Weyerhaeuser Co has agreed to reduce its cutting rights in Vancouver by 1.2 million m3 a year in return for a C$32.1m payout from the British Columbia (BC) government.
The agreement is the first since the provincial government announced last year that 20% of previously issued Crown logging rights would be reallocated to make more wood available on the open market and for First Nations, community forest and new entrepreneurs.
Weyerhaeuser’s share amounted to 14% of the total. The company will retain an annual harvest of 4.8 million m3 on BC Crown land and will continue cutting on the reallocated areas until they are returned to the Crown.
