The Perth-based company
received an investment license from the Van Phong Economic Zone in central Vietnam,
approving the use of 200 hectares over 25 years, Australis said in a statement
on Tuesday.
Australis aims to
produce 10,000 tonnes of Barramundi a year in Vietnam after five to seven years,
helping the company's revenue increase as much as six fold over the next three
years.
"This site meets
all of our criteria for product quality, the ability to incorporate world class
sustainable aquaculture practices that leverage Australis proprietary
technology, as well as a strong local workforce," Australis managing
director Josh Goldman said.
Mr Goldman said he
expected the first fish to be stocked into the lease area within 90 days and
harvest to occur within nine to 12 months.
The lease site is ideal
for growing Barramundi because it has clean, deep water protected from storms.
It is also close to major processing facilities.
Australis shares rose
half a cent to 30 cents, as of 1144 AEST.
© 2008 AAP
