Huumiis already owns a 7% stake in TFL 44, which contains 780,000 cubic metres of allowable cut around Great Central Lake and Alberni Inlet.
The acquisition plan would bump ownership up to 35% and give the Huu-ay-aht company three of the seven seats on the TFL 44 board with Western Forest Products.
Huu-ay-aht councillor John Jack said the deal represents an investment of $22.4 million, and lays the groundwork for an eventual majority share to be considered in the first quarter of 2023.
The next step of the investment is to acquire an additional 16%, he said. “If approved by our citizens, [it] would bring Huumiis’ interests up to 51%, giving it majority say into what happens in the tree farm licence on our traditional territory.”