$30m grant for barramundi project in Latrobe Valley

The federal government has confirmed it will provide $30 million in funding towards the innovative Latrobe Valley Aquaculture project, which is proposed to be become the world’s largest indoor bio-secure facility for growing and processing sustainable Australian barramundi.

Opal and barramundi aquaculture specialist MainStream Aquaculture are working together to develop the $125 million aquaculture project in the Latrobe Valley, Victoria.

Co-located at Opal Australian Paper’s Maryvale Mill, MainStream Aquaculture would design and operate the facility, which would grow and process more than 3700 tonnes of barramundi for the Australian market annually.

The barramundi would be processed into high-value products delivered fresh across Australia. These products would help to meet growing demand and replace imports, thus enhancing Australian competitiveness in the seafood supply chain.

Latrobe Aquaculture project view towards Mill Stage.

Now that the funding support has been confirmed, the two companies will move into the final development pathway including detailed facility design, regulatory and board approvals.

Boris Musa, MainStream Aquaculture’s CEO, commented, “We welcome the opportunity to participate in an innovative business initiative in such a critical industry. Using efficient and sustainable technology for primary food production has significant merit. In addition to its world class environmental credentials, barramundi aquaculture has potential to transform socially and financially the local community by developing a new aquaculture precinct in the region.”

Craig Bosch, Aquaculture Project Lead Opal, says the announcement of the federal government funding is an important milestone for this innovative project.

“The Latrobe Valley Aquaculture project showcases how leveraging complementary capabilities can support opportunities for transformation in the Latrobe Valley.”

Top image caption: Barramundi fingerlings approximately 35 days old.