Catalyst Paper has received partial pre-payment of the $8.6 million purchase price for the Elk Falls site in Campbell River from Pacifica Deep Sea Terminals Incorporated.
Catalyst has also agreed to grant the purchaser an extension to complete the sale. The transaction includes the 400-acre industrial site and adjacent properties. The papermaker says progress continues to be made on all outstanding terms and conditions.
Sale of the property is the final step in a comprehensive site preparation and sales process which began following the permanent closure of the paper mill in 2010.
Catalyst Paper manufactures diverse specialty mechanical printing papers, newsprint and pulp, with three mills located in British Columbia.