Nufarm in canola plan to save fish

AGRICULTURAL chemicals supplier and seeds developer Nufarm expects to start commercialising its genetically-modified canola alternative for fish oil by 2019.

Nufarm subsidiary Nuseed has been developing canola containing omega-3 oil as an alternative to omega-3 oil sourced from fish, to help relieve pressure on wild fish stocks. Omega-3 oil is essential for human health and the global fish oil market, estimated to be worth $US2.3 billion, is projected to reach $US3.2 billion by 2023.

Nuseed group executive Brent Zacharias says the company had filed for regulatory approval for its omega-3 canola in Australia and expects to file submissions in the US and Canada in the coming weeks.

“The submissions reflect our confidence in and commitment to the science, safety and global potential of our omega-3 program which will target a number of valuable end-markets including aquaculture feed uses and human nutrition products,” Mr Zacharias said.

Meanwhile, shares in Nufarm have hit a seven-year high after it returned to profitability.

Nufarm made a net profit of $20 million in the six months to January 31, compared with a loss of $91 million a year earlier.

Underlying net profit rose 67 per cent to $19.8 million in the half year to January, up from $11.9 million a year earlier.

Nufarm shares gained 30c, or 3.2 per cent, to $9.67.