June 8, 2020 / 6:12 AM / a month ago

BRIEF-Salmones Camanchaca Cuts 2020 Harvest Guidance After Incident At Islotes Site

June 8 (Reuters) - Salmones Camanchaca S.A.:

* SAID ON SATURDAY THE INCIDENT DISCLOSED ON MAY 18 AND 22 HAS LED TO A MORTALITY OF 387,837 FISH, THAT IS, 22% OF THE INITIAL STOCK OF THE ISLOTES SITE

* VERY UNUSUAL WEATHER CONDITIONS IN CHAITÉN AFFECTED ONE OF SEAWATER SITES, NAMED “ISLOTES”, IMPACTING ITS STRUCTURES

* MORTALITY HAS TURNED OUT TO BE HIGHER THAN INITIALLY ANTICIPATED AND REPORTED

* TO DATE, CO HAS RECAPTURED 9,900 FISH, OUT OF AN ESTIMATED TOTAL OF 38,316 ESCAPED FISH, THAT EQUALS TO A RECOVERY OF 25.8% OF THE ESCAPES

* ESTIMATES INCIDENT WILL REDUCE 2020 ATLANTIC SALMON HARVESTS ESTIMATES BY AN AMOUNT CLOSE TO 2,200 TONS, THAT IS, APPROXIMATELY 4% OF THE ESTIMATED ANNUAL TOTAL

* CONCLUDES THAT, AFTER APPLYING THE CORRESPONDING INSURANCE, THE IMPACT ON RESULTS AFTER TAXES IN Q2 2020 WILL BE CLOSE TO $2.9 MILLION, CORRESPONDING TO NET LOSSES FROM BIOMASS LOSS, EXPENSES IN EXCESS OF INSURANCE OVER-LIMITS, AND FOR ASSETS DAMAGED AND NOT COVERED BY INSURANCE

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Further company coverage: (Gdansk Newsroom)

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