Augusta Abalone Firm Aims to Float for $10M

Ocean Grown Abalone director Brad Adams is planning a $10 million float of the fisheries company in August to take the business interstate.

Mr Adams said Augusta-based OGA, which uses artificial reefs to grow wild abalone, would use the funds to expand its operations to Esperance and Port Lincoln in South Australia.

The company hopes to be producing around 500 tonnes, worth about $50,000 a tonne at today’s values, within a decade.