Cook Aquaculture Inc. is planning a $150+ million CAD expansion to its aquaculture business in Atlantic Canada. The government in Nova Scotia is to lend $25 million to the company, with $9 million of the loan to be provided through the Nova Scotia Jobs Fund, and the remaining $16 million of the loan bearing interest.
The loan has been backed by many in the province, with the development and expansion of Cooke Aquaculture's business set to greatly benefit the local economy and create a large number of jobs. The Nova Scotia government has said that the aquaculture industry in the province currently employs over 750 people and contributes $57 million CAD to the local economy.
Included in the expansion plans are a new processing plant in Shelburne County, development of a fish hatchery in Digby, and redevelopment of the Northeast Nutrition Feed Mill in Truro.
The existing Northeast Nutrition Inc. feed facility in Truro, Nova Scotia will see the addition of a 2nd state-of-the-art complete extrusion line, which will include vacuum coating and packaging systems.
The company said, "Constructing the new production line and increasing the capacity of key areas of the plant, will more than double the current capacity of the plant. In addition, raw ingredient receiving, storage, grinding, mixing and finished good warehousing capacity will be increased."
They continued, "The proposed expansion of the facility will provide the feed production necessary for the expansion of Cooke Aquaculture’s salmon production at marine sites in Nova Scotia."
The Northeast Nutrition Feed Mill in Truro is the only aquafeed feed mill in Nova Scotia, it was purchased from Nutreco in 2007. With the proposed expansion, the feed facility is set to have the largest aquafeed capacity in Atlantic Canada.
The estimated cost of the expansion of the feed mill is $20 million CAD with estimated annual sales of more than $100 million CAD.
The expansion will lead to the creation of thirty new jobs at the Truro feed facility, bringing it up to a total of 81 employees employed at the site.