The new owner of Northern Pulp’s 173,000-hectare timberlands could be a Nova Scotia company.
The province says there is a tentative purchase agreement with Tidnish Holdings Ltd., based in Oxford, for $235 million.
The land spans six hectares covering Halifax, Pictou, Colchester, Cumberland, Guysborough and Hants counties.
The money will fulfil the 2024 settlement agreement between Nova Scotia and the mill owner, protecting pensions and settling provincial debt.
“We are pleased to know that Northern Pulp’s timberlands will be turned over to a Nova Scotia company that has deep roots in rural communities and the economy,” said Kim Masland, Minister of Natural Resources. “We will continue to have interest in how those lands remain available for forestry, though we have confidence they will provide economic and social benefits for generations.”
If the deal does not close December 16, the province is a backup bidder with a commitment of $234 million.
Northern Pulp operated the mill in Pictou County for more than 50 years before shutting down in 2020.
It had been dumping wastewater into nearby Boat Harbour.
