11:40 AM EDT, 03/28/2024 (MT Newswires) -- First Nations of the Nanwakolas Council and Western Forest Products Inc. ( WFSTF ) announced Thursday the completion of the agreement for the Nations to acquire a 34% interest from Western in a newly formed Limited Partnership, for $35.9 million. The new name for the Partnership is La-kwa sa muqw Forestry going forward. The name means 'the wood of four' in the Kwak'wala language.

The Partnership consists of certain assets and liabilities of Western's Mid Island Forest Operation, including the Tree Farm Licence 64. The new Partnership cover 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.

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