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Timberland Investment
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Exportation of wood pellets from North America to Europe reached a new record

Exportation of wood pellets from North America to Europe reached a new record | Timberland Investment | Scoop.it

The wood pellet export industry in North America has grown exponentially in a relatively short period of time. The export value has increased from an estimated 40 million dollars in 2004 to almost 400 million dollars in 2012. This fairly new trade development is the result of Europe’s quest to reduce its dependence on fossil fuels and to reduce CO2 emissions. Energy generation from renewable resources has, with varying pace, gone up in all countries in the EU the past decade.


Woody biomass, including wood pellets, is one energy source that has attracted both much attention and investments in a number of countries on the European continent. With limited domestic wood raw-material sources, countries such as the UK, Belgium and the Netherlands have increasingly relied on the importation of industrial wood pellets to reduce the usage of coal at some of their power utilities. The relatively high costs for wood pellets in Europe have resulted in increased interest in importing pellets from British Columbia and the southern states of the US where wood raw-material costs are lower than in Europe.


A record volume of 3.2 million tons of pellets was exported from North America to Europe in 2012, according to the North American Wood Fiber Review (www.woodprices.com), which compiles and publishes pellet trade volumes based on surveys of pellet exporters and customs data in North America and Europe, each quarter. From the US South, shipments were up over hundred percent compared to 2011, while Canadian exports increased 25 percent year-over-year.

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Class action against agribusiness digs deeper

Class action against agribusiness digs deeper | Timberland Investment | Scoop.it

The barrister representing investors in the case of failed agribusiness company Great Southern says 10,000 new documents have been uncovered that provide further evidence that the company misled investors.

In what is Australia's largest ever class action, more than 20,000 investors are seeking to recover their money following the $2 billion collapse of the company's managed investment schemes in 2009.


Justice Clyde Croft agreed on Friday to reopen the case and allow the possible re-examination of witnesses, based on the documents which relate to the yield the company hoped to achieve from its timber plantations.

Former Great Southern managing director, John Young, told the court earlier this year that the company aimed to buy land that could produce 250 tonnes of timber per hectare.


Counsel for the investors, Garry Bigmore QC, says additional documents discovered recently by the liquidators will challenge his evidence.

"We now have a number of documents which really fly in the face of that defence," he said.

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German Carbon Dealers Create One-Stop Forest-Carbon Shop For Buyers Across Europe

German Carbon Dealers Create One-Stop Forest-Carbon Shop For Buyers Across Europe | Timberland Investment | Scoop.it

Germany’s forest-carbon market is fairly small compared to the market for renewable energy offsets, and people from Frankfurt-based Forest Carbon Group and Hamburg-based Forest Finance Group found themselves not only bumping into each other at conferences, but referring clients to each other as well, says Michael Sahm, FCG’s Director of Strategic Marketing and External Affairs. After a while, they figured it might make sense to join forces and offer project options to their clients together. The result is a formal marketing agreement between FFG subsidiary CO2OL and FCG announced June 6

CO2OL is a division of the Forest Finance Group and offers eight projects, mostly reforestation and afforestation, in Latin America, Asia, Africa and Germany.
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Forest Carbon Group offers five forest-carbon projects that are a blend of African projects that save endangered forests and reduce emissions from deforestation and deforestation (REDD) mechanism and North American projects that offer improved forest management (IFM). It has a strong focus on buyers in the energy, transport and manufacturing sectors. 

Manufacturing companies were the leading buyers of offsets in 2012, when they transacted 8 million tonnes of carbon dioxide equivalent (MtCO2e), according to the State of the Voluntary Carbon Markets 2013 report published by Forest Trends’ Ecosystem Marketplace. Energy utilities, primarily those based in Europe, were next in line, transacting 7.2 MtCO2e. The transportation sector – particularly aviation – was behind another 4 MtCO2e of transacted offsets. 
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Forest Carbon Group has developed its projects jointly under the Verified Carbon Standard (VCS) and the Climate, Community & Biodiversity (CCB) standard, while CO2OL has developed three forest-carbon projects certified under the CarbonFix standard as well as a landfill project that is certified under the Gold Standard and a handful of projects certified by the Forest Stewardship Council (FSC). 
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Offsets certified to CarbonFix or Gold Standard commanded the highest average prices ($10.7/tCO2e and $10/tCO2e, respectively) in 2012, though both average prices were slightly to significantly lower than 2011 levels, according to the report. 
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The sustainable forest management sector has competing standards that have managed to maintain market share, Sahm noted. “As long as the cake is big enough and growing, that shouldn’t be a problem,” he says. 
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Forest Carbon Group’s large clients generally tend to prefer to diversify their portfolios, with forest offset comprising a portion of their overall offset portfolios, with orders for significantly large forestry transactions occurring about once a year, Sahm says. 

