Timberland Investment
79.4K views | +37 today
Follow
Timberland Investment
Timber Industry | Deals & Transactions | Investment Rationale | Financial Performance | Investors | Asset Managers
Curated by Sam Radcliffe
Your new post is loading...
Your new post is loading...
Scooped by Sam Radcliffe
Scoop.it!

New softwood duties inevitable, forestry conference told 

New softwood duties inevitable, forestry conference told  | Timberland Investment | Scoop.it
Canadian forest companies are no longer debating whether they will be hit with a softwood lumber duty, but how much pain the duties will cause, forest products analyst Paul Quinn told an international wood products conference Thursday.


Although Canadian Prime Minister Justin Trudeau and U.S. President Barack Obama told negotiators last March that they have 100 days to resolve the lumber impasse between the two countries, Quinn said that mid-June deadline is likely to pass with no resolution.


“I am pretty pessimistic on them finding a deal,” he said. “The history on this file is very difficult, and there are lots of issues.”

more...
No comment yet.
Scooped by Sam Radcliffe
Scoop.it!

BC’s Beetle Chewed Forests are Recovering Fast

BC’s Beetle Chewed Forests are Recovering Fast | Timberland Investment | Scoop.it
University of Victoria scientists say they have some good news about global warming and its impact on British Columbia’s forests, especially about the environment’s recovery from the devastating mountain pine beetle outbreak more than a decade ago.


A group of scientists at the university’s Pacific Institute for Climate Solutions have discovered that global warming is producing larger trees and faster-growing forests.


The findings, published in the peer-reviewed scientific journal American Geophysical Union, conclude global warming is making BC forests grow faster and the trees in those forests are able to take in more carbon dioxide, the gas associated with the globe’s steadily climbing temperatures.

more...
No comment yet.
Scooped by Sam Radcliffe
Scoop.it!

U.S., Canada vow to fix long-standing softwood lumber dispute

U.S., Canada vow to fix long-standing softwood lumber dispute | Timberland Investment | Scoop.it
The United States and Canada on Thursday vowed to settle a long-standing dispute over Canadian exports of softwood lumber which could erupt again this October when an earlier agreement on the problem expires.

U.S. producers complain that Canadian softwood lumber, which tends to come from government-owned land, is subsidized. A 2006 deal that ended the last dispute expired in October 2015 but both sides agreed to take no action for a year after that.

Faced with the prospect of the U.S. timber lobby pressing for penalties when the grace period runs out this October, President Barack Obama and recently elected Canadian Prime Minister Justin Trudeau asked officials to work out possible solutions and report back within 100 days.

"This issue of softwood lumber will get resolved in some fashion ... undoubtedly to the dissatisfaction of all parties concerned," Obama told a news conference after holding Oval Office talks with Trudeau.

"Each side will want 100 percent, and we'll find a way for each side to get 60 percent or so of what they need, and people will complain and grumble, but it will be fine," he said.

Trudeau said he was confident both sides were "on the right track towards a solution in the next weeks and months to come".

Major companies operating in Canada which could be affected if the U.S. lobby pushed for higher duties on lumber include Canfor Corp, Tembec Inc, Resolute Forest Products Inc and West Fraser Timber Co Ltd.
more...
No comment yet.
Scooped by Sam Radcliffe
Scoop.it!

After FSC Reinstates a Forest in Ontario, CEO Says It's His Last Time for FSC

After FSC Reinstates a Forest in Ontario, CEO Says It's His Last Time for FSC | Timberland Investment | Scoop.it

FSC reinstated Resolute Forest Products' Black Spruce/Dog River-Matawin forest, providing its Forest Stewardship Council certificate. The Northwestern Ontario timberland was suspended in January 2014 following an audit by Rainforest Alliance.

The certificate had been temporarily suspended in January 2014 following an audit by Rainforest Alliance. In keeping with the FSC process, Resolute has since undergone two audits, which confirmed that the company is in compliance with the FSC standard. A Corrective Action Verification Audit was carried out in June 2015 and a new Annual Surveillance Audit was completed in September 2015. The results of the successful Annual Surveillance Audit were released last week by Rainforest Alliance.

"Our forestry management practices were already in compliance with the legal and regulatory frameworks of Ontario, which are among the most stringent in the world. We now have the confirmation that they also meet the requirements of the FSC standard," said Richard Garneau, Resolute CEO. "As we look forward as a company, however, we are concerned with the number of challenging issues currently facing FSC and its membership."

