Western Forest Products and the Huu-ay-aht First Nation have finalized a deal for a seven per cent stake in a Port Alberni forest operation, which includes Tree Farm Licence 44.
The deal, worth $7.2 million, is being hailed as a step toward reconciliation and revitalization of the Alberni Valley forest sector.
The deal includes opportunities for increased participation of area First Nations through tenure ownership, employment and business opportunities, sustained domestic manufacturing, increased training, effective marketing and value-added product innovation, and strong environmental stewardship.
"This new partnership will directly increase First Nations participation in the forestry sector, while creating greater stability for our business, our customers, and our employees,” said Western chief executive Don Demens in a statement.
