The Huu-ay-aht First Nation on Vancouver Island have announced what it calls a historic deal that will see it own a majority share of Tree Farm Licence (TFL) 44 farm licence and a 7% stake in a Western Forest Products (TSX:WEF) sawmill in Port Alberni.
The agreement, worth $36 million, will see the Huu-ay-aht become majority owners of Western Forest Products' TFL 44 through a Huu-ay-aht partnership called Huumiis Ventures. Huumiis will own 51% of TFL 44 and Western Forest Products will own 49%.
Huumiis Ventures will also buy a 7% stake in the Alberni Division Sawmill in Port Alberni for $1 million.
"This is an historic announcement that is fundamentally about reconcilliation and forestry revitalization," said Chief Councillor Robert Dennis Sr.
The agreement is the result of a reconciliation protocol signed between the Huu-ay-aht and Western Forest Products in 2018.
"This agreement is an example of how collaboration between First Nations and the private sector can contribute to reconciliation," said WFP CEO Don Demens.
