(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

Sheila McDonnell elected chair of Comox Valley Schools board

Sheila McDonnell was elected chair of the Comox Valley Schools board of… Continue reading

Comox council briefs: Guthrie Road development gets greenlight, new bylaw dispute adjudications system adopted

The Town of Comox has given the green light to a 42-unit townhouse development on Guthrie Road.

Zeballos old landfill to close mostly by 2023: CSWM engineer

Waste will be transferred to a newly engineered facility in Cumberland

Advisory committee helps to mitigate challenges in Courtenay neighbourhood

A community advisory committee is helping to foster a peaceful co-existence in… Continue reading

Liberals vow wage-subsidy extension to 2021, revamp of EI system in throne speech

Canadian labour market was hammered by pandemic, when lockdowns in the spring led to a loss of 3 million jobs

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

‘It’s a boy’: Southern Resident killer whale calf born to J Pod is healthy, researchers say

J35 had previously done a ‘Tour of Grief,’ carrying her dead calf for 17 days

People ‘disgusted’ by COVID-19 election call, B.C. Liberal leader says

Andrew Wilkinson speaks to municipal leaders from Victoria

Horgan blasts B.C. Greens for refusing youth overdose detention

Lack of support key to B.C. election call, NDP leader says

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Canada’s active COVID-19 cases top 10,000 as daily new cases triple over the past month

Dr. Tam repeated her warning to young people, who have made up the majority of recent cases

Grand jury indicts police officer in Breonna Taylor death

Officer Brett Hankison was charged with three counts of wanton endangerment

Most Read