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Huu-ay-aht First Nation has reached an agreement with Western Forest Products to purchase seven per cent of tenure ownership of Tree Farm License (TFL) 44 for $7.2 million.
This will be done by Western transferring the main assets related to TFL 44 to a newly-formed Limited Partnership (LP).
The nation believes the tenure will create opportunities for the citizens of this treaty nation on Vancouver Island, and revitalize forestry in the Alberni Valley.
The deal builds on the Reconciliation Protocol Agreement the two parties signed earlier in 2018.
“Our economic development plan focuses on diversifying our revenue streams in order to build our economy both in the short- and long-term, and for now forestry remains our bread and butter,” said Huu-ay-aht Councillor Trevor Cootes.
“Not only is this deal going to generate revenue and strengthen our economy, but it will provide good paying jobs that will encourage more citizens to come live at home.”
It’s an arrangement that’s years in the making, said President Judith Sayers of the Nuu-chah-nulth Tribal Council. The purchase will enable the Huu-ay-aht to retain more logs in Canada.
“This acquisition shows the nation’s determination to create a better future for its members – particularly with respect to future employment opportunities in Huu-ay-aht territory,” Sayers said.