(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

Morning Start: A Texas law allows astronauts to vote from space

Your morning start for Friday, August 14, 2020

Invasive mussel monitoring stations detect 10 boats

Boats were headed to Okanagan and Thompson regions

Hot weekend coming for the Okanagan region

Environment Canada said there is also a risk of thunderstorms come next week

Westside wildfire human caused

Blaze started as a house fire and spread to the bush

COVID-19 outbreak at Okanagan Correctional Centre, involves 3 staff

Three staff involved in possible exposure, health officials say

STANDING TALL: Forestry workers meet the challenges, remain hopeful

A look at the forest sector in B.C. – and those hoping for the best – amid mill curtailments

Missed rent payments ‘cause of COVID-19? You have until July 2021 to pay up

Each monthly instalment must be paid on the same date the rent is due.

U.S.-Canada pandemic border restrictions extended into September

‘We will continue to keep our communities safe,’ says Public Safety Minister Bill Blair

578 British Columbians currently infected with COVID-19

Seventy-eight new cases confirmed in past 24 hours

WE Charity registers as lobbyist, lays off staff, looking to sell real estate

WE Charity said its financial position has been greatly affected by the COVID-19 pandemic

Piano set up in Penticton downtown

Initiative an effort to bring music and creativity to the streets

Man who drove into music festival crowd sentenced to 14 months in jail

Several people seriously hurt during event held near Princeton

Conservation seizes fawn illegally kept captive in Vancouver Island home

A Comox Valley resident charged and fined under the Wildlife Act

Vandals put Vernon public piano out of play

Downtown instrument destroyed, but public project is not over

Most Read