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October 2006

More than $200 Million earmarked for Chilean fishery, aquaculture projects

Source: Paula Carvajal, Intrafish.com

AquaChile says it will invest $46 million (€36 million) to build a new fish farm, part of more than $207 million (€165 million) in planned spending next year by some of the country's leading fishing and aquaculture firms. Nine of Chile’s largest fishing and aquaculture companies are planning investments in 2007, according to media reports.

Various investments are related to fishing companies venturing into the salmon-farming business.

Pesquera El Golfo, belonging to Chile’s Yaconi Santa Cruz group and one of the top Chilean fishing companies, says it will invest $40 million (€31 million) to venture into the salmon business, financial newspaper Estrategia reported. El Golfo began investing in aquaculture in 2005, and expects to complete its latest project by 2009.

Pesquera Coloso, controlled by the Chilean Lecaros Menendez family, will invest $29 million (€23 million) in 2007, as the fishing company also moves into the fish-farming sector. The company says it will invest $15 million (€12 million) to start a fish farm and $14 million (€11 million) in a recently established company, Salmones Humboldt.

Salmones Tecmar, part of Norway-based Fjord Seafood, says it plans to spend $28 million (€22 million) to build a new fish farm. This project, like AquaChile's, is in the environmental assessment stage.

Corpesca, controlled by the Angelini group and specializing in fishmeal and fish oil production, says it plans to spend $18 million (€14 million), but didn't say how the money would be invested.

Pesquera Los Fiordos, belonging to the Chilean food holding company Agrosuper, will invest $17 million (€13.5 million) in a new farm. Salmones Mainstream, an affiliate of the Norway-based salmon farmer Cermaq, says it plans to sopend $15 million (€12 million) to start a new farm, and Salmones Multiexport, part of the Multiexport group, says it's earmarked $14 million (€11 million) for a new aquaculture operation.