Clean Seas Tuna has announced further progress in their bid to become the first company to successfully close the lifecycle of Southern Bluefin Tuna in captivity. The news comes three months after Southern Bluefin Tuna quotas were cut by 23% in Australia.

“Clean Seas Tuna Ltd is pleased to advise its Southern Bluefin Tuna broodstock commenced spawning late last week and larval rearing has commenced,” Managing Director Clifford Ashby said in a statement to the ASX. “It is anticipated that resultant fingerlings will be transferred to sea cages at Arno Bay for commercialisation growout trials in March.”

The aquaculture pioneer, which believes it “highly realistic” that they could duplicate the entire wild catch quota of Australia in the medium-term, added that further details could not be divulged due to commercial sensitivities.

“Owing to the new technology involved in this complex Southern Bluefin Tuna project, and the intellectual property associated therewith, the company needs to maintain an appropriate level of commercial confidentiality,” Mr Ashby stated.

The company, whose shares shot up 14 per cent in morning trade, also advised that their recent capital raising had allowed them to repay all bank facilities, leaving cash on hand of $17 million.

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