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# Cermaq halts investments due to potential resource tax impacts
- URL: https://cibocom.ghost.io/cermaq-halts-investments-due-to-potential-resource-tax-impacts/
- Published: 2022-10-03T00:00:00.000Z
- Updated: 2026-10-08T15:03:03.000Z
- Author: Cibocom
- Tags: Cermaq Global, fish

Cermaq disagrees with the Norway Finance Minister's assertion that salmon producers "did not pay for the old licenses." The company, owned by Mitsubishi Corporation since 2014, was purchased from the Norwegian Government at a market price, with a significant portion of the cost attributed to the licenses' valuation. Cermaq's expansion has been facilitated by license auctions, also at market price, just two years ago, with the auction price determined by the prevailing tax regime. When acquiring foreign companies, it's often necessary to consider a country risk in the purchase price, especially in unstable economic or political climates. However, Norway is viewed as stable, making it unlikely that Mitsubishi would have factored in a country risk for Norway, according to Rafferty. The majority of Cermaq Norway's profits since 2014 have been reinvested in its operations. Despite having significant operations in Canada and Chile, most of the funds have been invested in Norway. Norway has long been a leader in research, development, innovation, sustainability, and reducing carbon emissions through new technologies and substantial investments. Rafferty expresses concern that the proposed resource tax could deter investment in Norway and encourage it elsewhere. If implemented, the new regulations could significantly undermine Norway's position as a global leader. Rafferty, who has spent many years in the global salmon industry, has often cited Norway as an example for other salmon-producing countries. However, he fears this may no longer be the case if the proposal is enacted. He regrets that a consultation process was not conducted before the new tax was announced. Cermaq has invested over NOK 5 billion in two farming regions in Nordland and Finnmark since 2016, with plans to invest a similar amount in the coming years. However, due to the new proposals, the company has had to halt its plans, which will inevitably affect growth and job creation in the coastal municipalities where it operates. Cermaq Norway, one of Northern Norway's largest fish farming companies, employs 680 people in Nordland and Finnmark counties. The company operates 4 freshwater facilities, 43 sea facilities, and 2 processing plants, as well as a viewing center in Hamarøy. Its salmon production is located in various municipalities in Nordland and Finnmark. As a significant employer in these communities, Cermaq aims to contribute to growth. It had planned a new hatchery in Hasvik municipality in Finnmark, which would have created 30 new jobs, but this project is now on hold.