Chilean salmon farmer Blumar reported Monday that an estimated 760,000 Atlantic salmon were lost over the weekend as a result of a harmful algal bloom that hit three of the company's sites.

The bloom, which hit the company's Orestes, Isla Ester and Punta Rouse sites in the Aysen region, was first identified on Friday, Jan. 7.

Though losses have not been tallied, the company estimates a direct financial loss of at least $3.3 million (€2.9 million). The removal of mortalities and associated costs will come on top of that figure.

Blumar CEO Gerardo Balbontin said the incident will not have a "significant" financial impact because the biomass was fully insured.

Prior to the event, an estimated 2.55 million Atlantic salmon weighing on average 1.6 kilos were at the sites. The biomass had an estimated book value of $23.7 million (€20.9 million).

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In November, Blumar announced it posted third quarter earnings before interest, taxes, depreciation and amortization (EBITDA) of $30.1 million (€26.6 million), helped by higher salmon prices and recovering foodservice demand in the key US market.