Whakatohea Mussels Secures $16.5M Amid Financial Struggles

Whakatōhea Mussels (Ōpōtiki) Ltd, a company operating New Zealand's first open-ocean mussel farm, has faced a tough year, doubling its losses as of June 30 and breaching banking covenants. Despite these challenges, the Government has approved an additional $16.5 million in funding, bringing its total support to over $25 million.

The company, which has also sought $12 million in private capital, is grappling with financial instability while aiming to strengthen its operations in the Eastern Bay of Plenty. The funding decision highlights the Government's commitment to fostering regional economic growth through initiatives like the Provincial Growth Fund. This injection of capital is expected to support Whakatōhea Mussels' efforts to overcome operational hurdles and drive long-term sustainability in New Zealand’s aquaculture industry.

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