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Mercer International Inc. (NASDAQ: MERC) shares jumped 45% in after-hours trading Wednesday after the Canadian government announced C$20 million in financial support for the company’s Mercer Peace River pulp mill in Alberta.
The funding is being provided through Prairies Economic Development Canada under the Regional Tariff Response Initiative. It includes a C$1 million non-repayable contribution and C$19 million in repayable financing. Repayment of the larger contribution is scheduled to begin in 2031.
Mercer plans to use the government support to advance a transformation program at Mercer Peace River Pulp Ltd., with a focus on boosting productivity, strengthening competitiveness and modernizing operations.
The investment will also help prepare the Alberta pulp mill for an expansion of bio-energy production and carbon capture and storage capabilities. Mercer has already begun work in these areas, including the development of a carbon dioxide capture demonstration unit.
Eleanor Olszewski, Canada’s Minister of Emergency Management and Community Resilience and the minister responsible for PrairiesCan, announced the C$20 million investment during a visit to the Mercer Peace River facility in northern Alberta.
Mercer President and CEO Juan Carlos Bueno described the government funding as an important part of the mill’s ongoing modernization efforts.
"This investment is an important step in the continued modernization of Mercer Peace River," Bueno said. He added that the support would improve the facility’s productivity and competitiveness while recognizing its role in northern Alberta’s forest products industry.
Mercer Peace River Pulp has operated in northern Alberta for more than 35 years and forms part of the region’s integrated forest products sector. The facility uses fiber sourced from the area’s mixed boreal forests for pulp and energy production.
The sharp rise in Mercer International stock following the announcement suggests investors welcomed the additional capital, particularly as the company pursues productivity improvements and longer-term opportunities in bio-energy and carbon capture technologies.
