Sino Agro Food Inc (fka SIAF)

[RealDutch]

The 100g/m3 was a visual observation by undercurrent. lol. Tony has a few tanks available for freshwater prawn research at the Mega Farm so it doesn't mean a thing. Perhaps he's trying to get it to work given the poor water quality currently. During the summer months he doesn't need a boiler.

They are mostly growing perch at AF4. Mixed finfish. Not rotating as I understand it. Which means total output will be low but margins pretty good. And you can have one quarter of zero sales and the next a whole lot. Prawns outdoor in the ponds but that is not ODRAS so it doesn't amount to much.

Baby prawns from AF3. And of course White shrimp and Tiger shrimp from the ODRAS ponds.

AF2 should be mostly research including the 2 new species which is a trial.

AF1 I'm not sure. Could be depuration. Or mixed finfish. Marbled eel.

They also have a lot of older generation ODRAS ponds at several fish farms. Where they grow finfish, marbled eel. Probably some sleepy cod. And prawns of course.

I think we are close to 9,000 MT this year. And roughly a third should be prawns.

Interesting is that they built this so slow and it’s far from being finished, and the costs must have been much higher than they was counting with

Yes and no. The cost is always higher for pilots. As you have the electrical and piping etc. to consider. Building nr 3 should be cheaper. And for 18 buildings (AF5) you get a discount.

The first loan was a $15M loan as I remember it. They said they could only use it after completion of a building. So that would be to buy inventory, hire people etc. Startup costs. Which is probably what they have done for building 2.

The boiler is not the only issue. Nor is the water quality. They have to improve density IMO to make freshwater prawns more profitable than the other alternatives. They are better off doing lots and lots of research until the 3rd building is completed. IMO.

The 2nd loan of some $35M requires a lot of expenses in order to get it. At least that's what they said. So they are passing on that one for now.