New Forests Buys Gunns' Plantations for $330 Million, Eyes Woodchip Exports

May 2, 2014 (THE AUSTRALIAN) - The new owner of vast tree plantations previously held by failed timber company Gunns Ltd will focus on exporting the resource as woodchips and is sceptical about prospects for a pulp mill in Tasmania.

Receivers KordaMentha today announced Sydney-based timber investment fund New Forests had purchased almost 100,000 ha of Gunns’ plantations, two export woodchip mills and port access, as forecast by The Australian last week.

New Forests refuses to take on Gunns mill
New Forests, which purchased the assets in a competitive process, was not interested in buying Gunns’ permit to build and operate a pulp mill in the Tamar Valley, for which the plantations had been intended as feed-stock.

The full article is available at: THE AUSTRALIAN.

SOURCE: THE AUSTRALIAN