Some 225,000 mink are farmed for their fur on five farms around the country.
The last government had recommended the fur industry be banned from the end of this year
A Government review, which was instigated in November 2011, says the industry should be allowed to continue, under licence and be open to new entrants.
It also recommends that Department of Agriculture should double its inspections of fur farms, animal welfare be enhanced and security on mink farms be improved to prevent escapes or the unauthorised release of animals into the wild.
It says best practice should be followed in the killing of mink, to minimise distress and suffering of the animals.
Killing is generally carried out by gassing the animals with carbon monoxide or carbon dioxide.
Reacting to the report, CEO of the ISPCA Noel Griffin said they remain completely opposed to fur farming.
He said it is not correct that animals should be killed just for their fur and holding non-domesticated animals in cages restricts them from their natural behaviours and should not be allowed to continue.