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TD forecasts lumber prices will rise 30% by end of 2014

TD forecasts lumber prices will rise 30% by end of 2014 | Timberland Investment | Scoop.it

A new report from TD predicts the recent slump in lumber, which has seen prices drop 25% in the past two months, will reverse course by next year.


North American lumber prices reached a nine-and-a-half year high in mid-April, boosted by increasingly more optimistic numbers from U.S. housing. But several factors this year have conspired to wipe away most of the price gains seen in the past 12 months.


“While several commodities have been in the spotlight in recent months, lumber has not been one of them,” said Dina Ignjatovic, an economist at TD Economics. “However, some light should be cast on the market given that prices have been tumbling quite rapidly over the past nine weeks.”

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Weyerhaeuser to Buy Longview Timber for $2.65 Billion

Weyerhaeuser to Buy Longview Timber for $2.65 Billion | Timberland Investment | Scoop.it

Weyerhaeuser Co. (WY), a U.S. real-estate investment trust that owns timberland, agreed to buy Longview Timber LLC for $2.65 billion including debt from affiliates of Brookfield Asset Management Inc. (BAM/A) in the third-largest forestry acquisition in North America.


The deal is expected to close in July and immediately add to Weyerhaeuser’s funds for distribution, the Federal Way, Washington-based company said yesterday in a statement. Weyerhaeuser plans to boost its quarterly cash dividend to 22 cents a share in September from 20 cents.

Weyerhaeuser, which also said that former Temple-Inland Inc. Chief Executive Officer Doyle Simons will take over as its CEO in August, will get about 645,000 acres (261,000 hectares) of timberlands in Washington and Oregon from buying Longview. The deal will boost the U.S. acreage that it owns or controls to about 6.6 million.


Weyerhaeuser is paying $4,109 per acre for the timberland, more than the estimated $3,200 per-acre value of the company’s existing lands in the Pacific Northwest, Paul Quinn, a Vancouver-based analyst at RBC Capital Markets who has a buy rating on Weyerhaeuser, said today in a note to clients.

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Megaregions: What are They and How Will They Affect Rural Land?

Megaregions: What are They and How Will They Affect Rural Land? | Timberland Investment | Scoop.it

Just this week, the topic of our broker’s meeting focused on eleven regions throughout the U.S. that are connected by a number of social, political, and environmental networks. Regional planners classify these corridors as megaregions and predict the majority of our nation’s population and economic growth will take place in these eleven regions in the foreseeable future.

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Rural land use will play a pivotal role in achieving the objectives necessary to ensure a bright future for all eleven megaregions over the next four decades. A large landscape conservation initiative has emerged as a cross-boundary movement that focuses on the preservation of watersheds throughout an entire geographic region and relies on the support of communities across state lines.

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This new conservation initiative for rural lands is an excellent indicator of evolving land use policies for rural lands located in a megaregion corridor. In addition to paying close attention to this initiative, buyers and sellers of rural land should recognize that the implementation of new infrastructure in the form of roads, light rail, and development required for changing transportation and settlement patterns will undoubtedly have serious impacts on rural land values in these areas.

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Altaira Wallquist's curator insight, May 25, 8:01 PM

This article uses charts and maps to describe and show where the more populous rural regions are and the areas that are likely to receive an increase in population.

 

This connects to the Unit 5 TEK on rural distribution. It shows population and general rural lang uses and predict rural land use in the future.

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Regions Timberland Group Sold, Maintains $12B Pension Client

Regions Timberland Group Sold, Maintains $12B Pension Client | Timberland Investment | Scoop.it

The investment team associated with RMK Timberland Group has shifted over to Brazilian investment bank BTG Pactual Group following a desire by its prior owner Regions Financial, to focus on “core banking activities,” sources say.


