News in timber

GO Lab Inc. to Build First North American Wood-Fiber Insulation Factory in Madison, Maine

GO Lab Inc., a Belfast, Maine startup, has closed on the sale of $85 million in bond funding and completed a New Markets Tax Credit transaction that will fund the construction of a wood-fiber insulation factory at the former UPM paper in Madison. If construction work goes as planned, GO Lab expects to be producing its TimberHP loose-fill insulation in Q1 of 2023, followed by wood fiber batt and board products in Q2 and Q3.

PotlatchDeltic Corporation Announces Merger with Loutre Land and Timber Company

PotlatchDeltic Corporation announced today (12-23-21) a merger with Loutre Land and Timber Company. To meet the terms of the transaction, PotlatchDeltic has issued 1.96 million shares of common stock and assumed debt of $6.6 million, in exchange for Loutre’s 51,340 acres of high-quality, well-stocked timberlands in southern Arkansas and northern Louisiana.

B.C. Government Provides Update on Progress in Old-Growth Forest Deferrals

On Thursday (12-16-21), the B.C. government released a progress report on the steps taken since they announced in early November that harvesting would immediately cease in 2.6 million hectares of old-growth forests. The report noted that the government was making progress on the recommendations of its Old Growth Strategic Review Panel and is continuing to work with First Nations.

B.C. Government Hears from 161 First Nations on Old-Growth Deferral Plan

In early November, the B.C. government announced that its expert panel had mapped out 26,000 square kilometers of old-growth forest at risk of permanent biodiversity loss. At that time, the government asked more than 200 First Nations in the province to decide within 30-days whether they would support the planned deferrals in those area, or if the plan required further discussion.

Syilx Okanagan Nation Rejects B.C.’s Process to Identify Old-Growth Forests

On Friday (12-17-21), the Syilx Okanagan Nation, the tribal council representing seven area First Nations, said they are rejecting the process that the B.C. province has used to identify old-growth forests. The Okanagan Nation Alliance (ONA) chair Clarence Louie slammed the province’s consultation process as “inadequate and superficial,” noting all of the Syilx community forestry companies have been left out.

lida Group Holdings Buys Majority Stake in Russian Forest Products

Iida Group Holdings (IGH), a leading Japanese real estate development firm, announced on Wednesday (12-8-21) that it has received Russian Government approval and is buying a majority stake (75%) in Russian Forest Products for nearly $530 million. IGH says the acquisition will provide the company with access to one of the world’s largest forests, spanning roughly four million hectares in the Russian Far East.

Huu-ay-aht First Nations to Honor Major Portion of B.C. Government’s Old-Growth Forestry Deferral

The Bamfield-based Huu-ay-aht First Nations have agreed to honor a major portion of the B.C. provincial government’s recent decision on old growth forestry deferral. The determination is preliminary and only refers to Huu-ay-aht First Nations interests, not those of any other First Nations. Chief Councilor Robert Dennis Sr. noted that much of the area set aside for deferral is already protected or not planned for harvest within the next two years.

Huu-ay-aht First Nations Disagrees with B.C. Government on Old-Growth Deferrals

On November 2, 2021, the British Columbia government announced that it would defer logging on 2.6 million hectares of old growth forests. At the same time the B.C. government gave the First Nations 30 days to indicate whether they agreed or disagreed with deferrals. The Huu-ay-aht First Nation has now provided an answer for the government: It disagrees with the deferrals, and it will make its own decisions on how it manages its own treaty lands.