A rare opportunity has opened for an investor interested in pearl farming.

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An existing business opportunity owned by an investor since 1998 and the owner is now looking at selling this great prospect to any interested developer. The status of this venture is an investment ready project.

Sector: Fisheries

Location: Samarai Island, Alotau, Milne Bay Province

Project Size/Investment Value: K5 million

Project Description: Coral Sea Mari-Culture (PNG) Limited

CSMC is an existing business on the Samarai Island, principally owned by an investor from Australia since 1998. Due to ill health and age, the principal investor is no longer fit to run the operations of the business. Fisheries license with the National Fisheries Authority (NFA) is current. The investor is offering the complete business, including properties, commercial and residential (staff accommodation) to the new investor.

Basically a takeover including all shares in CSMC, with no encumbrances. The List of Assets includes equipment to farm 52,000 pearl shells using bottom fence system. Currently, 15,000 shells are ready for harvest. The commercial properties/sheds on the waterfront, including the wharf is leased from PNG Ports. This lease is current, the sheds include a hatchery, which has produced shells since 2003 and another used for seeding, processing spat and x-raying (to determine whether pearls are ready to be harvested or not). The gold lip pearl oyster produces the yellow/gold pearl (with white as well) and these shells can produce 2 pearls over a four year period. This means the first pearl can be harvested and the same shell re-seeded to produce larger pearls in the same oyster over given time. The shell can be x-rayed at any time to determine whether it’s ready to be harvested or not. Small pearls of 9 mm or 10 mm approximately 12 months and larger pearls of 11mm or 13 mm in 24 months. Necessary dive gear is available with PADI trained divers plus farm workers ready and willing to resume at any given time. The facility can be utilized for other marine species and research and is an attraction for tourists visiting the Island & nearby Doini Island Resort. Better arrangements can be put in place with local people of nearby Islands of Logea, Ebuma, Sariba, Sidea, Basilakietc to be involved in the industry.

Contact Charles Safitoa IPA PNG Details Ph: (675) 7210 2100 or Email: chardigm@gmail.com investment@ipa.gov.pg

Advertiser:  Investment Promotion Authority Website: www.ipa.gov.pg Email:  investment@ipa.gov.pg Phone: (675) 72102100