Canfor to Sell Mackenzie, B.C. Assets

SEATTLE (Scrap Monster): Canfor Corporation announced that it has entered into a Letter of Intent (LOI) with McLeod Lake Indian Band and Tsay Keh Dene Nation towards sale of its forest tenure in the Mackenzie, British Columbia region. Also, it has reached a separate deal with Peak Renewables towards sale of its Mackenzie site, plant and equipment for a combined sum of $70 million.

Canfor, McLeod Lake Indian Band and Tsay Keh Dene Nation will work towards reaching a definitive agreement for the sale of the forest tenure. It intends to seek approval from the BC Minister of Forests, Lands, Natural Resource Operations and Rural Development for transfer of forest tenure.

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Commenting on the development, Don Kayne, President and CEO, Canfor Corporation noted 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. Furthermore, it will help to advance Nation stewardship values for the benefit of their communities, Kayne added.

It must be noted that Canfor has been collaborating with McLeod Lake Indian Band and Tsay Keh Dene Nation for several years in support of Nation stewardship and natural resource development goals. The agreement strongly aligns with the Intentions Paper published by the provincial government.