Total revenues to the company pursuant to the contract are projected and could potentially be valued as high as $21m to the company.
The contract calls for the development and construction of a prawn hatchery and nursery station on a six acre block of land. The facility is projected to develop some 2.8 billion prawn fingerlings in its first year of operation.
The project is divided into two phases with phase one already approved and underway. Phase one construction has commenced with an anticipated completion date of approximately early April. Construction under phase one includes infrastructure development, utilities, staff quarters, offices, prawn hatchery and nursery construction. Phase one of the project is projected to generate approximately $8.08m in revenue for the company.
Phase two of the project, which requires some additional approvals, includes the development and construction of a prawn grow-out farm consisting of 16 APM indoor units and the conversion of twelve acres of outdoor ponds for use with the APM technology. Phase two construction is expected to commence sometime this year and it is anticipated that construction could be completed as early as by the end of fiscal year 2012.
Source: Sino Agro Food
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