Close X
Thursday, November 14, 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

Feds offer cities aid for transit shortfalls

Feds offer cities aid for transit shortfalls
Provinces must match the funding, and work with cities to more quickly increase the supply of housing. Freeland says municipalities need the financial help to manage the economic repercussions of the pandemic and maintain transit systems.

Feds offer cities aid for transit shortfalls

Flag a collective symbol with individual meaning

Flag a collective symbol with individual meaning
Canadians might not be known as fervent flag wavers like their U.S. neighbours, but the Maple Leaf’s display at protests on Parliament Hill and at border crossings has given some people pause, said Carmen Celestini, a post-doctoral fellow with the Disinformation Project at Simon Fraser University's school of communication in Burnaby, B.C.    

Flag a collective symbol with individual meaning

Canfor curtailing production at Taylor Pulp

Canfor curtailing production at Taylor Pulp
The company says inventories at the mill in northeastern B.C. that produces bleached chemi-thermo mechanical pulp (BCTMP) have reached capacity.

Canfor curtailing production at Taylor Pulp

Woman assaulted by man at a local park while jogging

Woman assaulted by man at a local park while jogging
An outstanding description of the male was given by the victim, leading to the man being identified. Toluwanimi Alausa was arrested and a Sexual Assault charge has been approved.

Woman assaulted by man at a local park while jogging

750 COVID19 cases for Wednesday

750 COVID19 cases for Wednesday
There are 762 individuals hospitalized with COVID-19 and 121 are in intensive care. In the past 24 hours, 11 new deaths have been reported, for an overall total of 2,777.

750 COVID19 cases for Wednesday

B.C. lawsuit asks for removal of sex-work records

B.C. lawsuit asks for removal of sex-work records
The civil suit filed in B.C. Supreme Court says members of the class-action had convictions, charges or police interactions related to sex work before the Supreme Court of Canada struck down key prostitution laws in 2013.

B.C. lawsuit asks for removal of sex-work records