{"id":100612,"date":"2026-11-12T02:29:50","date_gmt":"2026-11-12T02:29:50","guid":{"rendered":"https:\/\/www.timberindustrynews.com\/?p=100612"},"modified":"2026-11-12T22:19:47","modified_gmt":"2026-11-12T22:19:47","slug":"conifex-needs-further-funding-to-operate-beyond-december","status":"publish","type":"post","link":"https:\/\/www.timberindustrynews.com\/ro\/conifex-needs-further-funding-to-operate-beyond-december\/","title":{"rendered":"Conifex needs further funding to operate beyond December"},"content":{"rendered":"

Canadian lumber producer Conifex Timber has warned that it cannot fund operations beyond December 2026 unless it secures the remaining C$10.2 million (US$7.2 million) under a federal loan facility or obtains alternative financing. The warning comes as the company prepares to restart its Mackenzie sawmill in British Columbia, which produced no lumber during the third quarter.<\/p>\n

In its results released on November 11, Conifex identified a material uncertainty over its ability to continue as a going concern. Its planned December restart depends on securing sufficient sawlogs and financing, while access to the remaining government loan requires the company to satisfy conditions tied to restarting the mill.<\/p>\n

Federal loan provides limited breathing room<\/strong><\/p>\n

Conifex has drawn C$19.8 million (US$13.9 million) under a loan of up to C$30 million (US$21.1 million) from the Canada Enterprise Emergency Funding Corporation through the Large Enterprise Tariff Loan programme. The undrawn balance is conditional on evidence that specified restart milestones have been, or will be, met.<\/p>\n

The initial advance lifted unrestricted cash to C$7.4 million (US$5.2 million) at September 30, from C$1.3 million (US$0.9 million) at the end of June. Total debt increased over the same period to C$122.5 million (US$86.2 million) from C$101.8 million (US$71.6 million).<\/p>\n

The company also negotiated amendments with existing lenders in September, including the deferral of scheduled principal repayments until September 2028. Nevertheless, operating activities consumed C$8.8 million (US$6.2 million) in cash during the third quarter.<\/p>\n

If the remaining federal funding is unavailable when needed, Conifex said it would have to seek further lender concessions or alternative financing, postpone the sawmill restart, or make additional cost reductions.<\/p>\n

No lumber production, but costs continue<\/strong><\/p>\n

The two-line Mackenzie sawmill, with annual capacity of approximately 566,000 m\u00b3 on a two-shift basis, remained idle throughout the quarter. Production compared with approximately 33,300 m\u00b3 in the second quarter and 90,800 m\u00b3 a year earlier.<\/p>\n

Sales dropped to C$0.7 million (US$0.5 million) from C$38.2 million (US$26.9 million) in the third quarter of 2025. The net loss narrowed to C$7.9 million (US$5.6 million), compared with C$9.5 million (US$6.7 million) in the preceding quarter and C$16.6 million (US$11.7 million) a year earlier.<\/p>\n

Despite the shutdown, Conifex incurred approximately C$3.6 million (US$2.5 million) in fixed site costs, overhead, staffing, and care and maintenance at the sawmill. Its biomass power plant incurred a further C$2.4 million (US$1.7 million) in costs while undergoing maintenance.<\/p>\n

The 36 MW power plant resumed operations on November 10 after being shut since May. Sawmill operations are expected to follow in or around December, subject to financing and log availability.<\/p>\n

Lower duty rate leaves substantial US trade costs<\/strong><\/p>\n

Conifex shipped no lumber to the United States during the quarter and paid no duty deposits. However, US trade measures will continue to affect the economics of production once shipments resume.<\/p>\n

Following the seventh administrative review, the combined anti-dumping and countervailing duty deposit rate applicable to Conifex fell to 24.75% from 35.16% for shipments entered from October 19. A separate 10% Section 232 tariff remains in place.<\/p>\n

The review also creates an additional charge on earlier shipments. Because the final rates exceed the deposits paid on exports during 2024, Conifex expects to recognise a non-cash duty expense of approximately C$8.1 million (US$5.7 million) and accrued interest of C$1.3 million (US$0.9 million) in the fourth quarter.<\/p>\n

Western spruce-pine-fir 2\u00d74 benchmark prices averaged the equivalent of approximately US$206\/m\u00b3 during the third quarter, against US$202\/m\u00b3 a year earlier, although prices weakened as the quarter progressed.<\/p>\n

Conifex expects difficult trading conditions to persist into 2027. With producers already curtailing output or reducing operating schedules, the company said further capacity reductions could be necessary if demand takes longer to recover.<\/p>","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":100613,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[5204],"tags":[],"class_list":["post-100612","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-news"],"acf":[],"yoast_head":"\nConifex needs further funding to operate beyond December - Timber Industry News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.timberindustrynews.com\/ro\/conifex-needs-further-funding-to-operate-beyond-december\/\" \/>\n<meta property=\"og:locale\" content=\"ro_RO\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Conifex needs further funding to operate beyond December - 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