While attempts to gain confirmation from the Birmingham, Ala.-based Regions Bank, which has more than $120 billion in assets, were not successful, pension officials from the Arkansas Teachers Retirement System (ATRS) have noted the change in ownership.

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It is likely that all employees, which include the entire management team, portfolio managers and the client services team, will make the transition.

Sam Radcliffe's insight:

The headline can be misleading. ATRS has $12 billion in total assets, of which $350 million is in timberland.

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Europe Seeks Green Fuel in U.S. Forests

Europe Seeks Green Fuel in U.S. Forests | Timberland Investment | Scoop.it

Loggers here are clear-cutting a wetland forest with decades-old trees. Behind the move: an environmental push.

The push isn't in North Carolina but in Europe, where governments are trying to reduce fossil-fuel use and carbon-dioxide emissions. Under pressure, some of the Continent's coal-burning power plants are switching to wood.


But Europe doesn't have enough forests to chop for fuel, and in those it does have, many restrictions apply. So Europe's power plants are devouring wood from the U.S., where forests are bigger and restrictions fewer.

This dynamic is bringing jobs to some American communities hard hit by mill closures. It is also upsetting conservationists, who say cutting forests for power is hardly an environmental plus.

Sam Radcliffe's insight:

Thanks to Jeff Wikle for this.


Today's (6/6/13) WSJ has several letters to the editor related to this article.http://goo.gl/MMh9e

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Don't Listen To Pundits That Overhype The Lumber Price Correction

Don't Listen To Pundits That Overhype The Lumber Price Correction | Timberland Investment | Scoop.it

There have recently been several articles published on sites such as Sum Zero and Business Insider about "Lumber prices plunging to 5 month lows" while housing prices continue to uptick.

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If you look at a longer picture though, lumber prices are still high relative to historical prices (chart).


Although lumber prices have come off recent highs (which were also near decade highs) by about 25%, they are still near prices not seen since 2006.

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Today's 3 Worst Stocks: timber REIT's claim 2 spots

Today's 3 Worst Stocks: timber REIT's claim 2 spots | Timberland Investment | Scoop.it

(May 30th 2013 7:15PM)   After slipping yesterday on fears that the Federal Reserve would temper the pace of bond-buying, Wall Street reversed its position, gaining ground as poor economic indicators made continued Fed intervention more likely. The S&P 500 Index tacked on 6 points, or 0.4%, to end at 1,654. Not only did the following three companies fail to recover from Wednesday's market decline, but they also ended as the three worst performers in the entire 500-company index.


Weyerhaeuser , which also earned a spot on this ignominious list yesterday, fell 2.9% today. Shares in the company -- which grows and harvests trees, as well as provides end-products such as beams, framing products, decking, insulation, rebar, and plywood -- have fallen four of the past five days. As you can imagine, the company is sensitive to changes in the housing market, and with April's pending home sales growth trailing estimates by 1.2%, investors may be concerned with growth expectations.

 

Plum Creek Timber , which, like Weyerhaeuser, is also a REIT with a main focus on -- you guessed it -- timber products, fell 2.5% today. The uber-short-term performance of Plum Creek has also been dismal, with shares slumping more than 8% in the past five days alone. But just last week, shares reached a 52-week high, and why shouldn't they have? A recovery in the housing market is well under way; as the resurgence continues, companies such as Plum Creek Timber and Weyerhaeuser will be there to benefit.

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Western U.S. Forest Fires Could Double Within 40 Years

Western U.S. Forest Fires Could Double Within 40 Years | Timberland Investment | Scoop.it

Climate change is making the world warmer and, in many places, dryer, setting the stage for increased forest fire activity across the country. In a new study, scientists with the U.S. Department of Agriculture’s Forest Service say that the amount of land affected by forest fires in the U.S. is expected to increase by at least 50 percent but maybe as much as 100 percent by 2050—a doubling of burned area within less than 40 years.


In the study, led by meteorologist Yongqianq Liu, the researchers say that, more than just responding to a warming world, forest fires actually stoke themselves over the long term. By releasing carbon dioxide to the atmosphere, forest fires increase the likelihood of future fires. According to earlier research forest fires account for about a third of global carbon dioxide emissions. Some of this carbon dioxide will eventually get pulled back out of the atmosphere by plants regrowing in the burned region. But in the short term, say the scientists, the carbon dioxide is an important part of the amplified greenhouse effect.

