09 April 2010

Cod farm folds only months into start-up

Cooke Aquaculture is closing an $8.5 million cod demonstration project it opened last year with financial help from the federal and provincial governments totalling $4.0 million.

The facility got its first cod fry in September 2009,

The existing stock will be raised to maturity in 2012, as planned but the company won’t breed new stock.

In a story in the regional weekly newspaper The Coaster, the company blamed higher–than-expected costs and competition from wild cod fishing for its decision.  The company also said it couldn’t attract additional investment from its partners or from the provincial and federal governments.