Salmones Camanchaca toxic algae bloom financial loss comes to $7.5 million, double than expected

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Equivalent to 2,700 tonnes of biomass.

In a statement on the Oslo Stock Exchange, Salmones Camanchaca has reported on the increased impact as a result of Chile’s algae bloom.

“It is estimated that this event will generate a direct financial loss of USD 7.5 million, net of estimated insurance claims, which have been activated, and whose deductibles have already been fully considered for this calculation,” wrote the Chilean salmon farmer.

The recent numbers are double of what was posted earlier in the month when Salmones Camanchaca expected a USD 3.5 million hit.

But the appearance of toxic algae in the Comau Fjord, Los Lagos Region, which progressively affected four farming sites: Leptepu, Porcelana, Loncochalgua and Marilmó, which had a total of 3.2 million fish of Atlantic salmon, generated a mortality of 1.6 million fish in these sites, equivalent to 2,700 tonnes of biomass.

“This unforeseen natural phenomenon was far reaching, which demanded more time, resources, logistical and human efforts than initially anticipated for the containment of mortality and the transfer of surviving fish as well as the removal and disposal of those that did not survive, all of which under the context of operational restrictions and limitations of the pandemic,” Salmones Camanchaca.

The removal of mortality from all the affected sites has been completed, which has been and will be disposed of in facilities.

Salmones Camanchaca wrote that its estimates for 2021 harvest “remain in the range of 41-44 thousand tonnes of Atlantic salmon”.