St. George, New Brunswick - Canada, boasting the world's longest coastline, heavily depends on its fish and seafood industry to fuel local and regional economies. In a strategic move, the Government of Canada and the Province of New Brunswick have joined forces to provide financial backing to True North Salmon Limited Partnership and Cooke Aquaculture Inc. This support, facilitated through the Atlantic Fisheries Fund (AFF), aims to enhance aquaculture processing productivity in the region.
The AFF is channeling a repayable contribution exceeding $6.7 million, contributing to a comprehensive project budget surpassing $15.6 million. These funds will be allocated towards acquiring cutting-edge equipment for True North Salmon's processing plant located in St. George, NB. The newly acquired technology is designed to elevate value-added processing capabilities, enabling precise individual product portioning.
As a part of the Cooke Aquaculture group of companies, True North Salmon is set to undergo a substantial expansion of its processing plant, effectively doubling its size. This expansion is a strategic response to market demands and labor shortages, with an overarching goal of enhancing the overall productivity of the company.
The funding injection serves to empower Cooke Aquaculture in consolidating its local salmon processing capacity, with a focus on cultivating a more flexible product mix that aligns with consumer preferences. The investment is part of the broader $400 million Atlantic Fisheries Fund (AFF), jointly funded by the federal and provincial governments. The AFF's mission is to foster opportunities and elevate market value for sustainably sourced, high-quality fish and seafood products originating from Atlantic Canada.
Introduced in 2017, the Atlantic Fisheries Fund is committed to supporting projects throughout its seven-year duration. Stakeholders, including the commercial fisheries and aquaculture industry, Indigenous groups, universities, academia, as well as industry associations, organizations, and research institutions, are encouraged to submit applications for funding under this initiative.
Source: Fisheries and Oceans Canada (Dec 4, 2023). Government of Canada and Province of New Brunswick support improved productivity in aquaculture processing. https://www.canada.ca/en/fisheries-oceans/news/2023/12/government-of-canada-and-province-of-new-brunswick-support-improved-productivity-in-aquaculture-processing.html?utm_source=miragenews&utm_medium=miragenews&utm_campaign=news
Photo: A Cooke Aquaculture salmon farm in Blacks Harbour, near Saint John. Cooke Inc. is buying an Australian company that harvests 40,000 tonnes of Atlantic salmon a year. (Associated Press/Robert F. Bukaty)
