The Tlowitsis, We Wai Kai, Wei Wai Kum and K’ómoks First Nations, all member First Nations of the Nanwakolas Council on B.C.’s Vancouver Island, and Western Forest Products have reached an agreement for the nations to acquire a 34 percent interest from Western in a newly formed Limited Partnership for $35.9 million.
The B.C. government helped to facilitate the partnership through Incremental Treaty Agreements with the nations.
The formation of the partnership and acquisition by the nations is subject to various closing conditions, including subdivision and tenure transfer approvals from the B.C. Ministry of Forests. Western and the nations are working towards closing the acquisition in the first quarter of 2024.
The partnership will consist of certain assets and liabilities of Western’s Mid Island Forest Operation. The operations of the new partnership will cover approximately 157,000 hectares of forest land in the traditional territories of the nations near the communities of Campbell River and Sayward on eastern Vancouver Island. The partnership will manage an allowable annual cut of 904,540 cubic metres of timber and includes a long-term fibre agreement to support Western’s British Columbia coastal manufacturing operations.