Gold River Aquafarms will be getting a big boost toward their final project, an ambitious $100 million dollar re-circulatory aquaculture system project built on a former pulp and paper mill through an investment by the B.C. Government. The money was given to the company late last month.
Jobs, Economic Development and Innovation Minister of B.C., Brenda Bailey said that the $50,000 from the provincial government goes toward assessment and evaluation of the proposed site. Bailey was in Campbell River as part of a tour of North Island.
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“They really have an ambitious goals for what they want to happen,” said Bailey. “It’s really an exciting opportunity because in putting this funding forward, the government wants to ensure high quality jobs on North Island. We’ve seen the ebbs and flows of traditional industry can be very tough on communities.”
The funding was made available via the provinces’ Manufacturing Jobs Fund. It helps fund for profit organizations to plan and launch high-value industrial and manufacturing projects that will directly benefit stable employment to communities. The $50k received by Gold River Aquafarms is just Stream 1, which includes the readiness of a project, according to a government website. Stream 2, which includes capital investment, can see the province investing up to $10 million upon industrial projects.
“It’s really important to have economic diversification,” Bailey said.
She also believes that the company will apply for more funding in the future.
“They are welcome to do so,” said Bailey. “I understand that they have a lot of work ahead of them to make this project real.”
The aquaculture industry in B.C. has seen 40 per cent of open net salmon farms close since 2020. In February, the federal government cancelled licences in the Discovery coast region; They have reversed that decision, with consultations with various parties continuing through the summer before the announcement of a transition plan.
Bailey says that disruptions holding up entire industries can have a trickle down effect, and not just on the community.
“When someone loses their job, it’s not just the person who loses their job that is impacted,” Bailey said. “It impacts their spouse, their children. We want to ensure lots of opportunities for development to ensure this province is firing on all cylinders.”
Gold River Aquafarms President Rob Walker says the money received will give his company a better idea of project completion dates.
“We’ll use the funds to assess the condition of the buildings on the site,” said Walker. “Those include wall cladding, roofing and hazmat. It will determine the costs to bring them up to the standards we’ll require.”