WFP Concluded Ownership Interest Sale in Mid-Island Partnership

SEATTLE (Scrap Monster): Western Forest Products Inc.  announced completion of the previously announced agreement for the Tlowitsis, We Wai Kai, Wei Wai Kum and K’ómoks First Nations towards acquisition of 34% interest from Western in a newly formed Limited Partnership for a sum of $35.9 million. The partnership will now be known as La-kwa sa muqw Forestry, meaning ‘the wood of four’ in the Kwak’wala language.

The Partnership consists of some assets as well as liabilities of Western’s Mid Island Forest Operation, including the newly-established Tree Farm Licence 64.Its operations will 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. It will manage an allowable annual cut of 904,540 cubic metres of timber. Furthermore, it includes a long-term fibre agreement to support Western’s B.C. coastal manufacturing operations, the company press release said.

Steven Hofer, Western’s President and CEO stated that the closing of the transaction marks a key milestone in the company’s journey towards a stronger, more inclusive forestry sector.

An event to celebrate the landmark transaction will be held in Campbell River on April 5, which will be attended by the participating Nations, provincial and municipal government leaders, and Western representatives.

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