As a young boy I spent many hours paddling my father around in a canoe while he fly fished the lakes in Northwest Bay logging division. Sometimes we camped overnight or brought friends and relatives for picnics, swimming, or skating. This father’s day week-end the roads to Boomerang, Okay, Round, Cottel, Off, and Kidney Lake were closed to the public due to industrial logging on this privately owned land.One of the largest business deals in BC has gone almost unannounced. Driving down the highway just south of Parksville you may notice that the green Weyerhaeuser sign has been replaced by a blue sign that states “Island Timberlands” Only those in the know would notice that the odd symbol on the left is the corporate logo for Brascan who announced:
“Toronto, CANADA, May 30, 2005 – Brascan Corporation (NYSE/TSX: BNN) today announced that it has completed the acquisition of Weyerhaeuser's British Columbia coastal business for approximately C$1.2 billion plus working capital, a transaction which included: 635,000 acres of high quality, freehold timberlands; and five saw mills, two remanufacturing facilities and 3.6 million m3 of associated annual Crown harvest rights. “
Locally, Brascan has just bought land that is under serious contention in Cathedral Grove, Hamilton Marsh, on the Floodplain of the Little Qualicum River, on the slopes of Mt Arrowsmith including the Judge’s Route. Local communities and the public have expressed serious concerns about protecting these sensitive ecosystems.
Will Brascan protect these relatively small areas of privately owned land or will this corporation log these highly sensitive forests for the sake of profits? It is posted at www.brascancorp.com “At Brascan, we pride ourselves on contributing positively to the communities in which we operate. From an environmental perspective, that means we are continually striving to minimize our impact on the environment...”
Will Brascan continue to use helicopters to dump thousands of tons of chemical fertilizer into the Englishman RIver Watershed in the same way that Weyerhaeuser and TimberWest did last year? If you would like to get in touch with Brascan to find out their plans regarding local wilderness managed by Island Timberlands, please contact Reid Carter, Managing Partner at (604) 661-9142 or e-mail: rcarter@brascanam.com
Worthy of note is that, while the corporate change means upper management has been replaced, the middle management positions are still filled by most of the same people who worked for M&B, Weyerhaeuser, and now Brascan. Logs are still being exported while more local workers have been laid off in the past month.
“Brascan Corporation is a global asset manager focused on property, power and infrastructure assets. With $40 billion of assets owned and under management, the company owns 70 premier office properties and 130 power generating plants. The company is inter-listed on the New York and Toronto stock exchanges.“
The corporate message is often hard to understand such as; “With a focus on strategic investments in fee simple timberlands in Canada, the United States and Brazil, our Fund investments may also include monetization or securitization of crown timberlands in Canada.” My simple translation is: We will cut down trees on private land as well as on publicly owned land to make lots of money.
Brascan goes on to state: “Approximately 13,000 hectares of lands are viewed to have greater value in non-timber use, located on Vancouver Island and the Mainland. It is expected that the constantly growing rural-urban interface will result in ongoing land sale opportunities.”
Weyerhaeuser sold off a lot of ‘timberland’ as real estate, logged many millions of cubic meters of old growth forest on public land, dumped tons of chemicals into the watersheds of this province, and donated millions of dollars to the BC Liberals. Weyerhaeuser also helped to establish new presidents in the Supreme Court of Canada with regards to First Nations’ land claims and helped to galvanize the environmental community. It remains to be seen how Brascan will act in BC.