Garneau says these include the adoption of Motion 65, which aims to protect intact forest landscapes and its adaptation to the Canadian specific circumstances; the interpretation of Environment Canada's woodland caribou conservation strategy; the merging of all four Canadian FSC standards into a single one while simultaneously introducing a long list of new indicators; and several other issues.
***
"We recognize the considerable efforts of FSC and its membership to address these complex issues and Resolute will continue to actively take part in these efforts," Garneau said. "We hope that in doing so, the impact on those whose livelihoods depend on the forest will be taken into consideration in a meaningful way." Considering the seriousness of the issues, the company is concerned about the viability of FSC certification in the Canadian boreal forest, as are other companies, Garneau said.

"Until significant progress is made in addressing these matters, Resolute will work to maintain its existing FSC forest management certificates where possible, but will not pursue new certification," the company said.

more...
No comment yet.
Scooped by Sam Radcliffe
Scoop.it!

Wood Products Exports Will Benefit from Trans Pacific Trade Deal: COFI

Wood Products Exports Will Benefit from Trans Pacific Trade Deal: COFI | Timberland Investment | Scoop.it

The Vancouver-based Council of Forest Industries says the Canadian government agreement to the Trans-Pacific Partnership (TPP) will create new opportunities for the British Columbia forest industry, especially in emerging Asian markets.

“We’re particularly encouraged by Japan’s willingness to gradually eliminate tariffs on forest products imports,” said Susan Yurkovich, President and CEO of COFI. “We have long and productive relationships in the Japanese market, and we believe the TPP will only strengthen those relationships.”

COFI also sees great opportunities in ASEAN countries such as Vietnam and Malaysia, where British Columbia softwood lumber can become a competitive substitute for tropical hardwoods in the manufacturing process if the existing 30%-40% tariffs are reduced or eliminated.

Export markets for the wood products manufacturing industry are critically important to the British Columbia economy. For example, forest products account for 24 per cent of all cargo exports from Port Metro Vancouver. The forest industry contributes $12 billion annually to provincial GDP and 150,000 jobs in the province rely on the industry.

more...
No comment yet.
Scooped by Sam Radcliffe
Scoop.it!

Canadian lumber market is back on the beam

Canadian lumber market is back on the beam | Timberland Investment | Scoop.it
A steady rebound in U.S. housing activity over the next two years will spell much better times for North American lumber producers and lessen their reliance on the big Chinese market, says Montreal-based institutional investment manager Addenda Capital Inc.

The lumber industry, with annual sales of $20 billion U.S., has become “surprisingly healthy” after facing a critical downturn after the 2008-2009 global financial crisis, says analyst Todd Kapala in a study released Friday. Addenda manages a total of $25 billion.

“Forest products are often associated with doom and gloom,” says Kapala, “That certainly is the case for newsprint and paper as they face the electronic media’s onset, but not for lumber.”
more...
No comment yet.
Scooped by Sam Radcliffe
Scoop.it!

Resolute Forest to shut two Quebec mills, one in Ontario

Resolute Forest to shut two Quebec mills, one in Ontario | Timberland Investment | Scoop.it
Resolute Forest Products Inc. (TSX:RFP) is reducing its capacity for making newsprint at three mills in Ontario and Quebec, at a cost of 300 jobs overall as it copes with ]a global decline in newspaper circulation and the effect of a spruce budworm infestation on lumber supply.

Resolute is closing the Iroquois Falls plant in Ontario and paper machines at its Baie-Comeau and Clermont factories in Quebec, costing 120 jobs, and the Iroquois Falls plant in Ontario, which will eliminate 180 jobs, the Montreal-based company said Thursday.

The Baie-Comeau machine is already idled while Clermont will be permanently closed near the end of January.

Resolute says it’s coping with a long-term decline for several reasons, including market conditions, costs and “ill-founded” campaigning against its forest practices by environmental groups.
more...
No comment yet.
Scooped by Sam Radcliffe
Scoop.it!

The granddaddy of all Canadian-U.S. trade disputes is about to rear its ugly head again

The granddaddy of all Canadian-U.S. trade disputes is about to rear its ugly head again | Timberland Investment | Scoop.it

A recent dispute over “country of origin labelling” for meat products underscores the fact that Canada and the U.S. still have their share of trade disputes.


