A $250 million farming development which aims to become the world’s leader in high quality and sustainable Salmon will be the first of its kind launched in Africa and sets its mark in the Kingdom of Lesotho.
8F Asset Management has signed an MOU with LNDC Lesotho National Development Corporation for the development of a 20,000 tonne Pure Salmon farm located in Butha-Buthe.
Pure Salmon’s parent company 8F Asset Management is behind the new USD 250 million project. Which itself is behind the global roll out of RAS salmon farm sites around the world.
Pure Salmon is one of the fastest growing Atlantic salmon companies globally. The move is to realize their vision to build and operate multiple 10,000 tons p.a. and 20,000 tons p.a. vertically integrated aquaculture production and processing facilities using land-based Recirculating Aquaculture System (RAS) technology.
Pure Salmon is a portfolio company of private equity funds managed by 8F Asset Management Pte. Ltd., a global asset management firm focused on impact investing.
LNDC and 8F have already committed a big chunk of total investment in the project – 40 per-cent. “When fully operational, the annual revenue generated will equate to 8% of Lesotho’s GDP,” said Farouze.
“We are in the country for many different reasons – one being Lesotho energy is 100 per cent clean – and not expensive. And the quality of water is exceptional in Lesotho. For the country to be developed and to be part of that story, we are very pleased to be part of the construction,” added Farouze.
LNDC CEO Mr Mohato Seleke told SalmonBusiness: “The main question – why Pure Salmon? To put it into perspective, LNCD is a government institution that is 100 per cent owned by the government-mandated by an act of parliament – to facilitate and promote investment – so with the main objective to create jobs – also to grow the GDP of the country. In our quest – we have come up with a new strategy which we have come up with in 2008. In 2018, we identified a number of key industries which we need to focus on – like dairy, agriculture as well as salmon aquaculture.”
Seleke added that the LNCD is intending to bring even more participation from institutional and individuals as well as finance institutions such as the World Bank and the African Development Bank Group.
Pure Salmon believes educating the future generations is one fo the most powerful initiatives they can implement to change the world for the better. Thus, 8F is also setting up The 8F & Pure Salmon Foundation that will sponsor an aquaculture education programme at the National University of Lesotho, with 15 international internships available at Pure Salmon’s facilities across the world. One million free salmon meals per year will also be provided to local schools and orphanages during the first 10 years of the facility’s operation.
Furthermore, it plans on sponsoring students in aquaculture who will have an opportunity to go to the Global Fish R&D facility Poland – of which it owns 50 per cent with RAS tech providers AquaMaof. The students, in turn, will help to create a new aquaculture hub out of Lesotho.
As a major aspect of its effect contributing ethos, Pure Salmon said it will likewise give shares through direct responsibility for site to the networks which offer their unused land for the salmon ranch.