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Cermaq Canada postpones $500 million salmon farm expansion

The salmon farmer is putting the decision on hold until it speaks to the stakeholders involved.

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Cermaq Canada announced it needs another six months to decide whether it will be expanding into Nova Scotia with 20 netpen salmon farm sites, two hatcheries and a processing facility, reported CBC News.

The development, estimated at a CDN$500 million ($378 million/€346 million) investment, is planned for Digby, Guysborough, and Richmond counties.

The lease options were awarded in March, and the company's request for extension has been granted by the Nova Scotia government.

Cermaq Canada said it needs more time to speak to stakeholders such as the Mi'kmaq First Nation and local fishermen, said Cermaq Director of Sustainable Development Linda Sams.

To make the operation profitable, the company would need to produce 200,000 metric tons of salmon, the company says.

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