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Parengarenga Gives Kingfish Farming Another Go

Yellowtail Husbandry Technology & equipment +5 more

AUSTRALIA - The Parengarenga Incorporation has informed its estimated 1800 shareholders it intends to seek an investor to put up $5.5million to build a new $4.7million marine farming plant which the McRobert Aquaculture Group in Western Australia has designed for a site at Paua by the Parengarenga Harbour.

Shareholders have been told the plant - planned for installation this year - could produce 320 tonnes of yellowfin kingfish annually and the venture could make a $1.6million profit in its second year of operation, writes Mike Barrington for The Northern Advocate.

The plant's operating budget would be provided by a $1.25million Bank of New Zealand overdraft guaranteed by Parengarenga Inc.