Cermaq cancels farmland permit purchases

The suggested resource rent tax on salmon farming has led to significant uncertainty among aquaculture companies and the supplier industry. This could lead to decreased investments and stalled projects, potentially causing reduced activity and job loss risks within the supplier industry. This could impact employment in numerous coastal towns and could become a reality for the aquaculture sector unless modifications are made to the resource tax plan, according to Lars Galtung, Chief Sustainability Officer at Cermaq Group. Cermaq acquired its portion of the offered capacity increase based on the traffic light system, paying 134 MNOK. This amount was intended to be transferred to the Aquaculture Fund, which is allocated to municipalities with farming sites. Galtung states that the purchase will be cancelled due to insufficient understanding of the proposal's potential impact on future valuation and profitability. Cermaq Norway is suspending investments of up to four billion NOK due to the resource rent tax proposal. Galtung adds that since 2016, they have invested over five billion NOK in Northern Norway and had plans to invest up to four billion NOK in the coming years. However, they now need to understand the implications of the resource rent tax before proceeding with any projects.