Meet the West's new ranchers

Adams' company is trying to fill the gap in the market between the wild-caught and farmed abalone. After buying 10g abalone "sprouts" from the hatchery, the divers drop them in the ocean on specially designed concrete blocks, called "abitats". The abalone is then left more or less alone - apart from the occasional "pred-run" check - and about half of the sprouts are expected to be harvested at 300g three years later, after feeding on whatever floats past.

Adams says capturing demand in China remains the main focus. At the moment, OGA's beach price is about $170 a kg, and then sells for more than $200 by the time it gets to China. From there, it can be sold for as much as $300 a kg in a restaurant.

Marcus Tromp of wild catch processing company Dragon King Abalone, says since the Chinese have started farming their own abalone, far more cheaply than their Australian competitors, the market dynamics have changed.

"Some people look at it as a negative, as a competitor in the marketplace, but what it has actually done is broadened the market place," he says. He estimates his company sells 60 tonnes or so a year to China, out of 5000 tonnes or so.

Tromp says there is also a move to smaller, individual abalone being served in China, rather than in the past where pieces would be cut from a large lobster or abalone.

OGA is planning to list on the stock exchange later this year, raising funds to expand its 'abitats in Augusta,as well as build a processing site and cellar door for tourists on the marina. The company is also planning to expand into Esperance and Port Lincoln.

The company raised $7.4 million in 2014 to accelerate the commercialisation of the process. And it raised a further $6 million last year, taking the number of shareholders to 25.