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Stock impact report

100 Mile House Mayor says mill closure at the end of 2025 underscores reform need [Yahoo! Finance Canada]

West Fraser Timber Co. Ltd Common stock (WFG) 
100 Mile House Mayor Maureen Pinkney says she won't necessarily "point fingers at who's doing what right or wrong, but what's been happening in the last 20 years has not worked," adding issues like the handling of forestry licenses and the annual allowable cut need to be redone. Pinkney's comments come after West Fraser Timber announced on Nov. 6 that it will permanently close its lumber mill in 100 Mile House with about 165 jobs by the end of 2025, because the mill lacks reliable access to what it calls "an adequate volume of economically viable timber." The company adds that "challenging softwood lumber demand, higher duties and additional tariffs have compounded this situation." While the community is not unaware of the issues facing the softwood lumber industry, Pinkney says the mill's closure will have a "substantial impact" on the municipal budget and could lead to younger people leaving the community, whose current population of 2,000 serves a larger area of 20,000. Pi Show less Read more
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