A consortium of First Nations communities have finalized the sale of the assets of Algoma Mill Works to build a specialty plywood mill on the North Channel of Lake Huron.
Algoma-Manitoulin MP Brent St. Denis announced the deal July 1, which will see a $766,020 investment by Indian Affairs and Northern Development to assist the North Shore Tribal Council in acquiring the shares and assets of Algoma Mill Works, once owned by entrepreneur Graeme Lowry and Phil Stanghetta.
The long-awaited transaction was reported by Northern Ontario Business in its June issue.
Assets include access to 150,000 cubic metres annually of white birch on Crown forests, as well as a business plan and engineering studies to develop a plywood plant, which could employ as many as 250 people in production and woodland operations.
The Tribal Council — comprised of the White Lake, Sagamok, Serpent River, Mississauga, Thessalon, Garden River and Batchewana First Nations — have not disclosed their project contribution which will include additional investment from a private-sector partner.
A greenfield site for the estimated $80-million project has not been chosen, but it will be built somewhere between Thessalon and Sagamok on the North Channel. A deep water harbour will factor into the location’s selection.