MARINE Produce Australia has exercised its option to 100 per cent ownership of the Barramundi Sea Cage Farming Joint Venture with Maxima Fish Farms.
It has also started commercial farming at its Aussie Prawns farm near Darwin and appointed Peter Fraser market and production distribution consultant.
Mr Fraser is general manager and a director of Lobster Australia.
He is also a director of the Western Australian Fishing Industry Council and a committee member of the National Seafood Industry Strategy and the Seafood Export Alliance.
MPA has the option to buy Maxima’s half share in the barramundi project for $400,000 or the equivalent in shares.
MPA excutive chairman Ashley Zimpel said in an announcement to the Australian Stock Exchange Maxima was "keen to accept equity in MPA as settlement of the exercise of the option".
Mr Zimpel said the seacage growout system had proved reliable.
The company also announced that it was ahead of schedule with its plans to redevelop its Aussie Prawns site near Darwin.
MPA bought the site in early 2004.
Mr Zimpel said with construction of the ponds completed ahead of schedule, the company planned to move immediately to commence production.
Further renovation and construction activity at the site is expected to start in April.