Close X
Monday, November 11, 2024
ADVT 
National

Canfor to sell B.C. tenure, assets for $70M

Darpan News Desk The Canadian Press, 24 Feb, 2022 05:28 PM
  • Canfor to sell B.C. tenure, assets for $70M

VANCOUVER - Canfor Corp. has signed a letter of intent to sell its forest tenure in the Mackenzie region of British Columbia to two First Nations.

The Vancouver-based company says the sale of its rights to manage the forest and harvest timber to the McLeod Lake Indian Band and Tsay Keh Dene Nation is subject to approval from the provincial government.

Canfor has also agreed to sell its Mackenzie site, plant and equipment to Peak Renewables.

The combined price of the two agreements is $70 million.

Canfor CEO Don Kayne said the company is pleased that the sale will allow the two First Nations to grow their leadership in the forest economy and advance stewardship values for the benefit of their communities.

Chief Johnny Pierre of the Tsay Keh Dene Nation said First Nations in B.C. have been relegated to marginal roles in the forest sector for far too long.

"The letter of intent signed with Canfor has the potential to dramatically change this imbalance within the Mackenzie Timber Supply Area," he said in the news release.

He added the agreement provides a path to the eventual transfer and subdivision of the forest tenure between the two First Nations.

"This purchase represents an important opportunity for us to continue our work toward economic stability and prosperity for our members, communities and business partners, all while ensuring careful and responsible stewardship of our sacred environment in accordance with our Tse'khene laws, customs and traditional knowledge," added Chief Harley Chingee of the McLeod Lake Indian Band.

 

MORE National ARTICLES

Girl found safe, to be returned to mother

Girl found safe, to be returned to mother
Last month, police issued a Canada-wide warrant for the arrest of Michael Gordon Jackson and charged him with abduction in contravention of a custody or parenting order.

Girl found safe, to be returned to mother

597 COVID19 cases for Thursday in BC

597 COVID19 cases for Thursday in BC
There are 612 individuals hospitalized with COVID-19 and 102 are in intensive care. In the past 24 hours, nine new deaths have been reported, for an overall total of 2,840.

597 COVID19 cases for Thursday in BC

B.C. heeds devastating climate message: minister

B.C. heeds devastating climate message: minister
British Columbia's environment minister says the province can't afford to wait any longer to confront climate change after last year's devastating fires, floods, slides and heat waves. George Heyman says last year delivered the message that the time to address climate change is now.

B.C. heeds devastating climate message: minister

Canadians organize rallies in support of Ukraine

Canadians organize rallies in support of Ukraine
Demonstrations have been planned in Montreal, Toronto, Edmonton and Vancouver today to denounce the Russian military strike against Ukraine, and the Canada-Ukraine Foundation has launched a fundraiser for humanitarian aid.

Canadians organize rallies in support of Ukraine

Canada brings in stronger sanctions for Russia

Canada brings in stronger sanctions for Russia
The new sanctions will target 58 people and entities connected to Russia, including members of that country's elite and their families, the paramilitary organization known as the Wagner Group and major Russian banks.

Canada brings in stronger sanctions for Russia

Emergency powers end but questions linger

Emergency powers end but questions linger
Prime Minister Justin Trudeau announced Wednesday the extraordinary, time-limited powers would be pulled back now that the immediate crisis is over. They were brought in last week to respond to protests and blockades against COVID-19 restrictions and the Liberal government.

Emergency powers end but questions linger

PrevNext