Yet lurking in the background is a massive trade issue that you haven’t heard about for a while: softwood lumber, the granddaddy of all Canadian-U.S. trade disputes. Canada exported $7.4-billion worth of lumber in 2013, the highest amount since 2006. The United States is the destination for the bulk of that wood, and U.S. lumber producers have for decades demanded the U.S. government collect tariffs on Canadian lumber. After decades of dispute, Canada and the U.S. agreed to a nine-year truce in 2006. Under the agreement, the U.S. agreed to return more than $5-billion in duties collected from Canadian lumber companies, and a ceasefire in trade litigation.


If you thought we’ve achieved lumber peace in our time, you might be premature. We’ve now entered the final year of that truce, which is set to expire on Oct. 12, 2015. There are signs this historic trade grievance is set to return with a vengeance. U.S. housing starts are heating up. As U.S. construction grows, demand for Canadian lumber increases, something that will inevitably antagonize U.S. lumber producers who have long argued that Canada’s industry is unfairly subsidized.

more...
No comment yet.
Scooped by Sam Radcliffe
Scoop.it!

Land ruling could impact lumber market as much as pine beetle

Land ruling could impact lumber market as much as pine beetle | Timberland Investment | Scoop.it

A Supreme Court of Canada ruling on aboriginal land could eventually have as severe an impact on North American lumber supply as the mountain pine beetle, RBC Capital Markets warned on Monday.


The court’s unanimous decision on June 26 relates to a 30-year-plus land dispute between the Tsilhqot’in Nation and the British Columbia and Canadian governments. It entitles the B.C. First Nation to dictate what logging and other activities take place on its newly recognized 1,700 square kilometres of land.


Now with an established precedent to title, the provincial/federal governments in Canada will have to consult, and gain the consent of the respective First Nation(s) when development projects/timber harvesting concern unceded land, RBC analyst Paul Quinn told clients.

He noted that B.C. has accounted for roughly 24% of North American lumber production during the past 10 years.


If the Supreme Court ruling leads to delays and limitations in harvesting sawlogs in B.C., Mr. Quinn expects a tighter lumber market and higher prices.

more...
No comment yet.
Scooped by Sam Radcliffe
Scoop.it!

Tembec to sell nearly 50,000 hectares of B.C. land for at least $37 million

Tembec to sell nearly 50,000 hectares of B.C. land for at least $37 million | Timberland Investment | Scoop.it

Forestry company Tembec Inc. says it has reached an agreement to sell about 49,500 hectares of land in the East Kootenay region of British Columbia to Jemi Fibre Corp. in a deal worth at least $37.1 million.


Jemi will pay the Montreal-based company $35 million plus at least $2.1 million in deferred payments over seven years in connection with the resale of a portion of the land.


Tembec (TSX:TMB) will sell the land to Jemi in two phases —17,700 hectares in June for $15 million, and 31,800 hectares for $20 million in September — subject to the buyer obtaining financing.


The company hopes to sell up to $70 million worth of land in British Columbia by December, $5 million less than previously forecast.

It has realized $23.2 million of sales to date, which could rise to $60.3 million including the $2.1 million deferred payments once the Jemi deal is completed.


The company still has 7,433 hectares of land in B.C. it is seeking to sell.

Sam Radcliffe's insight:

Arithmetic: $750 per hectare or $303 per acre

more...
No comment yet.
Scooped by Sam Radcliffe
Scoop.it!

Noble Updates Shareholders on Sale of Surface and Timber Rights of Block A of Project 81

Noble Updates Shareholders on Sale of Surface and Timber Rights of Block A of Project 81 | Timberland Investment | Scoop.it

Noble Mineral Exploration Inc. today provided an update regarding recent developments relating to its proposed sale of the surface rights (including the timber rights) to Block A of its Project 81 property...
***
At the April 17, 2014 adjourned meeting, shareholders will be asked to consider and, if deemed advisable, pass a special resolution approving the sale of the Property.
***
The Property has an area of approximately 145,000 acres, or 58,000 hectares, and is located in the Timmins area of northern Ontario. Pursuant to a restated agreement of purchase and sale dated as of January 28, 2014 entered into by the Company and Resource Land Holdings, LLC (the "Purchaser")... the Purchaser has agreed to buy the surface rights and timber rights to the Property, including any sand, gravel (including hard rock aggregate), peat, gas or oil located on or under the Property, as well as a 5% net profits interest in the mineral rights on the Property which can be repurchased by the Company at a cost of $800,000 per 1% interest.


The purchase price to be paid by the Purchaser in this transaction is $6,800,000, and the Company will also be granted a 50% net royalty on revenue generated from any carbon credit business relating to the Property.
***
Resolute FP Canada Inc. has signed an agreement (as extended) with the Company pursuant to which the timber-related right of first refusal that is registered against Block A and Block B of Project 81 would be terminated for a payment of $1,000,000. That agreement expires on May 15, 2014.

more...
No comment yet.
Scooped by Sam Radcliffe
Scoop.it!

