CANADA (News release) -- Paper Excellence has announced that its Prince Albert facility has been granted a softwood fibre allocation of 1,033,564 cubic meters per year by the provincial government.

Paper Excellence has allocated $550 million in capital investments to refurbish and upgrade the facility.

"This fibre is critical to the restart of the Prince Albert pulp mill which is currently planned for the fall of 2023," said Carlo Dal Monte, Vice President of Energy and Business Development.

Paper Excellence's Prince Albert team continues to bring better definition to the project in terms of facility equipment.

"We remain dedicated to completing the facility's pre-engineering and filing necessary provincial environmental approvals to achieve our targeted late 2023 restart date," said Dal Monte. "As with many large projects, we are refining our understanding of the facility's economics and the needed funding arrangements."

The Prince Albert team also continues to meet with key Indigenous partners and businesses who will form its supply chains to discuss shared opportunities around the mill's fibre supply and other aspects of its operation.

Overall, Paper Excellence values working collaboratively with the City of Prince Albert and its municipal partners and looks forward to 2023 when the site will employee 200 people creating over $300 million per year in economic lift for northern Saskatchewan.