Proximar closing in on first main harvest

Excitement is growing at Proximar Seafood which is closing in on the first harvest of Atlantic Salmon at its new site near Mount Fuji, Japan.

Reporting its 2024 first quarter results, the company is expecting to achieve this significant goal in September.

It also will make history by becoming the first producer of Atlantic Salmon in Japan.

CEO Joachim Nielsen said everything is on track supported by favourable biological conditions, stable water quality and good fish health.

The operational activities are increasing in the post-smolt grow-out (PSG) building as planned.

The second module of the PSG will be put into operation during Q2, with the remaining two to follow in H2 this year.

The targeted long-term harvest level for Proximar is 5,300 tonnes (HOG) per year in Phase 1, with a gradual ramp-up from the first harvest.

Estimated harvest volumes for 2024 and 2025 combined are expected to be around 4,700 tonnes (HOG).

Proximar said the 2024 target harvest volume will be communicated closer to first harvest announcement.

Standing biomass at the end of the quarter was 111.9 metric tonnes, up from 39.8 metric tonnes at the end of Q4 2023. By mid-May the biomass was 188 tonnes.

CEO Nielsen added: “We are pleased to see the standing biomass increase at pace, whilst the growth of the fish remains according to expectations.

“Despite some start-up related problems resulting in mortalities, we remain confident in our targeted volumes. Fish health and safety remain our key priority going forward. We have a strong team in place and remain optimistic in terms of our production and first harvest.”

Proximar said the first quarter highlight included:

• Continuing to grow the fish stock, with total biomass at 111,9 metric tonnes by the end of Q1 2024
• Increased operational activity in the post-smolt grow-out building, now with multiple batches
• Raised NOK 165 million (around £12m)  in a private placement and repair offering
• Extended the repayment date for the JA Mitsui Leasing (JAML) loan until December 2025, according to previous communication
• Further strengthening of the production team and well on-track with staffing plan A robust market for Atlantic salmon in Japan.