Weyerhaeuser has reached a tenure reallocation agreement with the Province of British Columbia. According to the te…
Weyerhaeuser has reached a tenure reallocation agreement with the Province of British Columbia. According to the terms of Bill 28, Forestry Revitalization Act, the Province will reduce the company’s cutting rights by 1.2 million cubic metres of allowable annual cut and 8,000 hectares of timber licenses. Weyerhaeuser will receive $32.1 million in compensation for the loss of these rights.
The agreement comes as a follow-up to an announcement made by the BC government in 2003 that it intended to reallocate 20% of issued Crown logging rights to make more wood available on the open market and for First Nations, community forests, woodlots and new entrepreneurs.
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