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New Funding Supports Expansion of Gray Aqua Group Salmon Farms

07 November 2012

CANADA - Gray Aqua Group Limited has received C$5 million, through the Provincial Government’s Aquaculture Capital Equity Programme, to expand its salmon farming business on the south coast of Newfoundland and Labrador.

Derrick Dalley, Minister of Fisheries and Aquaculture, was joined by Tracey Perry, MHA for Fortune Bay - Cape La Hune, and Tim Gray, President of the Gray Aqua Group, to make the announcement 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 Minister 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.”

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 aquaculture industry has provided enormous benefit to the people and communities in the region,” said Tracey Perry, MHA for Fortune Bay - Cape La Hune. “I am pleased to have the opportunity to join Minister Dalley and Tim Gray in making this announcement today, and anticipate that the expansion of the Gray Aqua Group will undoubtedly be welcomed with open arms by all stakeholders in the region who will benefit for the increased growing activity and salmon processing. This is indeed great news for Newfoundland and Labrador and the aquaculture industry as a whole.”

This expansion will 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.

“We are pleased to partner with the Government of Newfoundland and Labrador to expand our aquaculture interests in Newfoundland and Labrador,” said Tim Gray, President of Gray Aqua Group.

“Our company is one of the largest of its kind and believes there is a lot of potential for expansion in Newfoundland and Labrador. 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.”

Budget 2012 included C$6.5 million for the Aquaculture Capital Equity Investment Program. Approximately $24 million has been invested since the program’s introduction in 2006, leveraging over C$400 million in total from the private sector.

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