Western Forest Products Completes Sale of Ownership Interest in Newly Formed Mid-Island Partnership
28 Marzo 2024 - 2:00PM
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. (TSX: WEF) (“Western”)
announced today the completion of the previously announced
agreement for the Nations to acquire a 34% interest from Western in
a newly formed Limited Partnership (the “Partnership”) for $35.9
million (the “Transaction”). The parties also announced the new
name for the Partnership, which will be known as La-kwa sa muqw
Forestry (pronounced la-KWAH-sa-mook) 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.
“Today we celebrate a significant and positive
step toward the sustainable and effective management of our forests
for the benefits of future generations,” said Dallas Smith,
President of the Nanwakolas Council. “Congratulations to the
Nations for their leadership in making this new business venture a
reality and Western for their partnership.”
“The closing of the Transaction marks a key
milestone in the journey towards a stronger, more inclusive
forestry sector where everyone has the opportunity to benefit,”
said Steven Hofer, Western’s President and CEO. “We’re looking
forward to working with our partners to realize the benefits the
Transaction holds for the partners, our workers and the communities
where we operate.”
An event with the participating Nations,
provincial and municipal government leaders, and Western
representatives will be held in Campbell River on April 5 to
celebrate this landmark transaction. Members of the media are asked
to contact Western’s media relations to confirm their attendance
and obtain event details.
About
Nanwakolas
CouncilThe 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. That work includes reviewing applications for provincial
tenures and permits referred to the member First Nation for their
decision and watching over Aweenak’ola through the Ha-ma-yas
Stewardship Network. Through Nanwakolas Council, the member First
Nations come together to make decisions on matters in which they
share common interests. They unite to uphold their Aboriginal
rights and title, using the powerful collective voice on the
Nanwakolas Council. The Nanwakolas Council engages with
governments, industry, and partners of the member First Nations to
protect the rights of the First Nations, and to ensure they are
honoured and respected. For more information –
www.nanwakolas.com
About Western Forest Products
Inc. Western is an integrated forest products company
building a margin-focused log and lumber business to compete
successfully in global softwood markets. With operations and
employees located primarily on the coast of British Columbia and
Washington State, Western is a premier supplier of high-value,
specialty forest products to worldwide markets. Western has a
lumber capacity in excess of 1.0 billion board feet from seven
sawmills, as well as operates four remanufacturing facilities and
two glulam manufacturing facilities. The Company sources timber
from its private lands, long-term licenses, First Nations
arrangements, and market purchases. Western supplements its
production through a wholesale program providing customers with a
comprehensive range of specialty products.
For further information, please contact:
Nanwakolas
CouncilDallas Smith, President250-203-0280
Western Forest Products Inc.
Investor Inquires: Stephen Williams Executive Vice President and
Chief Financial Officer 604-648-4500
Media Inquiries:Babita Khunkhun Senior Director,
Communications, Western 604-648-4562
Forward-looking StatementsThis
press release contains statements that may constitute
forward-looking statements under the applicable securities laws.
Readers are cautioned against placing undue reliance on
forward-looking statements. All statements herein, other than
statements of historical fact, may be forward-looking statements
and can be identified by the use of words such as “will”, “intends”
and similar references to future periods. Forward-looking
statements in this news release include, but are not limited to
statements relating to: the potential benefits from the Transaction
and the future allowable annual cut of the Licence. Although such
statements reflect Western management’s current reasonable beliefs,
expectations and assumptions, there can be no assurance that
forward-looking statements are accurate, and actual outcomes,
results and performance may materially vary. Many factors could
cause our actual results or performance to be materially different,
including general economic conditions; relations with First Nations
groups; changes in annual allowable cut; changes in laws,
regulations or public policy affecting the forest industry; and
other factors referenced under the “Risks and Uncertainties”
section of our MD&A in our 2023 Annual Report dated February
13, 2024.
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