of $5.6 million worth of shares to a company, Avatar Industries, run by Seafarms executive chairman Ian Trahar.

The Seafarms presentation said there would still be a growing demand for seafood globally.

“While Europe, North America and North Asia are considered mature markets, rapidly rising economies particularly China and India, will create unmatched demand,” it said.