First Nations buy up Catalyst land
October 16, 2006 By Pulp & Paper Canada
For $2 million, the Tseshaht First Nations is buying 120 hectares of surplus company property from Catalyst Paper i…
For $2 million, the Tseshaht First Nations is buying 120 hectares of surplus company property from Catalyst Paper in Port Alberni.
The land is located next to the Tseshaht reserve and is part of the Somass River delta. It includes 1.4 kilometres of riverfront and is in the agricultural land reserve. Catalyst used the property to grow poplar and retains a right-of-way for a water pipeline to its Port Alberni mill.
The sale is part of Catalyst’s plan to sell off six parcels of land the company considers to be non-core to its business.
“When the Tseshaht approached us with an offer to purchase this property we saw it as a good opportunity to support aboriginal business initiatives in the Alberni Valley as the region evolves economically,” president and CEO Russell J. Horner said of the decision. “At the same time we are receiving a fair market price for land we no longer require and that makes good sense for our business,” he added.
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