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Miramichi devalued

UPM has slashed the value of its Miramichi paper mill.

UPM has slashed the value of its Miramichi paper mill.

According to a report by CBC, the company reassessed the facility’s value last week, and dropped it by more than $160 million, to rest at a meager $28 million.

CBC reported mill manager Timo Suutarla as confirming the new value is low because “predicted income still looks pretty low,” and that the company had to list the actual value of the facility in order to provide investors with an accurate assessment of its assets.

The company cited the Canadian dollar as the reason for the anticipated lower income.