Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

UPDATE 1-Sinar Mas unit to buy Canada's Mackenzie pulp mill

Published 04/16/2010, 08:36 PM
Updated 04/16/2010, 08:48 PM

* Pulp mill idled by Pope & Talbot in 2008

* Sinar Mas interested in more acquisitions in Canada (Adds Greenpeace reaction, paragraphs 14,15)

By Allan Dowd

VANCOUVER, April 16 (Reuters) - A unit of Indonesia's Sinar Mas will buy a idled pulp mill in Mackenzie, British Columbia, with plans to resume production from the Canadian plant for Asian markets by fall, officials said on Friday.

The mill and town in northern British Columbia have become symbols of the economic woes that have dogged Canada's forestry industry over the past three years with plant closures and job losses in rural communities.

British Columbia forestry minister Pat Bell even struggled to hold back tears as he announced the complex deal to reopen the facility that was shuttered in the 2008 collapse of North American forestry firm Pope & Talbot.

"It tore my heart out to see that town go down ... For me, Mackenzie is back and it deserves to be back," Bell told a news conference about the town of 5,000 people that saw all of its lumber, pulp and paper mills all close in the economic crisis.

Sinar Mas's Netherlands-based unit, Paper Excellence BV, will pay C$20 million ($19.8 million) for the mill, and invest between C$30 million and C$40 million to restart it, plus additional costs, officials said.

The mill's union has signed a contract for the more than 240 workers, and the McLeod Lake Indian Band, which holds resource rights in the area, says it will ensure the facility receives sufficient fiber supplies.

Sinar Mas plans to market about 80 percent of the mill's NBSK pulp production in Asia, said Peter Wardhana, a director of Paper Excellence.

Wardhana said the company, which already owns a mechanical pulp mill in Meadow Lake, Saskatchewan, is interested in more acquisitions in Canada. It is in final talks with Tembec to buy two of the the Canadian firm's pulp mills in France.

Sinar Mas tried to buy the Mackenzie mill in 2008, but the deal fell through partly because of the international credit crunch. That proposed transaction had also included two other Pope & Talbot mills.

"This is a completely separate deal," Wardhana said.

The original deal's collapse launched an almost bizarre chain of events that saw an Alberta businessman buy the then idled mill, only to abandon it when it became clear he had no financial backing.

Workers found themselves manning the plant for weeks without pay to ensure hazardous chemicals stored there would not leak out into the community. Eventually, the province and community took control of the property.

The C$20 million purchase price paid to the community development agency will pay off the debt built up by the prior owner during what a local official described on Friday as "that misadventure."

Sinar Mas has been criticized for its logging practices in Indonesia, and environmental group, Greenpeace, said it will be monitoring the operations in Canada.

"Sinar Mas should expect their environmental record in Indonesia and the Greenpeace campaign to follow their business wherever it goes," the group said in a statement.

Bell said he has discussed the deal with Greenpeace and other environmental groups, and said the province and the McLeod Indian Band are satisfied with the company's environmental practices at its Saskatchewan mill. (Reporting Allan Dowd; editing by Rob Wilson)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.