(Shannon Lough / The Northern View) Shannon Lough / The Northern View)

First Nations to own portion of northern B.C. coal terminal as Canada divests

Canada sells 90 per cent of Prince Rupert’s Ridley Island Terminal

The Government of Canada has sold 90 per cent of its shares in Ridley Terminals Inc. for $350-million with 10 per cent of the shares transferred to the Lax Kw’alaams Band and the Metlakatla First Nation.

“After accounting for dividends from RTI to Canada, RTI’s current book value and transaction costs, the Government of Canada can expect an estimated net fiscal gain of approximately $100 million from the divestment of RTI,” the Canada Development Investment Corporation (CDEV), a Canadian Crown corporation assigned with managing investments and corporate interests of the Crown, stated.

READ MORE: Metlakatla, Lax Kw’alaams to receive 10 per cent stake in Ridley Terminal sale

The coal terminal in Prince Rupert was a Crown corporation within Transport Canada’s portfolio and has been performing well in the past year. Ridley Terminals Inc. celebrated 35 years of operations with $117.7 million in revenue for its 2018 fiscal year and a net operating income of $47 million.

READ MORE: Another positive year for Ridley Terminal, coal shipments leading the way

The CDEV, announced on July 12, that Canada reached an agreement to sell 90 per cent of their shares to Riverstone Holdings and AMCI Group, a multinational private equity firm.

The remaining 10 per cent of Canada’s shares will be transferred to a limited partnership owned by the Lax Kw’alaams Band and the Metlakatla First Nation at the close of the sale to the Riverstone-AMCI company.

The sale to the Riverstone-AMCI company will be subject to successful completion of a review by the Competition Bureau and other customary closing conditions.

READ MORE: Government plans to sell Ridley Terminals this fall

“The agreement with the Riverstone-AMCI company is the culmination of this sale process, a process that considered a wide range of interest from potential investors and involved continuous engagement with six local First Nations,” the CDEV stated.


Jenna Cocullo | Journalist
Jenna Cocullo 
Send Jenna email
Like the The Northern View on Facebook
Follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Pothole patching crews in Chilliwack are hard at it in the wake of the big thaw

How is the pothole problem across Chilliwack? ‘It’s pretty bad,’ says city operations director

Basketball coach Harvey Adrian finds fountain of youth guiding Sardis Grade 9 boys teams

Adrian runs two squads at Sardis Secondary School, imparting wisdom to players 60 years his junior.

Semi hits pole on Lickman Road in Chilliwack

Road is blocked in both directions north of South Sumas

TRAFFIC: Roadwork, stalled semi causing major delays on Highway 1 in Langley

Westbound commuters should try the Fraser Highway or 56th Ave

Five Corners Intersection project to start in downtown Chilliwack this spring

A traffic signal, streetlights, water main, new curb/sidewalk, and 3,000 sq.m. of paving are coming

Feds preparing plane to fly Canadians out of Wuhan, once China gives OK

160 Canadians have asked for help to leave province at centre of coronavirus outbreak

John Horgan calls for end to ‘high-grading’ B.C. forests

Premier speaks to resource industry forum in Prince George

PHOTOS: Truck outside Victoria gets partially stuck in sinkhole

Municipal crews have since repaired water main and patched up hole

Police search north of Williams Lake prompts warning to residents to stay inside

Officers also warn drivers near Lynes Creek Road not to pick up pedestrians

60% of Canadian workers would take a pay cut for better mental health support: survey

Survey found 77% of workers would leave for better wellness initiatives

Runaway rail car reported on same B.C. train line as fatal 2019 derailment

CP Rail confirmed the incident happened on Jan. 14.

Fraser Valley homeless advocate killed by RCMP leaves behind complicated legacy

Barry Shantz was shot by Lytton police officers after six-hour standoff on Jan. 13

Body found in vehicle at bottom of Mission ravine

Deceased male appears to be the lone occupant of the vehicle, discovered on Dewdney Trunk Road

Southern resident orca L41 considered missing and feared dead

The orca was last spotted in August 2019 when photographed in western Strait of Juan de Fuca

Most Read