Tla'amin Nation, through its entity Qwoqwnes Forestry Holdings Limited Partnership, has agreed to purchase a 100% ownership interest in Western Forest Products' Stillwater Forest Operation for $80.0 million. The assets include Block 1 of Tree Farm Licence 39, covering approximately 154,000 hectares near Powell River, British Columbia, Canada, according to Western Forest Products.
Following the closing, Qwoqwnes will manage an allowable annual cut of approximately 469,200 m3 of timber from the licence area. The parties have arranged a long-term fibre supply agreement for Qwoqwnes to sell timber harvested from the tenure back to Western to support its coastal manufacturing operations. The completion remains subject to financing and approvals from the British Columbia Ministry of Forests.
The transaction represents the return of 43% of Tla'amin territory to the nation's stewardship, according to Tla'amin Hegus John Hackett. Thichum Forest Products General Manager Adam Culos said the acquisition aligns with a quadruple bottom line approach focused on value-added manufacturing, local employment, and environmental stewardship. Western President and CEO Steven Hofer described the agreement as advancing the company's strategy of building mutually beneficial relationships with Indigenous communities.
Western Forest Products is an integrated forest products company building a margin-focused log and lumber business to compete successfully in global softwood markets.
