Pope Resources Slashes 2010 Timber Harvest Goal
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Pope Resources, Poulsbo, Wash., USA, announced its current intention to harvest 32 million board feet (MMBF) of timber in 2010, a level that is 47% below its long-term sustainable level of 60 MMBF, of which 16 MMBF pertains to its two timber funds. Nearly a year ago, the company announced a plan to harvest 37 MMBF in 2009. The company noted in a published release that "as 2009 progressed, we decided to defer additional volume from our original plan due to protracted weakness in log markets, and we are now estimating our annual harvest for 2009 will be closer to 32 MMBF. The drop-off in housing starts has curtailed demand for solid wood products and, rather than absorb materially lower log prices, we are opting instead to allow 47% of our annual sustainable harvest to continue to grow." Pope Resources and its subsidiaries Olympic Resource Management and Olympic Property Group own or manage more than 152,000 acres of timberland and development property in Washington and Oregon.
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