Govt-backed mussel farm seeks further $12m

Whakatōhea Mussels is looking for more capital. (Image: Whakatōhea Mussels)

Wed, 20 Nov 2024

The unprofitable company running New Zealand’s first open-ocean mussel farm sought another $12 million in private capital as the Government stumps up another $16.5m. Whakatōhea Mussels (Ōpōtiki) Ltd doubled its loss in the 12 months to June 30 and breached its banking covenants in a “challenging” year.However, the Eastern Bay of Plenty mussel farm, which received more than $25m from the provincial growth fund (PGF), will receive another $16.5m, thanks to a Cabinet decision last week. Revenue at the mussel producer an...

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