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  • Grieg Launches $250-Million Placentia Bay Aquaculture Project

    Thomas Grieg. (Picture courtesy the Placentia Chamber of Commerce)

    It’s being hailed on the Burin Peninsula as a major economic driver for the region.

    Grieg has officially launched its $250-million aquaculture project in Placentia Bay with a major event today in Marystown.

    Grieg officials say the project is expected to generate more than 800 new jobs in the area once full production is underway. That estimate includes some 440 direct jobs at Grieg and local processing facilities and another 380 in associated sectors.

    The provincial government is providing repayable financial assistance totaling up to $30-million, while Ottawa is providing $10-million in financial help. Grieg is investing more than $210-million in the project.

    The project will increase salmon aquaculture production in the province to 50,000 tonnes per year, and double the number of aquaculture jobs.

    Department of Finance figures estimate the project will generate $33-million in labour and $82.5-million in Gross Domestic Product annually once it is completely up and running in 2025.

    Conservation Groups Less Than Enthusiastic

    Yesterday, the Atlantic Salmon Federation announced that it would be appealing government’s decision to accept Grieg’s Environmental Impact Statement, claiming it sets a precedent for environmental assessment in Canada.

    The federation went to the courts following the initial approval of the Placentia Bay hatchery, and won. The courts ordered a full Environmental Assessment. That process has since been completed with the province approving the salmon farm. Bill Taylor, president of the federation, says they will appeal the approval of the salmon farm through the EIS process.

    The federation calls the Greig project the largest open-pen salmon aquaculture development in Canada. Several farms will be developed throughout Placentia Bay with processing to be done in Marystown.

    Taylor says government is in a conflict of interest position as it has stated that it may buy shares in the company.

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