[NatureNS] Nova Scotia finally buys Bowater Mersey forestry lands...

From: "Dusan Soudek" <soudekd@ns.sympatico.ca>
To: "NatureNS" <naturens@chebucto.ns.ca>
Date: Mon, 10 Dec 2012 23:28:09 -0400
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Return-Path: <naturens-mml-owner@chebucto.ns.ca>
Original-Recipient: rfc822;"| (cd /csuite/info/Environment/FNSN/MList; /csuite/lib/arch2html)"

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>>> CNS Release <release@gov.ns.ca> 12/10/2012 7:23 pm >>>
PREMIER'S OFFICE--Province Takes Crucial Step to Build Forestry of =
Future
-----------------------------------------------------------------

Nova Scotia has gained control of the largest block of privately-held =
lands yet sold in the province, enabling it to support thousands of =
families, provide opportunity for further innovation in the forest =
sector, and gain control of a key part of its economic destiny.

Premier Darrell Dexter announced today, Dec. 10, that the province has =
negotiated an agreement with Resolute Forest Products and the Washington =
Post Company to purchase all Bowater Mersey shares for $1.

"Gaining control of these lands and resources allows the province to put =
them into the hands of those in our forestry industry who will value =
them most and can best generate more jobs and wealth in the province," =
said Premier Dexter. "The province negotiated hard to reach a deal that =
gives people living in Queens, Lunenburg and all of southwest Nova =
Scotia renewed hope for their families, and indeed all Nova Scotia =
reason for optimism about a strong future for forestry."

The province gains all of the company's assets, excluding the Oakhill =
Sawmill. The province takes compliance with the softwood lumber =
agreement seriously, and excluded the purchase of the Oakhill Sawmill on =
this basis. These key pieces of economic infrastructure will bring =
significant and lasting benefits to Nova Scotians and will cover the =
company's liabilities, including a fully funded pension plan.

"Some people have said that they would turn their back on the forest =
sector and the many thousands of families it has supported for =
generations," said Premier Dexter. "Through our jobsHere plan, we know =
that innovation is necessary for a successful forestry future. There has =
to be innovation and focus to build a forest sector for the next 100 =
years, and that is what this agreement reflects."

In purchasing the shares of the company, the province now controls:

-- 555,000 acres of commercial and protected woodlands, including the =
Medway, Rossignol and St. Margaret's Bay districts. An independent =
evaluation pegs the land's fair market value at $117.7 million or $212 =
per acre. The land also presents more opportunities for forest-sector =
growth, including community forests. The province issued an expression =
of interest earlier today, and is exploring opportunities for a Mi'kmaw =
forest initiative with the Assembly of Nova Scotia Mi'kmaq Chiefs.
-- The former Bowater mill site in Brooklyn, Queen's Co., including =
bio-refining machines, valued at $5 million. The site will be =
transformed into a research, demonstration and development centre of =
excellence and innovation in cleaner energy, bioenergy and forestry =
products and technology.

-- Brooklyn Power Corp., a 30-megawatt biomass generating facility.  The =
province will sell Brooklyn Power to Emera for $25 million in order to =
protect ratepayers from the termination of the current Power Purchase =
Agreement (PPA), which expires in 2025.


The value of the assets acquired by the province, including the =
woodlands, Brooklyn Power, the mill site and fibre inventory, cash and =
tax credits total $150.4 million. Total liabilities are $136.4 million, =
including $118.4 million of the company's assets funding the pension =
liability and severance, and the extinguishing of a portion of the =
company's debt at $18 million.

Weighing assets against liabilities, the net gain to the province is $14 =
million. This is on top of the benefits to the thousands of Nova =
Scotians who depend on the forestry industry to support their families, =
including harvesters, silviculturists, millworkers, people working in =
wood product companies, truckers, and others.

"Forestry has a bright future in Nova Scotia," said Premier Dexter. "By =
taking control of this resource, we gain the opportunity to build an =
industry focused on the future.  The industry is turning a corner, and I =
will do everything within my power to make forestry as important a part =
of our future as it has been in our past."