Sam Radcliffe's insight:

The bold underlined sentence (my highlighting) above caught my attention. In the US at least, more active and focused timber harvest can both reduce the conflagrations and return $$ to the US Treasury (most of the big fires occur on federal lands).

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Cap rates for US commercial real estate continue to fall

Cap rates for US commercial real estate continue to fall | Timberland Investment | Scoop.it

Cap rates are continuing to fall in US commercial real estate across national markets, according to the second-quarter PwC Real Estate Investor Survey.


The combined average overall cap rate fell to 6.9%, experiencing the highest quarterly decline since 2010.

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Time For Timber? 25-Year Gain Crushes S&P 500

Time For Timber? 25-Year Gain Crushes S&P 500 | Timberland Investment | Scoop.it

When it comes to commodities, gold and energy typically bubble up as the go-to ways to add some alternative asset class diversification to a portfolio. Thing is, you’re typically in for a feast or famine experience, depending on global demand (for oil) and the global zeitgeist (for gold). - See more at:

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If you’re intrigued by the idea of adding a commodity sleeve to your portfolio, timber is an often overlooked commodity worth consideration. First off, it’s a renewable resource. Can’t say that about gold or (most) energy. It’s also got a flexible harvesting schedule. You can’t keep corn in the ground if prices soften. A benchmark timber index had an annualized gain of more than 12% from 1987 through 2012, compared to the S&P 500’s annual gain of just below 10%.


Coming out of the market low in March 2009, the SPDR Gold Share ETF (GLD) hasn’t been half as productive an alternative investment as the two largest timber ETFs, Guggenheim Timber (CUT), and iShares S&P Global Timber and Forestry (WOOD).

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For a more direct stake, you can take a look at Real Estate Investment Trusts that own forestland. Weyerhaeuser (WY), which converted from a mish-mosh of paper-related business to a full on REIT in 2010, is a major holding in both ETF portfolios. The company just announced it will pay $2.65 billion to buy more land that will increase its Pacific Northwest timber acreage by 33% to more than 6 million acres. (Pacific timber has a faster route to Asian emerging markets than southern timberland.) At the same time, Weyerhaeuser says it’s considering a sale or spinoff of a home-building subsidiary. The net takeaway: it’s doubling down on direct timber ownership and looking to cash out of a main consumer of said timber.

Granted a forward PE ratio north of 20 isn’t exactly a bargain, but that’s well below Weyerhaeuser’s recent highs.

Management announced it plans to finance the deal by issuing more equity and debt. As a little company research shows, Weyerhaeuser’s debt-to-equity ratio is below 1.00; that makes it far more stable than Plum Creek Timber (PCL), but it’s still more leveraged than the other major U.S. timber REIT, Rayonier (RYN), which operates in the Southern states.

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Beware of a Forestry Standard Monopoly

Beware of a Forestry Standard Monopoly | Timberland Investment | Scoop.it

Forest certification programs establish responsible management practices and standards.  If landowners meet the standards of the program, then the forests are certified by that program, which communicates to consumers and businesses that timber products purchased from this landowner were harvested responsibly.


In the case of forestry management, the definition of “what is responsible” can vary.  And, balancing these conflicting interests is complex to say the least.  Due to this complexity, multiple forestry certification programs have arisen.  The existence of multiple programs allows forest owners and consumers to choose between the alternative costs and benefits based on their own values and constraints.  This competitive process creates a more efficient balancing of the intended and unintended consequences than a monopolistic standard that imposes a standard before a better accounting of the full consequences can be ascertained.


Despite the benefits from competition, some environmental activists favor one program (the Forest Stewardship Council or FSC) and are encouraging that this program be granted monopolistic authority.  A new EconoSTATS paper, authored by Brooks Mendell and Amanda Hamsley Lang (available here), illustrates the dangers from this proposal.


Mendell and Lang found that FSC certification overly restricts the amount of output that can be produced from the same amount of acreage compared to the other major certification programs – the American Tree Farm System (ATFS) and the Sustainable Forestry Initiative (SFI).   The reduced acreage available for timber harvests leads to smaller harvests of U.S-produced timber compared with the other certification programs. The reduced output leads to income losses that result in lost employment and lost tax revenues.


Direct jobs lost include foresters, loggers, millworkers, and forestry consultants and contractors. Indirect jobs lost include jobs that support the forest industry, such as motor freight transportation, machinery repair, and wholesale trade.  Indirect job impacts also include “induced” jobs created by the spending of workers in the forest industry.


