According to ABC, the plan was to grow out yellow-tailed kingfish in cages moored some 10 kilometres off the coast near Two Rocks, just north of Perth, in one of the first trials of this kind in Australia.
However, the initial interest from domestic and foreign investors has waned, leaving the project without the $4-5 million it needs to continue, says ABC.
Several hundred thousand dollars have already been spent on the project, but researchers say that money hasn't been wasted.
Funds for WA Open Cage Fish Farm Dry Up
AUSTRALIA - Interest in an open ocean aquaculture project off the Western Australian coast has dried up, one of the latest victims of the financial crisis.
