November 6, 2012
New Funding Supports Expansion of Gray Aqua Group Salmon Farms
Gray Aqua Group Limited has received $5 million, through the Provincial Government’s Aquaculture Capital Equity Program, to expand its salmon farming business on the south coast of Newfoundland and Labrador. The Honourable 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 $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 $400 million in total from the private sector.
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Photo: The Honourable Derrick Dalley, Minister of Fisheries and Aquaculture, announced today details of a $5 million investment in Gray Aqua Group Ltd. to expand salmon farming efforts in the Coast of Bays region. L-R: Dr. Daryl Whelan, Director of Aquatic Animal Health, Minister Dalley, and Tim Gray, President of Gray Aqua Group Ltd., touring the province's Centre for Aquatic Health and Development – November 6, 2012
Media contacts:
| Bradley Power Director of Communications Department of Fisheries and Aquaculture 709-729-3733, 699-5707 bradleypower@gov.nl.ca |
Carolyn Collier Constituency Assistant MHA Tracey Perry 709-538-3112 CarolynCollier@gov.nl.ca |
| Tim Gray President Gray Aqua Group Limited 506-325-2914 |
2012 11 06 1:25 p.m.