According to Mendell and Lang, these impacts could be quite large if an FSC monopoly were implemented. 

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Weyerhaeuser adds some color on Longview acquisition

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Jack D Bridges's curator insight, June 22, 2013 10:28 AM

To an outside observer, $4k/acre seems like a heavy price to pay--no matter how great the age-class, stocking, or "front-loaded" Douglas-Fir export harvest. That said, much of the 645K acres fits well with WY's current holdings (creating efficiencies), not to mention the array of HBU options (I'm guessing zero acres are constrained by conservation easements, but I have no clue). Weyerhaeuser also neglected to talk about other revenue streams for the Longivew acreage, such as easement sales, and potential for carbon credits.

 

On its face, buying such a massive concern at a time when most asset prices aren't cheap AND global growth waning, has risks. From a broad timing perspective, I'm skeptical. However, since WY is likely divesting WRECO--or selling its home building division at a favorable time, and  issuing equity/debt to fund the purchase--the structure of the transaction looks smart. The fact that WY is raising its dividend speaks to management's confidence (or, what REIT investors demand...but that's a topic for another post).

 

I'll leave a deeper analysis of the deal to folks with more knowledge of the former Longview assets. For equity investors, the deal will take some time to assess. I have no position in WY anymore--I was fortunate to purchase shares for people between $17-18, and thought WY equity was expensive over $30 (where I sold). 

 

Many thanks to Sam Radcliffe of the formidable P&C (http://www.prentissandcarlisle.com/) for scooping the WY investor presentation!

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An Under The Radar Timber Investment

An Under The Radar Timber Investment | Timberland Investment | Scoop.it

Acadian Timber Corp. is a Canadian company with timberland holding in New Brunswick Canada and Northern Maine in the US. It has been in business as a Canadian corporation since 2010. Before that, Acadian was a Mutual Fund Trust created in 2006 by Brookfield Asset Management. It converted to a corporation in 2010 because of changes in Canada's tax laws. Its land holding are from the former Fraser Paper Company. Brookfield currently owns about 45% of Acadian Timber Corp. For all practical purposes, Acadian is run by Brookfield Asset Management.


Acadian owns 310,000 acres in Northern Maine and 764,000 acres in New Brunswick totaling 1,074,000 fee acres. In addition, it manages 1,313,000 acres of Crown timberlands owned by the Canadian government and leased to Twin Rivers Paper Company. 

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Acadian's primary business is selling logs. It also manages 1.3 million acres of Crown lands for Twin Rivers Paper Company and receives a fee for its management services. In addition, Acadian owns a seedling nursery, which I assume grows seedling for Acadian, and sells seedlings to third parties. 

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Since Acadian is a relatively new company, only since 2010, the timberland asset value on their balance sheet should be just about market value in 2010. This was $282 million or about $263 per acre. Comp sales that I was able to find for the Northeast show an average price per acre of about $420 so Acadian may be undervalued as far as its assets are concerned.


Acadian pays a quarterly dividend of $.20 giving it a yield of 6.3%. Its PE ratio is 10.24, so Acadian is relatively cheap compared to the US timber REITs at this time. Free cash flow per share last year was $.84 so nearly all free cash is being paid as dividends. Average volume is only 9,538 shares so it is somewhat narrowly traded. Acadian's 52-week trading range has been from $11.07 to $15.76. Acadian has $72 million in long-term debt and a debt to equity ratio of 38.6%

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Foreign investor buys into Kaingaroa Forest

Foreign investor buys into Kaingaroa Forest | Timberland Investment | Scoop.it

The Public Sector Pension Investment Board, one of Canada's largest pension investment managers, has bought 30 per cent of the shares in Kaingaroa Forest from Harvard Management Company, the endowment fund of Harvard University.

Harvard had a 60 per cent stake in Kaingaroa Forest and will retain a 28.75 per cent stake in the Forest.

As part of the transaction, the New Zealand Superannuation Fund had bought an additional 1.25 per cent stake, taking its total to 41.25 per cent.

The change in shareholding which was settled last week followed approval by the Overseas Investment Office in April.

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Pennsylvania sales tax exemptions may expand to logging industry

Pennsylvania sales tax exemptions may expand to logging industry | Timberland Investment | Scoop.it

Mark Ridall has worked in the logging business for more than 30 years and has seen a rural, rugged industry transformed.

