VANCOUVER, British Columbia, Oct. 07, 2022 (GLOBE NEWSWIRE) — Conifex Timber Inc. (“Conifex”) (TSX: CFF) announced today that it is temporarily reducing operations at its sawmill in Mackenzie, Colombia British Columbia, for two weeks beginning October 11, 2022. The policies and practices of the British Columbia Ministry of Forests that position BC Interior sawmills at the upper end of the cost curve in the industry, combined with a sharp decline in lumber prices during a period of declining demand in the global market, forced Conifex to make this decision. walk. Conifex will continuously monitor and assess industry and market conditions as they evolve. The temporary reduction is expected to impact production capacity by approximately 7 million board feet in the fourth quarter.
“This was a difficult decision. We regret the impact this will have on our employees, their families and the community. We are exploring various initiatives to address concerns that disadvantage sawmill workers, the Mackenzie District and other stakeholders of the forestry industry,” said Ken Shields, President and CEO.
Power plant update
Conifex continues to work with its engineers and contractors to resume operations at its power plant, for which needed repairs have faced global supply chain issues affecting spare parts. Conifex currently expects to resume power generation around early December 2022. Conifex is working with its adjusters on an insurance claim to recover business interruption and property damage costs, subject to deductibles and limits usual.
Third Quarter 2022 Earnings Conference Call
Conifex expects to release its third quarter 2022 results after market close on Tuesday, November 8, 2022. A conference call is scheduled for 2:00 p.m. PT / 5:00 p.m. EST the same day to discuss financial results of Conifex. To participate in the call, please dial one of the following numbers:
Toll-free access (Canada/US): 1-800-806-5484
Participant access code: 8379316#
The call will also be available for instant replay until December 9, 2022. For instant replay access, please dial one of the following numbers and enter participant access code 9671923#.
Toll-free access: 1-800-408-3053
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About Conifex Timber Inc.
The core business of Conifex and its subsidiaries currently includes timber harvesting, reforestation, forest management, sawing logs into lumber and woodchips, and finishing and distributing valuable timber. added. Conifex lumber products are sold in the US, Canadian and Japanese markets. Conifex also produces bioenergy at its power generation facility in Mackenzie, British Columbia.
Certain statements contained in this press release may constitute “forward-looking statements”. Forward-looking statements are statements that address or discuss activities, events or developments that Conifex expects or anticipates may occur in the future. When used in this press release, words such as “estimates”, “expects”, “plans”, “anticipates”, “projects”, “will”, “believes”, “has intent, “should”, “could”, “may” and other similar words are intended to identify such forward-looking statements. Forward-looking statements reflect the current expectations and beliefs of Conifex management. forward-looking statements involve known and unknown risks, uncertainties and other factors, the actual results, performance or achievements of Conifex or the industry may differ materially from those implied by such forward-looking statements. in this press release include, but are not limited to, statements regarding the delayed operational restart of the power plant, the resumption of normal operations at the plant and the duration of the current temporary curtailment lle, results of operations and other relevant factors. Forward-looking statements involve significant uncertainties, should not be construed as guarantees of future performance or results, and will not necessarily be an accurate indication of whether or not those results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including the risk factors described in Conifex’s MD&A for the year ended December 31, 2021 and the quarter ended December 31, 2021. June 30, 2022, each available on SEDAR at www.sedar.com. These and other risks could cause actual results and events to vary materially. Accordingly, readers should exercise caution when relying on forward-looking statements, and Conifex undertakes no obligation to revise them publicly to reflect subsequent events or circumstances, except as required by law.