Grandi says it's committed to continue with the project in eastern Iceland and slowly move towards increasing production, after shutting down its salmon farming operations at the same location.
“We didn’t see that salmon would be profitable. It’s colder here than in Chile or Norway, so that makes competition difficult,” CEO Eggert Gudmundsson told IntraFish.
At the moment, the cod project is on a small scale and the company is collecting data on feed and growth rates, he said.
“The market is depressed now, but we anticipate that it will have changed within three or four years and, by then, we will be ready to go with as much as 2,000 metric tons at full production,” Gudmundsson said.
