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Sat, Apr 13, 2024 08:23
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Management Side
Western Forest Products completes sale of ownership interest in newly formed mid-island partnership

CANADA (News release) -- The Tlowitsis, We Wai Kai, Wei Wai Kum and K'ómoks First Nations (the "Nations," all member First Nations of the Nanwakolas Council), and Western Forest Products Inc. ("Western") announced the completion of the previously announced agreement for the Nations to acquire a 34% interest from Western in a newly formed Limited Partnership for $35.9 million. The parties also announced the new name for the Partnership, which will be known as La-kwa sa muqw Forestry going forward. The name means 'the wood of four' in the Kwak'wala language.

The Partnership consists of certain assets and liabilities of Western's Mid Island Forest Operation, including the newly-established Tree Farm Licence 64, created through the subdivision of Block 2 from Tree Farm Licence 39. The operations of the new Partnership cover approximately 157,000 hectares of forest land in the traditional territories of the Nations near the communities of Campbell River and Sayward on eastern Vancouver Island. The Partnership will manage an allowable annual cut of 904,540 cubic metres of timber and includes a long-term fibre agreement to support Western's British Columbia coastal manufacturing operations.

The Nanwakolas Council provides its member First Nations with advocacy and information services, technical support, coordination, and advice to assist them in their decision-making work.

Western is an integrated forest products company building a margin-focused log and lumber business to compete successfully in global softwood markets.

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