July 18 (Bloomberg) -- Active Energy Group Plc, a supplier of wood chips to power stations, entered a joint venture with three aboriginal groups in Canada to develop and manage more than 100,000 hectares (247,000 acres) of forest.
Active Energy, listed on London’s Alternative Investment Market, and the Metis Settlements will each own 45 percent of the venture, and Ronald Derrickson, the Grand Chief of British Columbia, will own the rest, the company said today in a statement. The Metis Settlements will grant exclusive rights over all their forestry assets in western Canada to the venture.
The deal will “set the standards and terms for further agreements with other Metis, First Nations and aboriginal groups across Canada to enable them to develop and commercialize their assets in an equitable and sustainable manner to bring long-term economic growth, employment and stability to their communities and their peoples,” Derrickson said in the statement.
All commercial deals that the venture enters into will require local employment for Metis citizens, according to the statement.
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