Proximar prepares for first Mount Fuji harvest

Proximar Seafood is strengthening its production team in readiness for its first salmon harvest near Mount Fuji  in Japan in around 12 months’ time.

Presenting its second quarter results, the Norwegian land-based farming company said it has now completed acquisition of the land, adding that the transfer will reduce financing costs as announced in the initial plan.

Proximar has also made the first drawdown of the loan of 8.8 billion Japanese Yen (£55m) provided by Mizuho Bank, Shizuoka Bank and the Development Bank of Japan.

Among the other second quarter highlights were the continued recruitment of new employees, strengthening of the local production team and transitioning focus from construction to production activities.

A new Chief Finance Officer is also in place, Ole Christian Willumsen, who has long-term international experience, including Japan.

CEO Joachim Nielsen said: “I am pleased that we have completed the construction works of our 5,300 ton facility according to schedule after many years of planning and more than two years of construction activities .

“This marks an important milestone for the company, and we are now focusing our efforts on production and harvesting of the first Atlantic salmon at our facility in Q3 next year.”

The Q2 net loss  was NOK 24.2 million (£1.8m). The Mount Fuji RAS farm is less than two hours’ drive from the Japanese capital Tokyo, a potentially huge market with a population of more than 20 million.

Last year Proximar entered into a 10-year exclusive agreement with the Marubeni Corporation, one of Japan’s largest distribution companies.