Mount Fuji salmon farm company cuts operating loss

Proximar Seafood has announced an operating loss of NOK 9.8m (£860,000) for 2021, reduced from NOK 11.1m (£940,000) the previous year.

The company, which is moving closer to the opening of its high-tech land-based fish farm at the foot of Mount Fuji in Japan , is still in a project development phase so has no revenues to report. However, the project is well on its way to completion and the company expects to harvest the first salmon by 2024.

The net loss for second half of 2021 was NOK 5.5m (£480,000), compared to a loss of NOK 7.9 (£690,000) in the second half of 2020.

CEO Joachim Nielsen said: “We have kicked off the work on our first land-based recirculation facility outside Tokyo – on time and on budget.

“This brings us one big step closer to serving fresh, Atlantic salmon to Japanese households and restaurants, locally produced with a low carbon footprint.

He added: “During the year, we have strengthened the team and are preparing for the operational start-up in third quarter this year when the first eggs will be inserted. Hence, we are now building our team on site in Japan and we have received considerable interest from potential candidates.

The company said the Japanese market for Atlantic salmon is becoming even more attractive now, with high prices and increased consumption, which reflects its positive prospects.

The hatchery will be completed in the third quarter of this year and work on the building for the growth systems will begin in April. The first slaughter is expected in the second quarter of 2024.

Proximar Seafood has also been awarded the top rating for the company’s sustainability work by the influential Japan Credit Rating Agency (JCR).

Nielsen said: “We believe that our commitment to produce salmon in a sustainable way and in proximity to the market will be our long-term advantage.

It’s a major recognition for our entire team that a renowned rating agency in Japan rates Proximar with the highest score possible.”