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Ridall said logging has become more mechanized, efficient and sustainable. But that also means more expensive.


A brand new skidder, Ridall said, used for hauling freshly cut logs across the ground, can easily run at $100,000. At 6 percent, sales tax would tack on another $6,000.


But if a sawmill purchased similar equipment to move logs on and off a truck bed, it wouldn’t have to pay that extra $6,000. While Pennsylvania’s sales and use tax exemptions cover the agriculture and manufacturing sectors, they don’t account for timber harvesting.

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From dairy farming to photography, Pennsylvania has sales and use tax exemptions for several handpicked industries. Two of the broadest cover agriculture and manufacturing. But these definitions leave out the timber industry, a symptom of cherry-picked exemptions in the state’s tax code.

Fortunately for the timber industry, Pennsylvania lawmakers seem willing to expand sales tax exemptions.


Members of the House Finance Committee Tuesday unanimously passed a bill from Rep. Matt Gabler, R-Elk, that would wrap the logging industry into the agriculture exemption section of the tax code.

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Similar exemptions exist in Texas and Tennessee, though Pennsylvania is the nationwide leader in hardwood lumber production, according to a 2010 report from the Department of Agriculture and its Pennsylvania Hardwoods Development Council


Via Baillie Lumber
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Baillie Lumber's curator insight, June 5, 2013 8:52 AM

This would be a good thing for loggers in Pennsylvania.  We hope it passes.

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How Reporters Miss the Forest and the Trees When Covering Wood Bioenergy Markets

How Reporters Miss the Forest and the Trees When Covering Wood Bioenergy Markets | Timberland Investment | Scoop.it

While the general public’s understanding of wood bioenergy remains incomplete, recent reporting on the issue fails to meaningfully inform readers on the status of woody biomass supplies and the actual development of wood bioenergy markets in the U.S.  In fact, several articles suffered from three common errors we observe in major media coverage:

  1. Failure to provide context.
  2. Improperly assigning “causal” relationships.
  3. Errors of fact.

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Wood bioenergy in the U.S. faces limits to growth.  No one will be vacuuming U.S. forests to feed UK power plants.  The economics, logistics and sustainability of such strategies fail on multiple levels.  This is why markets in other regions such as South America, Russia and Canada continue to scale up capacity.  The facts, context and market relationships highlight a stuttered, evolving wood bioenergy market in the U.S. that continues to feel its way forward as part of the large, established wood-using forest industry.

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CP Rail sues for mineral, timber rights on B.C. lands

CP Rail sues for mineral, timber rights on B.C. lands | Timberland Investment | Scoop.it

CP Rail has launched an unprecedented lawsuit to reclaim timber and mineral rights on hundreds of thousands of acres of land in B.C.

The railway filed the claim in B.C. Supreme Court Thursday against the province and hundreds of unnamed landowners and contractors.

CP claims it never gave up resource rights on more than 800,000 acres of land it transferred to private owners and the province.


The land — mostly in the Kootenays and Okanagan — was originally granted to the railway companies in the late 1800s.

Now the company wants compensation for the harvesting of the resources on and under that land.


CP's director of public affairs Breanne Feigel says the company wants title and damages past and present — a claim that could reach back more than a century and amounts to millions of dollars in damages if their lawsuit is successful.

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UPM sells 1,100 hectares of forestland in Polvijärvi area of North Karelia

UPM sells 1,100 hectares of forestland in Polvijärvi area of North Karelia | Timberland Investment | Scoop.it

Taaleritehdas, a Finnish wealth management company has acquired about 1,100 hectares of forest land from UPM. The two forest estates purchased are located in North Karelia in the Polvijärvi area. The contract covers also a long term wood trade and forest services agreement. The parties have agreed not to disclose the purchase price, as UPM said in a press release received by Lesprom Network.


The contract now closed is the second forest estate purchase contract between UPM and the Taaleritehtaan Metsä fund. In January 2012 Taaleritehdas acquired 6,000 hectares of forest land in Pyhäntä, Kiuruvesi, Ilomantsi and Utajärvi in Finland. The fund plans to acquire more forest land during the next two years when suitable estates are available. Investors in the fund are private Finnish investors as well as institutional investors and organisations.

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