Canada: Peak Lumber by 2016?

Canada: Peak Lumber by 2016? | Timberland Investment | Scoop.it

A persistent mountain pine beetle epidemic plus the housing crisis equals desperate times for Canadian forestry companies; many survivors are investing what's left into timberland located in the U.S. South.


In or around 2016, lumber supplies coming from Canada are expected to peak. Unless the situation deteriorates further, Canada's overall supply is expected to decrease by 9%, or 400,000 homes worth of wood products. 

***

It's happening for three key reasons
1) Governmental lands are not professionally managed

2) Old growth, mature trees (+80 years) are more susceptible to disease and harmful insects

3) Less than harsh winters have not slowed the pine beetles progress

more...
Jack D Bridges's comment, October 11, 2013 10:48 AM
Does P&C offer any seminars for financial advisors? The author of the piece (and his clients) could benefit from more ways to invest in timber than owning Plum Creek equity. Also, he's a bit confused about Weyerhaeuser--WY has been a REIT since 2011. Thanks, Sam.
Scooped by Sam Radcliffe
Scoop.it!

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.

more...
No comment yet.
Scooped by Sam Radcliffe
Scoop.it!

'Perfect Storm' of Factors Makes Fort McMurray Wildfire a Powerful Force

'Perfect Storm' of Factors Makes Fort McMurray Wildfire a Powerful Force | Timberland Investment | Scoop.it
The raging wildfire that has forced the evacuation of Fort McMurray, Alta., and engulfed parts of the community is the kind of blaze that firefighters dread, but could become more common, according to experts. 


Alternatively described by officials as "catastrophic," a "multi-headed monster" and a "dirty, nasty" fire, the blaze is at least 80,000 hectares in area and has destroyed more than 1,600 structures. It could threaten the entire town, the fire chief told reporters. 


The wildfire became so intense Tuesday that the heat limited air operations over the affected areas. More than 150 firefighters are battling it on multiple fronts, with hundreds more from other provinces scheduled to arrive in the coming days.  

more...
No comment yet.
Scooped by Sam Radcliffe
Scoop.it!

N.S. accepts forestry land as debt payment from lumber company

N.S. accepts forestry land as debt payment from lumber company | Timberland Investment | Scoop.it
The Nova Scotia government is picking up 3,242 hectares of forestry land in western Nova Scotia in exchange for debts owed the province by family-owned lumber company Freeman and Son of Greenfield.

The land, in 19 blocks scattered across Kings, Lunenburg, Shelburne, Queens, and Annapolis counties, is owned by the long-time Queens County sawmiller.

Natural Resources Minister Lloyd Hines said Wednesday the properties are productive forest lands and have been rigorously evaluated by government as well as an independent appraiser for a fair market value of about $3.6 million.
more...
No comment yet.
Scooped by Sam Radcliffe
Scoop.it!

Low loonie expected to bring out U.S. protectionist forces: forestry firm Tembec 

Low loonie expected to bring out U.S. protectionist forces: forestry firm Tembec  | Timberland Investment | Scoop.it
The boost Canadian lumber exports are getting from the falling loonie is certain to bring out protectionist forces in the U.S. lumber lobby, says the CEO of Quebec-based forestry company Tembec.


“I think that they’re watching the Canadian dollar drop, particularly in lumber, and they’re saying, ‘This isn’t fair,'” CEO James Lopez said Thursday before a company meeting with shareholders.
While groups like the U.S. Lumber Coalition didn’t complain about the Canadian dollar when it was above parity, Lopez suspects they will use the loonie’s slump to argue that American producers are now at a competitive disadvantage, particularly since the Canada-U.S. softwood lumber agreement expired in October.

more...
No comment yet.
Scooped by Sam Radcliffe
Scoop.it!

Canadian Timber Harvest up 24% in 2014

Canadian Timber Harvest up 24% in 2014 | Timberland Investment | Scoop.it
In 2014, Canada harvested an estimated 137 million m3 of industrial roundwood, which was 1.3% more than in 2013 and 14% more than in 2010. According to analysis by Wood Resources International, a large majority of the harvested trees, almost three-quarters, were softwood sawlogs destined for the sawmilling industry predominantly in the provinces of British Columbia, Alberta and Quebec. A major share of harvested hardwood trees is small-diameter logs used by the pulp mills and OSB manufacturers in Alberta and the Eastern provinces. Hardwood harvest levels have been fairly stable at around 20 million m3 for a number of years, while softwood harvests have been steadily climbing following the global financial crisis. From 2008 to 2014, softwood log removals in Canada increased by 24%.
more...
No comment yet.
Scooped by Sam Radcliffe
Scoop.it!

