Western Forest Products Sells Stillwater Forest Operation to Tla’amin Nation

Western Forest Products and the Tla’amin Nation announced that they have completed a deal transferring ownership of the Stillwater Forest Operation near Powell River, BC, to the First Nation, The Canadian Press reported (11-3-26).

According to a joint statement, the Tla’amin Nation’s forestry business acquired a 100% ownership interest in the operation for approximately CA$80 million (US$57.3 million) after adjustments. The operation spans approximately 1,540 square kilometers (380,500 acres), most of which is located on Tla’amin traditional territory along BC’s Sunshine Coast.

Under the agreement, the Nation’s forestry business will manage an annual allowable cut of 469,200 cubic meters of timber from the tree farm license. It has also entered into a long-term fiber supply agreement with Western Forest Products to supply timber harvested from the operation to support the company’s coastal BC manufacturing operations.

The Canada Indigenous Loan Guarantee Corporation is providing a CA$64 million loan guarantee to support the acquisition.

Corporation President Kristan Straub said the purchase puts the Nation “in the driver’s seat of a major forestry operation,” strengthening its economic future and creating lasting opportunities for Tla’amin people. Straub added that access to affordable capital has often been a barrier to greater Indigenous ownership of projects within their traditional territories.