West Fraser Timber Co. Ltd. (TSX,NYSE:WFG) and the Lake Babine First Nation have agreed to put their respective timber tenures into one collective, First Nation-owned fibre basket.
The First Nation’s forestry company, Lake Babine Nation Forestry Limited Partnership (LBN Forestry), has signed a joint development agreement with West Fraser to combine their local tenure volumes into First Nations woodlot licence, which will be owned by the Lake Babine First Nation.
West Fraser’s tenure comes from Bulkley and the Morice Timber Supply Areas.
“This agreement recognizes the central role the Lake Babine Nation has in stewarding resources in its traditional territory, while providing a measure of fibre security for West Fraser,” West Fraser CEO Sean McLaren said in a press release. “Partnerships like this one will be key to restoring a thriving forest sector in the province.”
“The joint development agreement and the associated FNWL will empower Lake Babine Nation and LBN Forestry to manage the forests and conduct forestry in keeping with our stewardship priorities and contribute to our Nation’s prosperity,” said Chief Murphy Abraham.
“This agreement will contribute to the durability of forestry in our region and deliver employment and long-term benefits to the Lake Babine people, other residents, and the regional forestry sector.”
