Coast Tsimshian Resources nets contract to sell 150,000 m3 of logs to Fujian Hijong Wood Industry of Putian, China, during British Columbia's trade mission

PRINCE RUPERT, British Columbia , November 24, 2011 () – Coast Tsimshian Resources has signed a major contract to sell logs to a Chinese company.

The contract is for 150,000 cubic metres of logs and was signed earlier this month in Beijing, China between the Lax Kw’alaams First Nation-owned company and Fujian Hijong Wood Industry Co. Ltd. of Putian, China.

The signing was connected to the tour by Premier Clark to China last week to promote business connections between B.C. and China and to sign business, academic and other agreements.

“It was pretty exciting to be a part of such an event that is supporting the continued development of the northwest,” said Wayne Drury, Coast Tsimshian’s general manager, who was in Beijing for the signing.

He said the task of cutting and shipping the logs will provide work supporting 150 families in the northwest for almost one year.

“This contract along with the co-operation of others in China allows us to support our workers’ families, while we continue to work on solutions that will add value for our owners, the Lax Kw’alaams band and the people of the northwest,” said Drury.

He declined to release the exact contract amount but did say it was approximately half of the company’s sales target into the Asian market for this year, which is $40 million.

Most of the contract value covers log sales but there is a portion that could lead to a more value added export product.

Coast Tsimshian has an annual allowable cut of just over 550,000 cubic metres a year, acquired when it bought cutting rights from bankrupt Skeena Cellulose/New Skeena Forest Products.

It’s been developing Asian clients for the better part of the past three years, a strategy helped since it opened an office in Beijing.

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