Greetings from the Board of Directors of Meadow Lake Tribal Council Industrial Investments (MLTCII).
I am honored to be a part of the Board of Directors appointed by the Meadow Lake Tribal Council to oversee, direct and grow the group of companies that are responsible for contributing to the nine First Nation member communities. The dividends earned from these investments support economic development, social programs, employment and infrastructure in the shareholder communities. To achieve this goal MLTCII supports the wholly-owned companies, participates in joint ventures, limited partnerships and acquires businesses that fit with our strengths. Over the last number of years, we have put a great deal of our energy into growth in the forestry sector, with two pervasive objectives; strengthened financial position leading to increased profitability for the company, and employment of the members of our shareholder First Nations. We have seen improvement in these areas and they will remain a key focus as we follow through with our five-year strategic plan. In addition, we have undertaken expansion into the growing renewable energy field as opportunities arise.
NorSask Forest Products is a driving force behind the success of our group of wholly-owned companies. Over the last number of years we have modernized the sawmill leading to increased productivity. We have exceed all previous production records while reducing our overall cost of operations. In 2018, MLTCII acquired L&M Wood Products 2018, making a commitment to better usage of a variety of timber sizing and to avoid waste. This company has a strong workforce and a strong customer base for its products. L&M at Glaslyn focuses on the fencing, poles, posts, rails and oversized timber markets. In 2020, the Meadow Lake Tribal Council Indigenous Services Inc. began construction of the MLTC BioEnergy Centre. This project will be built at a cost of approximately $75 million dollars. The board of MLTC BioEnergy Centre and MLTCII, have focused on ensuring that the procurement of construction goods and services contracts, as well as employment opportunities support Indigenous owned and MLTC affiliated companies.
MLTCII supports the nine member First Nations by offering oversight to all MLTC RDI owned joint ventures and affiliates. Through our management team, we take the lead on investigation into investment in new economic opportunities. Our role is to bring best-practice to engagement in the business development world using flexibility, expert guidance and good governance. We have increased access to financing and the chance to expand the holdings on behalf of our communities by being an independent board.