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<DIV><FONT size=3D4><SPAN=20
style=3D"FONT-FAMILY: 'Tahoma','sans-serif'; FONT-SIZE: =
10pt">&gt;&gt;&gt; CNS=20
Release &lt;<A =
href=3D"mailto:release@gov.ns.ca">release@gov.ns.ca</A>&gt;=20
12/10/2012 7:23 pm &gt;&gt;&gt;<BR>PREMIER'S OFFICE--Province Takes =
Crucial Step=20
to Build Forestry of=20
Future<BR>---------------------------------------------------------------=
--<BR><BR><FONT=20
size=3D3>Nova Scotia has gained control of the largest block of =
privately-held=20
lands yet sold in the province, enabling it to support thousands of =
families,=20
provide opportunity for further innovation in the forest sector, and =
gain=20
control of a key part of its economic destiny.<BR><BR>Premier Darrell =
Dexter=20
announced today, Dec. 10, that the province has negotiated an agreement =
with=20
Resolute Forest Products and the Washington Post Company to purchase all =
Bowater=20
Mersey shares for $1.<BR><BR>"Gaining control of these lands and =
resources=20
allows the province to put them into the hands of those in our forestry =
industry=20
who will value them most and can best generate more jobs and wealth in =
the=20
province," said Premier Dexter. "The province negotiated hard to reach a =
deal=20
that gives people living in Queens, Lunenburg and all of southwest Nova =
Scotia=20
renewed hope for their families, and indeed all Nova Scotia reason for =
optimism=20
about a strong future for forestry."<BR><BR>The province gains all of =
the=20
company's assets, excluding the Oakhill Sawmill. The province takes =
compliance=20
with the softwood lumber agreement seriously, and excluded the purchase =
of the=20
Oakhill Sawmill on this basis. These key pieces of economic =
infrastructure will=20
bring significant and lasting benefits to Nova Scotians and will cover =
the=20
company's liabilities, including a fully funded pension =
plan.<BR><BR>"Some=20
people have said that they would turn their back on the forest sector =
and the=20
many thousands of families it has supported for generations," said =
Premier=20
Dexter. "Through our jobsHere plan, we know that innovation is necessary =
for a=20
successful forestry future. There has to be innovation and focus to =
build a=20
forest sector for the next 100 years, and that is what this agreement=20
reflects."<BR><BR>In purchasing the shares of the company, the province =
now=20
controls:<BR><BR>-- 555,000 acres of commercial and protected woodlands, =

including the Medway, Rossignol and St. Margaret's Bay districts. An =
independent=20
evaluation pegs the land's fair market value at $117.7 million or $212 =
per acre.=20
The land also presents more opportunities for forest-sector growth, =
including=20
community forests. The province issued an expression of interest earlier =
today,=20
and is exploring opportunities for a Mi'kmaw forest initiative with the =
Assembly=20
of Nova Scotia Mi'kmaq Chiefs.<BR>-- The former Bowater mill site in =
Brooklyn,=20
Queen's Co., including bio-refining machines, valued at $5 million. The =
site=20
will be transformed into a research, demonstration and development =
centre of=20
excellence and innovation in cleaner energy, bioenergy and forestry =
products and=20
technology.<BR><BR>-- Brooklyn Power Corp., a 30-megawatt biomass =
generating=20
facility.&nbsp; The province will sell Brooklyn Power to Emera for $25 =
million=20
in order to protect ratepayers from the termination of the current Power =

Purchase Agreement (PPA), which expires in 2025.<BR><BR><BR>The value of =
the=20
assets acquired by the province, including the woodlands, Brooklyn =
Power, the=20
mill site and fibre inventory, cash and tax credits total $150.4 =
million. Total=20
liabilities are $136.4 million, including $118.4 million of the =
company's assets=20
funding the pension liability and severance, and the extinguishing of a =
portion=20
of the company's debt at $18 million.<BR><BR>Weighing assets against=20
liabilities, the net gain to the province is $14 million. This is on top =
of the=20
benefits to the thousands of Nova Scotians who depend on the forestry =
industry=20
to support their families, including harvesters, silviculturists, =
millworkers,=20
people working in wood product companies, truckers, and =
others.<BR><BR>"Forestry=20
has a bright future in Nova Scotia," said Premier Dexter. "By taking =
control of=20
this resource, we gain the opportunity to build an industry focused on =
the=20
future.&nbsp; The industry is turning a corner, and I will do everything =
within=20
my power to make forestry as important a part of our future as it has =
been in=20
our=20
past."<BR><BR>-----------------------------------------------------------=
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