Forest industry representatives unveiled Canada’s Mass Timber Roadmap for success at Parliament Hill. In related news: US WoodWorks announced their 2024 Wood in Architecture awards; Sappi wins award for its Power of Trees video; why timber is having a resurgence in the UK; and innovation that reduces wood-based construction waste. In Company news: Aspen Planers halts its Merritt operations; Mill River Lumber closes in Vermont; Conifex secures a new term loan; and West Fraser announces its quarterly dividend.
In Forestry/Wildfire news: COFI endorses proactive approach in new Canadian wildfire strategy; BC Wildfire Service anticipates busy fire season (but not as bad as 2023); low snowpack is also a concern for salmon experts; and it’s not sufficient to just plant trees to mitigate climate change.
Finally, Alaskan researchers create machine-learning system to detect beetle-killed spruce.
Kelly McCloskey, Tree Frog Editor
Representatives from Canada’s forest sector hold a news conference in Ottawa for the release of their report on the potential of mass timber. Speaking with reporters are Derek Nighbor, president and CEO of the Forest Products Association of Canada, and Rick Jeffery, president and CEO of the Canadian Wood Council, as well as Derek Eaton, director of Future Economy at the Transition Accelerator. 
VANCOUVER — West Fraser Timber has declared a quarterly dividend of US$0.32 per share on the Common shares and Class B Common shares in the capital of the Company, payable on July 12, 2024 to shareholders of record on June 26, 2024. The quarterly dividend has been increased from the prior US$0.30 per share in light of the share count reduction resulting from execution of recent normal course issuer bids. “We are pleased to increase our dividend this quarter,” said Sean McLaren, West Fraser’s President and CEO. “A sustainable quarterly dividend is a key priority within our capital allocation strategy.”
VANCOUVER — Conifex Timber announced that it has completed a $25 million secured term loan with PenderFund Capital Management, an independent investment firm located in Vancouver, BC. A portion of the Term Loan was utilized to repay and retire Conifex’s existing lumber segment credit facility with Wells Fargo Capital Finance Corporation Canada in the amount of approximately $11 million. The balance of the Term Loan will be available for working capital and general corporate purposes. “We are delighted with the show of support PenderFund provided,” commented Ken Shields, Conifex CEO and Chairman. The Term Loan has a term of 5 years, bears interest of 14% per annum and is substantially secured by Conifex’s lumber segment assets. Conifex has also agreed to issue 3.6 million common share purchase warrants to Pender having a 5 year term. 
Lumber prices rebounded toward $500 per thousand board feet, moving away from the eight-month low of $488 observed from June 4th as the latest US data lifted the demand outlook. Softer-than-expected US inflation data, which bolstered expectations for multiple Federal Reserve rate cuts this year, added further optimism for reduced mortgage rates amid a sharp decline in US Treasury yields. Still, housing starts continued to struggle amid high rates and home prices continue to weigh on home builders. Mortgage rates remained above 7% for over two months, while building permits in the US sank for a second straight month in April, limiting the outlook for wood and housing construction materials.
Statement by Michael Armstrong, Vice-President and Chief Forester of the BC Council of Forest Industries on the 
The province is not expecting to see as extreme a wildfire season as last year, but there is still the potential for large fires, especially in the northeast and the Central Interior. “Continue to be vigilant and know that the province is doing everything we can to be prepared for another challenging fire season,” Matt McDonald, the BC Wildfire Service’s lead fire weather forecaster, said during a news conference on Wednesday afternoon. McDonald, as well as Forests Minister Bruce Ralston and Emergency Management and Climate Readiness Minister Bowinn Ma provided an update for the summer’s seasonal wildfire outlook on Wednesday. McDonald said 2024 could still be another challenging wildfire season for B.C. due to persistent drought, lack of snow and remaining holdover fires that, given a bit of warm weather and wind, can exhibit aggressive fire behaviour. …As of Wednesday, there are 108 wildfires burning across B.C., most of which are in the Prince George Fire Centre, Ralston said.
