Latest Prospect Magazine for WA

The latest Prospect Magazine for WA, June - August 2016 has a good summary article re Project Sea Dragon, page 13:


"PRAWN EXPORT
PROJECT FOR WA
The first stage of a billion dollar
aquaculture project to export prawns
to Asian markets is planned for
Western Australia.
Australia’s largest aquaculture prawn farm
operator – Seafarms – is looking to develop
a large-scale export project based in
Western Australia and the Northern
Territory which represents a significant
opportunity for economic development
in northern Australia.
Seafarms’ Project Sea Dragon requires an
investment of about US $1.45 billion during
the next eight years, to develop the staged,
fully integrated, land-based aquaculture
project, which will produce black tiger
prawns for export markets in Asia.
The project will be a staged development,
with Stage 1 consisting of a founder stock
and quarantine centre, located in Exmouth
in Western Australia, breeding facilities near
Darwin, a hatchery and 1,000 hectares of
production ponds, located in the Northern
Territory, and processing facilities based in
Kununurra, Western Australia.
Wyndham Port in Western Australia’s
Kimberley region is the preferred port for
export of product.
Project Sea Dragon was given major
project status by the Western Australian
Government in 2015 in recognition of the
project’s strategic importance to the
State – this followed similar recognition
by the Federal and Northern
Territory Governments.
Seafarms’ Dr Chris Mitchell said that
the cost competitiveness of aquaculture
compared to producing other sources of
animal meat protein meant large
scale aquaculture would play an
increasingly important role in meeting
rising global demand.
“Project Sea Dragon is a unique and world-
class aquaculture opportunity designed
to meet the growing global demand for
seafood, particularly in Asia,” Dr Mitchell said.
“The project will be at a scale that enables
us to leverage Australia’s comparative
advantages in biosecurity, marine
science, access to key raw materials
and expertise in large scale resource
and agricultural development.
“A project of such large scale means
Australia can be a low-cost producer, and
Australia’s strong bio-security credentials
and the project’s relative remoteness will
assist in mitigating bio-security risks.”
Western Australian Premier Colin Barnett
acknowledged the potential of large
scale production and export of prawns
to generate local employment and
business opportunities and contribute
to the diversification of the Kimberley’s
economy, while also making use of regional
infrastructure that has been provided
through significant State investment.
Stage 1 of Project Sea Dragon is expected
to create about 120 direct jobs in Western
Australia, increasing to about 700 positions
at full operation, as well as providing
contracting and local business opportunities
within the State.
Seafarms expects to reach a final
investment decision on Stage 1 of the
project by the end of 2016, with financial
close shortly thereafter.
The Department of State Development is
the Western Australian Government’s
lead agency for the project and is
working with Seafarms to facilitate the
project’s land, transport, infrastructure and
other requirements.
Australia currently produces about 5,000
tonnes of prawns each year – Project Sea
Dragon aims to increase that production
substantially, with the project set to produce
100,000 tonnes of black tiger prawns per
year when fully operational.
The Food and Agriculture Organization
of the United Nations forecasts that
aquaculture production will grow by 60 per
cent or around 30 million tonnes per annum
from 2010 to 2020.
Dr Mitchell said the growing consumption of
seafood in China, and Asia more generally,
and the rise in aquaculture production,
were leading indicators of the significant
role aquaculture would play in global food
production over the next 40 years.
“China currently accounts for two-thirds
of world aquaculture production but has
recently switched from being a net seafood
exporter to a net importer,” he said.
“Project Sea Dragon will significantly
improve the value of Australia’s prawn
exports with the project set to produce
A$1.7 billion per year in export revenues
within 10 years.”