Wall of cheap Canadian wood to surge south when deal expires

Wall of cheap Canadian wood to surge south when deal expires | Timberland Investment | Scoop.it

Christmas will arrive early for American buyers of Canadian softwood lumber. The nine-year-old Canada-U.S. Softwood Lumber Agreement expires shortly. Hamstrung by a 12-month standstill agreement, the U.S. cannot invoke any surprise emergency trade measures in the interim.

A wall of wood, gift-wrapped in devalued Canadian mill wrap, inevitably will surge south.


Lumber is accumulating at sawmills, transit yards and rail points inside Canada. Shipped today, B.C.’s backlog would incur a 15% tariff entering the United States.


That tariff disappears on Canadian sawmillers’ Mardi Gras day – potentially a yearlong extended Fat Tuesday celebration starting on October 13.


Canadian sawmillers know that the supply surge to the U.S. will further depress today’s already rock-bottom lumber prices. China and other offshore buyers will benefit, but they are a sideshow at present.

more...
No comment yet.
Scooped by Sam Radcliffe
Scoop.it!

Shrinking timber supply sends B.C. companies on U.S. mill buying spree

Shrinking timber supply sends B.C. companies on U.S. mill buying spree | Timberland Investment | Scoop.it
At first blush, year-end financials and stock prices for B.C.’s largest forest companies would suggest the province’s forestry sector is well on the road to recovery after a decade-long slump.

Interfor Corp. (TSX:IFP), for example, posted record sales of $1.4 billion in 2014 and record production of 2.2 billion board feet.

Stock values and market caps of B.C.’s three largest forestry companies – Interfor, Canfor Corp. (TSX:CFP) and West Fraser Timber Co. Ltd. (TSX:WFT) – have soared since the end of 2011.

Canfor’s share prices have increased almost 180%, West Fraser’s more than 220% and Interfor’s a whopping 410% since the end of 2011. Based on market cap ($6 billion), West Fraser is now B.C.’s seventh-largest publicly traded company.

But that increase in production and stock value is largely attributable to recent acquisitions of sawmills in the U.S., not to a boom in their B.C. operations. In fact, Canfor and Interfor have both closed mills in B.C. in recent years.
more...
No comment yet.
Scooped by Sam Radcliffe
Scoop.it!

Canada, U.S. at loggerheads again over lumber

Canada, U.S. at loggerheads again over lumber | Timberland Investment | Scoop.it
With less than a year to go until the Canada-U.S. Softwood Lumber Agreement expires, lines are being drawn on both sides of the border over the future of lumber trade between the two countries.
Canadian producers say they want to extend the agreement, which has brought an uneasy peace to the decades-long lumber war since it was signed in 2006, but their U.S. counterparts say they won’t sign on again.
The U.S. Lumber Coalition, a lobby group representing American lumber companies and timber owners, said last week it’s not going to renew the agreement when it expires next October. It has expressed its anti-deal position to the U.S. government but it has yet to say publicly what it intends to do.
more...
No comment yet.
Scooped by Sam Radcliffe
Scoop.it!

Ernst & Young agrees to pay $8 million to settle Sino-Forest allegations

Ernst & Young agrees to pay $8 million to settle Sino-Forest allegations | Timberland Investment | Scoop.it

The Ontario Securities Commission has agreed to an $8 million settlement agreement with giant auditing firm Ernst & Young LLP over its work for two defunct companies operating in China. The deal with Ernst & Young, approved Tuesday by OSC vice chairman James Turner, is the first time that a new “no contest” rule is being used. That means Ernst & Young neither admits or denies the allegations set out by the OSC staff in the cases of Sino-Forest and Zungui Haixin Corp.


Sino-Forest, a forestry company, was listed on the Toronto Stock Exchange while Zungui Haixin, a footwear and apparel company, traded on the Toronto venture exchange. Both companies raised millions from investors in Canada, but eventually questions were raised about fraudulent practices with overstated assets and revenues.
***
As well, Chisholm noted that Ernst & Young officials have agreed to co-operate with the OSC in an ongoing case against Sino-Forest’s executives, including making partners and executives available to testify.
***
In a statement of allegations filed in 2012, the OSC said Ernst & Young failed to conduct their audits in accordance with relevant industry standards, including performing sufficient audit work to verify Sino-Forest Corp.’s ownership and existence of its most significant assets.
***
Hearings are currently under way at the OSC against five former executives of Sino-Forest Corp. accused of fraud.

more...
No comment yet.
Scooped by Sam Radcliffe
Scoop.it!

