VANCOUVER, BC, Feb. 24, 2022 /CNW/ - Canfor Corporation (TSX:
CFP) has entered into a Letter of Intent with McLeod Lake Indian
Band and Tsay Keh Dene Nation to sell its forest tenure in the
Mackenzie region of British
Columbia (BC) and a separate agreement with Peak Renewables
to sell its Mackenzie site, plant and equipment for a combined
price of $70 million.
Canfor, McLeod Lake Indian Band and Tsay Keh Dene Nation intend
to work towards a definitive agreement for the sale of the forest
tenure and will seek approval from the BC Minister of Forests,
Lands, Natural Resource Operations and Rural Development for the
tenure transfer.
"We are very pleased that the sale of the Mackenzie tenure will
provide an opportunity for the McLeod Lake Indian Band and Tsay Keh
Dene Nation to grow their leadership in the forest economy and
advance Nation stewardship values for the benefit of their
communities," said Don Kayne,
President & CEO, Canfor.
Chief Pierre of the Tsay Keh Dene Nation stated "First Nations
in BC 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." Chief Pierre also noted that "with
further work and agreements the Letter of Intent provides a clear
path for the eventual transfer to and subdivision of the forest
tenure between McLeod Lake Indian Band and Tsay Keh Dene."
Chief Chingee of the McLeod Lake Indian Band stated "As stewards
of our ancestral territory, we, the People of the Rocks, are
pleased to be acquiring this forestry tenure within our Territory.
This purchase represents an important opportunity for us to
continue our work towards 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."
For many years, Canfor has collaborated with the McLeod Lake
Indian Band and Tsay Keh Dene Nation, to advance relationships and
support Nation stewardship and natural resource development goals.
The tenure agreement will provide both Nations with greater
oversight of and control over resource development activities
within their traditional territories. In addition, this agreement
supports ongoing reconciliation efforts and is strongly aligned
with the Government of BC's Intentions Paper.
Forward Looking Statements
Certain statements in this press release constitute
"forward-looking statements" which involve known and unknown risks,
uncertainties and other factors that may cause actual results to be
materially different from any future results, performance or
achievements expressed or implied by such statements. Words such as
"expects", "anticipates", "projects", "intends", "plans", "will",
"believes", "seeks", "estimates", "should", "may", "could", and
variations of such words and similar expressions are intended to
identify such forward-looking statements. These statements are
based on management's current expectations and beliefs and actual
events or results may differ materially. There are many factors
that could cause such actual events or results expressed or implied
by such forward-looking statements to differ materially from any
future results expressed or implied by such statements.
Forward-looking statements are based on current expectations and
Canfor assumes no obligation to update such information to reflect
later events or developments, except as required by law.
About Canfor Corporation
Canfor is a leading integrated forest products company based
in Vancouver, British Columbia
("BC") with interests in BC, Alberta, North and South Carolina, Alabama, Georgia, Mississippi, Arkansas and Louisiana, as well as in Sweden with 70% interest in Vida Group.
Canfor produces primarily softwood lumber and also owns a 54.8%
interest in Canfor Pulp Products Inc., which is one of the largest
global producers of market Northern Bleached Softwood Kraft Pulp
and a leading producer of high performance kraft paper. Canfor
shares are traded on The Toronto Stock Exchange under the symbol
CFP. For more information visit canfor.com.
SOURCE Canfor Corporation