NEWS FROM PORT ALBERNI
First Nation Gains Part Ownership of TFL 44
Huu-ay-aht First Nations acquire another portion of TFL 44
Huu-ay-aht First Nations has closed a deal with Western Forest Products that will give the nation additional ownership of a tree farm licence located on Huu-ay-aht traditional territory.
With this new transaction of 28%, Huumiis now owns a 35 percent ownership interest in TFL 44, with Western Forest Products owning the remaining 65 percent.
Huu-ay-aht and WFP signed a reconciliation protocol in 2018, looking for opportunities to balance protection of the environment and growth of the economy while allowing Huu-ay-aht to have increased participation in TFL 44. After this protocol was signed, Huu-ay-aht formed a special investment body (Huumiis Ventures) and acquired a seven percent interest in TFL 44.
In March of 2020, Huumiis announced it’s plan to work towards a majority interest (51 percent) in TFL 44, subject to approval from Huu-ay-aht citizens and the provincial government. The deal on May 4 is another step towards this majority ownership.
The new partnership includes a framework for opportunities for increased participation of area First Nations through tenure ownership, training and employment, business opportunities, sustained domestic manufacturing, integrated resource management planning, effective marketing and value-added product innovation.
Read the full story: Alberni Valley News
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