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$24 Million to Boost Newfoundland Industry

CANADA - Around CAN$24 million will be ploughed into Newfoundland's aquaculture sector by federal government and private sector to advance the industry off the south coast.

The funds will be directed at developing technology to introduce juvenile salmon into sea cage sites at an earlier stage.

Reports in Money Canoe say that there aren't any environmental concerns in doing this. The sites and cages follow federal environmental regulations say officials with Cooke Aquaculture.

Peter MacKay, minister for the Atlantic Canada Opportunities Agency, says the goal is to produce more robust salmon stocks.

Ottawa will spend $9.4 million and Cooke Aquaculture will spend $14.6 million under the three-year project. The recent federal budget allocates $70 million over the next five years to boost the aquaculture industry.

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