"[It's] finished, because if you're investing your money somewhere and you could see no chance of getting a return on that investment you wouldn't continue to put money down the spout."
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Biotechnology company to close GM canola program
ABC News, Wednesday, 12 May 2004
http://abc.net.au/science/news/scitech/SciTechRepublish_1106592.htm
The Grains Council of Australia says the biotechnology company Monsanto will shut down its program to introduce genetically modified canola to Australia.
Monsanto has also decided to end seven years of efforts to introduce "Roundup Ready" wheat to international markets.
The company is continuing research in corn, cotton, and oilseeds.
Its Roundup Ready canola is approved in Australia, but Grains Council president Keith Perrett says moratoriums on commercial crops in most states have ended the biotechnology company's investment.
"Discussions I've had with Monsanto as recently as today, have indicated to me that they will be pulling out their canola program in Australia," he said.
"[It's] finished, because if you're investing your money somewhere and you could see no chance of getting a return on that investment you wouldn't continue to put money down the spout."
Mr Perrett says Australian farmers could now miss out on important biotechnology innovations.
The announcement by Monsanto that it will abandon a GM wheat product internationally has been claimed by Greenpeace as a giant victory for consumers.