Update Aqua feasibility study 3 In partnership with Mainstream Aquaculture and the Victorian Government, Opal Australian Paper has completed an Aquaculture feasibility study into Barramundi production in the Latrobe Valley. The study investigated the viability of establishing an enclosed Recirculating Aquaculture System (RAS) facility located in the Latrobe Valley with a capacity of up to 10,000 tonnes/year. Importantly the proposal would utilise infrastructure with spare capacity from the Maryvale pulp and paper mill. This $1.24 million feasibility study assessed the technical, commercial, social and environmental aspects of a leading edge RAS facility. The study concluded: • RAS design and location is optimised at a scale of 3,700tpa located adjacent to Maryvale Mill. • during construction an estimated 239 jobs (including flow on) would be created in the Latrobe Valley and 364 jobs in Victoria. • once operational it is estimated the project would provide 169 jobs (including flow on) in the Latrobe Valley and generate $36M in economic value add. For Victoria this would increase to 263 jobs and $55M value add. • intensive aquaculture farming has excellent sustainability credentials including superior feed conversion, water conversion and space conversion efficiencies compared to traditional protein sources. • the proposal requires significantly more capital funding than previously estimated. Maryvale Aquaculture is technically, socially and environmentally viable. Further work is required to improve the commercial returns of the project. Barramundi Fingerlings Juvenile Barramundi
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Update
Aqua feasibility study3
In partnership with Mainstream Aquaculture and the Victorian Government, Opal Australian Paper has completed an Aquaculture feasibility study into Barramundi production in the Latrobe Valley. The study investigated the viability of establishing an enclosed Recirculating Aquaculture System (RAS) facility located in the Latrobe Valley with a capacity of up to 10,000 tonnes/year. Importantly the proposal would utilise infrastructure with spare capacity from the Maryvale pulp and paper mill.This $1.24 million feasibility study assessed the technical, commercial, social and environmental aspects of a leading edge RAS facility.The study concluded:• RAS design and location is optimised at a scale of 3,700tpa
located adjacent to Maryvale Mill.• during construction an estimated 239 jobs (including flow on)
would be created in the Latrobe Valley and 364 jobs in Victoria.• once operational it is estimated the project would provide 169
jobs (including flow on) in the Latrobe Valley and generate $36M in economic value add. For Victoria this would increase to 263 jobs and $55M value add.
• intensive aquaculture farming has excellent sustainability credentials including superior feed conversion, water conversion and space conversion efficiencies compared to traditional protein sources.
• the proposal requires significantly more capital funding than previously estimated.
Maryvale Aquaculture is
technically, socially and environmentally viable. Further work is required
to improve the commercial returns
of the project.
Barramundi Fingerlings Juvenile Barramundi
3AQUA FEASIBILITY STUDY UPDATE
Mainstream Aquaculture is a global leader in premium Barramundi production exporting to 24 countries around the world.
Stage 1 assessed Maryvale Mill infrastructure and spare resource capacity which could be leveraged to support a RAS. The Input Resources Study was completed in May 2019 and recommended a staged approach with a first stage 3,700 tpa production facility to best match the existing Maryvale Mill waste water treatment capacity. It also found that there is strong potential for significant further capacity increases.
Stage 2 identified significant employment opportunities, recommended a preferred logistics approach and network, assessed the most attractive target market segments and recommended a preferred product option. Preliminary plant layout and designs were completed and the facility site was selected. The Stage 2 Technology, Market and Logistics Study also identified further opportunities including the potential establishment of a Nursery and regional Processing facility.
Stage 3 evaluated the commercial viability and identified a significant increase in the capital funding requirement resulting in lower than anticipated returns for the proposal. Key additional costs from this stage included higher utilities connections costs, increased scope to include Nursery and Processing Facilities, and a longer startup period to produce fillet size Barramundi.
The study investigated three stages:-STAGE
01STAGE
02STAGE
03Input ResourcesStudy
COMPLETE
BusinessCase
Technology, Marketand Logistics Study
COMPLETE COMPLETE
CASE STUDY 1
CASE STUDY 2
STAGE
01
STAGE
02
STAGE
03
Source: Food and Agriculture Organisation of the United NationsFAO United Nations data measures whole fish equivalent in tonnes
Comparison of Australian seafood consumption and Australian seafood production in tonnes
1961
1963
1965
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700,000t
600,000t
500,000t
400,000t
300,000t
200,000t
100,000t
0t
IMPORTSAustralian
SeafoodConsumption
AustralianSeafood
Production
70% of Australia’sconsumed seafood is imported
70% 68%
68% of seafood imports are from Asia
Water Conversion E�ciency 1 Space Conversion E�ciency 5
4330 L/kg
6000 L/kg
10400 L/kg
15400 L/kg
Mainstream Barramundi 450 L/kg
3.53 m2/kg
3.76 m2/kg
7.19 m2/kg
8.11 m2/kg
Mainstream Barramundi 0.04 m2/kg
Wat
er re
quire
d (L
TR/k
g) p
er k
ilogr
am p
rodu
ced
Land
requ
ired
(m2 /k
g) p
er k
ilogr
am p
rodu
ced
Feed Conversion E�ciency 2,3,4
0 1 2 3 4 5 6 7 8
Mainstream Barramundi
Feed
requ
ired
(kg/
kg)
per k
ilogr
am p
rodu
ced
PoultryPork
LambBeef
The Opal Australian Paper and Mainstream Aquaculture Team thank you for your interest in this important study. We will now seek to find ways to reduce the project costs and improve the proposal’s commercial returns. We remain optimistic for the development of a significant new aquaculture sector in the Latrobe Valley.