Tuna breeding efforts put on hold

Eyre Peninsula-based Clean Seas Tuna said limited finances prompted a suspension of its tuna breeding program in South Australia.

CEO Craig Foster said financial resources would be directed to its kingfish operations, which had experienced problems.

Clean Seas has been working to breed tuna in captivity, but the past season has produced disappointing numbers of fertilised eggs.

Mr Foster says the program is on hold until at least next summer.

"We would like to continue it at a later stage but we don't have the financial capacity to complete it at the moment so we have no choice but to reduce our costs, get to a point where we've stabilised the company, have normalised the kingfish production into a profit situation and then we'll consider restarting the propagation program," he said.

"We do have sufficient cash to go into the new year and we have options to continue selling some of our surplus assets and we hope to get an investor into the company, but we are in a position where we need to seriously restructure and possibly downsize some further aspects, so I wouldn't say positive but I'm hopeful."

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