Western Australia's ocean-ranched abalone pioneer shuts as prices collapse
Rare Foods Australia, the world's first ocean-ranched abalone operation, is winding down after accumulating losses of more than $25 million.
The company was once Augusta's biggest employer. It dived and harvested abalone from artificial reefs in Flinders Bay since 2011.
Now it is closing because Chinese farmed abalone production has flooded the global market. This has effectively halved export prices.
Ranched abalone that fetched around $55 to $60 per kilogram now sells for $30 to $35. The company's 2024-25 financial report shows yearly losses of $4.8 million.
It has delisted from the Australian Securities Exchange to cut costs. Founder Brad Adams left earlier this year.
He said competition from China's around 200,000-tonne-per-year industry meant the business could not adapt quickly enough. Two Tasmanian abalone farms also closed last year.
- 4.8 million dollars
- Yearly loss 2024-25
- Around 200,000 tonnes per year
- Chinese production
Why it mattersIt shows how rapidly global supply can devastate a local industry and force job losses in regional towns.
AustraliaRegional employment in Augusta and WA's aquaculture sector continues to shrink as global competition intensifies.
✓ Claims checked against the source. checked 7 d ago
