Fishy business. The Social Impact of SST.pdf - Act Now!

Notable guests at the ceremony were Mining and Bougainville Affairs Minister Sir MichaelSomare, Sir Pita Lus, Parliament Speaker Bernard Narokobi, East Sepik Governor ArthurSomare and PNG Harbours Board chairman Timothy Bonga.The construction of the factory should be complete within 10 months after the project agreementis signed by Governor General Sir Silas Atopare this week. The production phase is anticipatedto begin two months after the first phase is complete.Mr Negints said the factory would have the capacity to process about 200 tonnes of fish dailyduring the first year of operations, with the capacity doubling in the second and third years ofoperations.He said the country's economy would be beefed up with about US$40 million (K114 million)annually while the annual foreign earnings will stand at US$60 million (K171 million) during thefirst production year."The following years will have the annual foreign earnings rising to the US$100 million (K285million) mark," a confident Mr Negints said.He said the project would be administered and operated under a joint venture companycomprising the respective foreign investors and ANGCO.Mr Negints said the joint venture company, Southseas Tuna Corporation, has been registeredand certified with an initial capital of US$12 million (K34 million) in its accounts, to begin workimmediately after the National Government gives its approval of the project.The project agreement is expected to be signed this week by the National Executive Council,which approved the project in principle in March this year.The joint venture companies are Star-Kist and Bumble Bee from the US, FCF FisheriesCompany of Taiwan and ANGCO Limited, which is the major shareholder.Star-Kist and Bumble Bee are both the leading tuna buying and selling companies in the worldwhile FCF Fisheries is the biggest fresh tuna broker in the world.Post-Courier 6.7.00Leaders hail tuna plan06/07/00Title: Leaders hail tuna planSource: Copyright, 1999, Post-Courier Online.Date: June 7, 2000EAST Sepik will have the biggest economic investment in the province since Independencewhen the proposed tuna project and facility at Yawasoro comes into operation.It is PNG's second and biggest tuna cannery and is expected to start production in 2002 afterlast week's ground-breaking ceremony.176