Plans to build the world's biggest prawn farm in northern Australia are high and dry.
After almost a decade of development in the Northern Territory, the company behind the massive project, Project Sea Dragon Pty Ltd, was placed in voluntary administration yesterday.
It is yet another of the NT's grand projects which has struck financial trouble.
The audacious Sun Cable project which wants to build a massive solar farm in the outback to power Singapore is also on hold while its major investors debate its future.
Sun Cable has also been placed in voluntary administration while billionaire backers Andrew Forrest and Mike Cannon-Brookes consider their involvement.
Expected to cost $30 billion to build, Sun Cable secured rights to 12,000 hectares of pastoral land at Newcastle Waters Station near Tennant Creek to build the world's biggest array of solar panels to provide power via a yet to be built undersea cable to Singapore.
The parent company behind the prawn farm, the ASX-listed Seafarms has also asked the ASX for a trading suspension.
The NT government was a major backer of the prawn farm proposal, spending more than $56 million in building sealed roads to support the project.
Seafarms had wanted to build a 10,000ha black tiger prawn pond project on a remote cattle station near the NT-Western Australia border.
It was hoped the almost $2 billion project seeking to produce up to 10,000 tonnes of prawns per year would create 1500 valuable jobs in the NT.
Seafarms is expected to provide the ASX with a further update of its plans later this week.
The NT project was early last year declared "not financially feasible" and "unviable in its current form" by Seafarms.
Seafarms said a pricing review found they would need "significant" international markets for prawns as its remoteness would likely lead to price pressure in the domestic market where the project was no longer "considered feasible".
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