A NEW business is set to be a boon for the district.
Nanjing Night Net

With the need for Murray Cod growing, aquaculture companyTimpetra hasannounced it has signed binding term sheets to acquireRiverina-based businesses, Riverina Aquaculture, Silverwater Native Fish and Bidgee FreshPty Ltd.

The purpose of the acquisition isfor the breeding, growing and supply of premium Murray Cod to wholesalers,restaurants and export markets.

MIA businessmen Mathew Ryan and Roger Commins will become directors and majorshareholders ofthe company.

Their drive and innovative ideas will becombined with the skills andexperience of Ian Charles from Silverwater.

Timpetra chairman Ross Anderson said their knowledge would be key factors in the growth of theindustry.

“The quality of the fish has already beenappreciated by many locals and top-endrestaurants have been clamoring for the product,” Mr Andersonsaid.

By using a land-based aquaculture model the companywill also have an environmental focus.

“Effectively the same irrigation water is used twice –once through the fishponds –then thenutrient-enriched water is used to irrigate crops or pastures on the farms,” Mr Anderson said.

“Cropping andgrazing can be integrated with fish farming as part of the company’s operations.”

As part of the new venture, ASX-listed Timpetra will undertake capital raising of up to $10million to fund acquisitions and expand existing operations to meet excess product demand.

“This has all the main ingredients of a great business and I believe it is the beginning of amajor new industry in the Riverina area,” Mr Anderson said.

“There is almost no direct competition in eitherfarmed or wild caught cod and barriers to entry are high.”

Due to its appearance and premium quality flesh and taste, Murray Cod is earning areputation as one of the best tasting freshwater fish in the world.

Theaverage price paid for live Murray Cod isabout$20per kilogram at the farmgate.

Information sessions for interested investors and contract growers will be heldin August.

This story Administrator ready to work first appeared on Nanjing Night Net.