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Ainsworth cancels agreement with Manitoba government regarding plant |
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Written by THE CANADIAN PRESS
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Friday, 10 October 2008 |
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VANCOUVER - Ainsworth Lumber Co. Ltd. (TSX:ANS) said Friday that it has cancelled an agreement with the Manitoba government on a planned engineered wood production facility after a review found it was unlikely the company would build the plant in the foreseeable future.
Ainsworth had planned to build a plant capable of producing both oriented strand board and oriented strand lumber products in conjunction with the First Nations Forestry Limited Partnership.
The May 2006 agreement with the Manitoba government included a forest management license for 838,000 cubic metres annually of timber on a renewable 20 year basis.
As a result of the termination of the agreement, Ainsworth said it is no longer required to post a performance bond and the associated $2.5 million will be returned to the company.
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Last Updated ( Friday, 10 October 2008 )
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