We are pleased to announce that Foresta (NZ) Limited, a wholly owned subsidiary of Foresta Group Holdings Limited (ASX: FGH, “FORESTA”), has signed a ten (10) year supply agreement with PF Olsen Limited (“PF OLSEN).
This contractual arrangement represents the supply of 150,000 tonnes per annum of logs, stumps and slash sourced from Forest Stewardship Council (FSC) forests for FORESTA’s flagship manufacturing facility in New Zealand, which accounts for around 61% of the total quantity of raw feedstock required for Stage 1AA and 1A.
PF OLSEN is New Zealand’s largest independent forestry service provider and has been in operation for over 50 years. PF OLSEN is responsible for planting around 30% of all new forestry in New Zealand as well as managing over 160,000 ha in New Zealand and over 212,000 ha in Australia of forestry resources. PF OLSEN also manage the largest harvesting portfolio in New Zealand and Australia, with a combined forestry harvest of over four(4) million tonnes per annum.