Camanchaca farming facilities. (Photo: Camanchaca)

Camanchaca estimates impact of USD 5 million due to harmful algae

Compañía Pesquera Camanchaca sent the Superintendency of Securities and Insurance (SVS) updated information on the impact of algal bloom in different areas of Reloncavi, in the Region of Los Lagos in its farming centres.

Through a new essential fact that complements another one submitted to the regulator agency on March 1, the salmon farming company reports that its centers Puelche, Mañihueico and Contao so far recorded biomass losses for 79 per cent, 86 per cent and 73 per cent, respectively.

Camanchaca specifies that the day before registering the phenomenon, Puelche centre had a total of 856,000 fish having an average weight of 2.94 kg; Mañihueico had 984,000 specimens having an average weight of 2.62 kg; and Contao centre had 1,078,000 salmon with an average weight of 1.66 kg.

Before the harmful algal bloom (HAB), the three centres accounted for a biomass of 6,866 tonnes, whose book value added to January 31, 2016 was USD 22.2 million.

"Considering that similar projections point to mortalities that are 9.0 per cent higher, this is more than 2.6 million units, harmful algal events will mean a smaller harvest that would be in a range equivalent to 12,500-13,000 tonnes (of whole fish equivalent or WFE) for this year, that is to say, approximately 30 per cent of the harvests we expected for 2016," stated Camanchaca general manager Ricardo Garcia.

The executive ensures the company "has adopted all contingency plans and planned mitigation ones for these situations, further contributing ships and high-tonnage fishing assets for removal and disposal of mortality."

Therefore, the company does not foresee major complications for environmental situations in the treatment of mortalities due to rescue expenses and/or waste management.

Garcia explained that, to date, most of the mortality has been withdrawn by the company and processed into salmon fishmeal and oil in its own plants.

Finally, he reiterated that Compañía Pesquera Camanchaca has insurance coverage specifically considering the negative impacts that may result from this type of algae bloom, and covering the loss of biomass according to its book value immediately prior to the events.

Based on a preliminary analysis, Camanchaca executives estimate that HAB direct impact on the company’s results for this year will be about USD 5 million.

Related articles:

- More than 2000 tonnes of salmon converted into fishmeal and fish oil
- Camanchaca loses 1.5 million salmon due to harmful algae

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