Humpty Doo Barramundi
NAIF finance assisted in the recognition of northern Australia as a leading supplier of premium saltwater farmed barramundi. Small scale agriculture is difficult to finance in the private sector. NAIF finance, over two separate Investment Decisions, allowed fast tracking of this major Humpty Doo investment which would not have been possible in the short term without NAIF.
About the Project
NAIF’s first $7.18m loan for pond and nursery facilities was completed last year and helped Humpty Doo Barramundi to significantly grow the supply of Australian grown Barramundi.
Stage two of the barramundi farm expansion, supported by a further NAIF loan for $24.2m, will enable the family-run business to take advantage of increased demand for high quality Australian seafood.
This stage will also include the construction of a hatchery at Channel Island which will be the first purpose built commercial Barramundi hatchery in the NT and will provide juvenile fish supply security to the Territory.
The next stage of the expansion includes:
- New infrastructure including ponds and improvements to existing facilities such as the nursery, packing shed, roads, and electrical which includes the addition of rooftop solar.
- Creating 111 construction jobs as the projects roll out, and a further 160 jobs from increased operations.
- Adding significantly to the Territory’s GTP.
- Target of 10% Indigenous employment
- Employing culturally appropriate HR Manager & Mentor to support Indigenous employment and participation opportunities
- Identification of sub-contracting opportunities for Aboriginal businesses and engage suppliers and service providers with a demonstrated commitment to Indigenous engagement
- Under stage 2, Humpty Doo Barramundi have made additional commitments under their existing Indigenous Engagement Strategy, which aims to provide opportunities for indigenous enterprises as well as increased recruitment and retention opportunities for Aboriginal employees.
Economic Impact and Other Public Benefit
- Increase in production capacity to meet increasing demand for fish, with additional employment (in Stage 1, 13 construction jobs and 7 ongoing jobs)
- Help grow the NT aquaculture sector, through supply of fishlings and future multi-user processing capabilities
Humpty Doo Barramundi Chief Executive Officer Dan Richards said
“We are pleased to be able to make this next investment towards making Australia self-sufficient in producing Australia’s iconic salt water Barramundi, while creating new opportunities for our fellow Territorians. We would like to acknowledge the great work of the teams at NAIF the ANZ and Humpty Doo Barramundi to make this happen.”