TSX: WEF
VANCOUVER, BC, Nov. 2, 2021 /PRNewswire/ - Western Forest
Products Inc. (TSX: WEF) ("Western" or the "Company") today
provides an initial response to the British Columbia provincial government's (the
"Province") update on its review of old growth forest
management.
The Province has announced its intention to work in partnership
with First Nations on the proposed deferral of harvesting in 2.6
million hectares of BC forests. The proposed deferrals, if
implemented, have been identified as temporary, and are subject to
First Nations engagement. The Province continues to state that
final decisions on deferral areas will be based on discussions
between the Province and First Nations governments.
Western requires more specific information on the Province's
proposed measures to meaningfully assess any potential impacts on
the Company's business. Determination of potential impacts will be
subject to further dialogue with the First Nations on whose
territories the Company operates and their government-to-government
discussions. Should the proposed measures impact Western's
business, the Company will seek support from the Province for its
workers and full compensation for investments.
The Province's Declaration on the Rights of Indigenous
Peoples Act affirms the application of the United Nations
Declaration on the Rights of Indigenous Peoples, including the
right to free, prior and informed consent. Western respects
government-to-government engagement and the critical role First
Nations have in decisions that may affect them.
Western has been working with First Nations for many years to
foster positive working relationships built on respect for
Aboriginal rights and title, including the right of First Nations
to economically benefit from the lands within their territories.
Western appreciates and welcomes the opportunity we have been given
by many of our Indigenous partners to support and participate in
these important processes.
Western has achieved a series of milestone agreements with
Indigenous partners in 2021 that advance our mutually beneficial
relationships and exemplify the Company's ongoing actions to
support reconciliation. These actions include the collaboration on
and co-development of:
- An Integrated Resource Management Plan with Nanwakolas Council,
focused on TFL 39 Block 2
- The TFL 37 Forest Landscape Plan Pilot project with the 'Namgis
First Nation and the Province
- A Tla'amin Nation led Integrated Resource Management Plan,
focused on TFL 39 Block 1
- A Huu-ay-aht First Nation led Integrated Resource Management
Plan for TFL 44 Limited Partnership ("TFL 44 LP") implementation,
and announcement of the completion of an incremental sale of 28%
equity interest in TFL 44 LP to an entity beneficially owned by the
Huu-ay-aht First Nation, increasing ownership to 35%
We appreciate the opportunity to work together with these and
other First Nations in advancing sustainable forest management.
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 and four remanufacturing 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.
Forward-looking Statements
This 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", "may" and
similar references to future periods. Although such statements
reflect management's current reasonable beliefs, expectations and
assumptions, there can be no assurance that forward-looking
statements are accurate, and actual results or performance may
materially vary. Many factors could cause our actual results or
performance to be materially different, including a change in the
Company's financial situation, general economic conditions,
development and changes in laws and regulations affecting the
forest industry, including as related to old growth timber
management, and other factors referenced under the "Risks and
Uncertainties" section of our MD&A in our 2020 Annual Report
dated February 18, 2021.
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SOURCE Western Forest Products Inc.