Jemi Fibre Corp. Completes Tembec Timberlands Acquisition

Jemi Fibre Corp. Completes Tembec Timberlands Acquisition | Timberland Investment | Scoop.it

Jemi Fibre Corp. (TSXV: JFI) ("Jemi Fibre" or the "Company") is pleased to announce that it has completed the first of two timberlands acquisitions from Tembec Inc. ("Tembec"), previously announced on April 25, 2014.


The Company has closed on the acquisition of approximately 17,700 hectares, and timber rights for an additional approximately 1,900 hectares, for a purchase price of $15 million. The timberlands are located in the Regional District of East Kootenay, British Columbia and are the first phase of a two phase purchase of timberlands from Tembec. The second phase is for approximately 31,800 hectares, which the Company anticipates closing in September 2014 for a purchase price of $20 million. The closing of the second phase is subject to the Company obtaining adequate financing and other customary conditions. There can be no assurance that the second phase will be consummated in whole or in part.


more...
No comment yet.
Scooped by Sam Radcliffe
Scoop.it!

Former Abitibi timber rights sold to California company

Former Abitibi timber rights sold to California company | Timberland Investment | Scoop.it

A company from California has won the harvesting rights to a large wood supply in central Newfoundland that once belonged to Abitibi-Bowater.


CBC News has learned that Rentech now has ownership of the 280,000 cubic metres of wood that once belonged to the former newsprint producer, which shut down its Grand Falls-Windsor mill in early 2009

Rentech, mainly a fertilizer company in the U.S., is looking into producing wood pellets in Canada.


The company has access to a large wood resource in Ontario, and also owns two wood pellet plants in that province.


In November, the company purchased in idled mill in Wawa, Ont. to convert it into a pellet production facility. It has yet to produce any pellets, but the company said it does have customers.

more...
No comment yet.
Scooped by Sam Radcliffe
Scoop.it!

New Brunswick: New forestry plan provides more Crown wood to industry

New Brunswick: New forestry plan provides more Crown wood to industry | Timberland Investment | Scoop.it

The New Brunswick government is increasing the amount of softwood the forestry sector can take from Crown land by 20 per cent under the province's new forestry strategy.


It's expected to result in the harvesting of an additional 660,000 cubic metres, said Premier David Alward and Natural Resources Minister PaulRobichaud, who unveiled the long-awaited strategy at a news conference in Fredericton on Wednesday.

***

The industry is also expected to invest about $600 million, the government said.


J.D. Irving Ltd. plans to announce three "major capital investments" at its forest product operations later this week, according to a news release issued shortly after the forestry plan was unveiled.

***

Private wood lot owners will also be positively impacted by the plan, said Robichaud.


The anticipated investment by industry will result in an increased need for wood from private wood lot — about 250,000 cubic metres, he said.


The overall timber objective is now about 3.9 million cubic metres of spruce and fir from Crown lands.


more...
No comment yet.
Scooped by Sam Radcliffe
Scoop.it!

TimberWest and EDP Renewables Canada Partner on Large-Scale Wind Power Projects on Vancouver Island

TimberWest and EDP Renewables Canada Partner on Large-Scale Wind Power Projects on Vancouver Island | Timberland Investment | Scoop.it

TimberWest Forest Corp. ("TimberWest") and EDP Renewables Canada Ltd. ("EDPR Canada") have entered into a partnership and propose to develop, build, and operate large-scale wind projects on southern Vancouver Island.

***

The proposed projects present a unique opportunity to build power generation capacity on Vancouver Island, which generates only a third of its energy demand locally. At up to 300 megawatts of capacity, the projects would provide approximately $600 to $750 million of potential investment and support hundreds of jobs on Vancouver Island, including training for new skills and services. To date, TimberWest and EDPR Canada have invested several million dollars in developing these projects.

***

Gordon Planes, Chief of the T'Sou-ke First Nation whose traditional territory lies within the proposed wind projects, said "We look forward to working with TimberWest, EDPR Canada, and other First Nations to see that the wind projects can be developed in a way that is respectful of First Nations people, and their culture, aspirations and interests."

more...
No comment yet.