I am very pleased to tell this Honourable House today that the aquaculture industry in this province is bucking the global trend and moving forward despite the global recession. I am pleased to announce that my department has signed a contract with Gray Aqua Farms Limited for an investment of $16 million, including a $1 million equity share and $6.8 million in provincial loan guarantees.

The company is establishing a salmon aquaculture operation in the Bay d�Espoir region. My department made the announcement in June 2008 that our government would be partnering with Gray Aqua Farms Limited and I am pleased today to report today that we have been moving forward with the deal.

Our government is providing a loan guarantee of $6.8 million under the Aquaculture Working Capital Loan Guarantee Initiative and an equity investment of $1 million under the Aquaculture Capital Equity Investment Program. As well, the company has private sector equity funding in place.

These aquaculture financing programs have been instrumental in attracting aquaculture companies to the province by facilitating access to private sector equity for them. Enabling this private sector investment is especially important during these difficult financial times. The investment attraction programs that our government has put in place have been working extremely well.

This latest aquaculture project will create 35 permanent jobs in marine operations and 40-person years of employment in the seafood processing sector. As well, it is anticipated that the initiative will create employment in aquaculture supply and service sectors of up to 150 jobs. These are in addition to the 400 jobs already created in aquaculture on the province�s south coast.

The Newfoundland and Labrador headquarters for the company is located in Conne River. I also am pleased to report that the company has fostered an excellent relationship with the Miawpukek First Nation.

Gray Aqua Farms Limited is a well-established and successful family�run company. They have been in the salmon farming business for 20 years in New Brunswick, where they have recently expanded into char farming. They have been incorporated in this province since 2006. The company also has established sales and distribution channels throughout Canadian and in United States markets.

The company has provided our government with a very solid business plan that will see their annual salmon production in this province reach an estimated 3,500 metric tonnes and sales of $24 million. Furthermore, they have provided our government with a very solid business plan. We look forward to working with them.