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ผู้เขียน หัวข้อ: Abalone farmer may lose millions of dollars  (อ่าน 2429 ครั้ง)
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« เมื่อ: กรกฎาคม 13, 2010, 05:22:19 AM »


An abalone farm at Eyre Peninsula was severely damaged by a storm. (Photo: (Stock File/ FIS)

Abalone farmer may lose millions of dollars

 AUSTRALIA
Tuesday, July 13, 2010, 03:20 (GMT + 9)


Millions of dollars may have been lost because of storm damage to abalone operations off the west coast of Eyre Peninsula in South Australia (SA).

An Australian Bight Abalone (ABA) lease near Elliston has experienced destruction by the fierce weather this weekend and high seas. Managing Director David Mazengarb said they are working to retrieve 32 sea cages that broke loose and suffered damage.

It is a hit against the Adelaide-based company, he said, which had been recovering from voluntary administration.

"It is quite serious for the company and we've devoted a lot of time and effort over the last 24 hours to securing the site and the position," Mazengarb said, reports ABC Online. "Certainly it's very disappointing at this point in time to lose those sea cages and infrastructure in the fashion that we have done."

ABA, the nation's largest offshore abalone farmer, fears losses could reach AUD 3 million (USD 2.6 million) to AUD 5 million (USD 4.4 million).

It went into voluntary administration early this month and appointed McGrath Nicols Partners to handle it. The decision was mainly prompted by the failure of two of the biggest companies in the industry, worsening business conditions, the pulling out of financiers from the grower loan market and a fall in investment, AAP reports.

ABA’s independent Chairman Tipene O'Regan said the issues surrounding Great Southern and Timbercorp had impacted the whole industry.

"The board does not have faith in the tax effective MIS model of fundraising going forward," he said.

"Our investment inflows for this year were down 77.6 per cent from last year and 86.7 per cent on our expectations. Whilst we could have drawn down on funds raised this year to continue operations we did not think that to do so would be in the best interest of those 2009 applicants, accordingly we have arranged to reimburse all of the 2009 application monies," he added.

Meanwhile, some farmers are calculating the cost of crop damage from the storms this past weekend.

Eyre Peninsula was one area slammed by winds of more than 100 km per hour.

The winds were wild for hours, said Cleve farmer Grantley Siviour.

"It's certainly done a lot of damage around the district," he said. "There's a lot of crops that have been belted particularly to the west of us on the sandier ground and I'm surprised it's not more.

"But a lot of crops went in fairly early and fairly wet and they're holding, but there is quite a bit of stuff that is damaged and some will have to be re-sown," he added.

Related article:

- Request for inquiry into abalone firm denied

By Natalia Real
editorial@fis.com
www.fis.com

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