(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

Kicking Horse conditions update, Wednesday February 19

Kicking Horse reports no new snow in the last 24 hours. The… Continue reading

Golden highway update, Wednesday February 19

DriveBC reports slippery sections along Highway 1 just west of Golden, between… Continue reading

Golden Dollar Store celebrates 20 years

Opening its doors in December 1993, the store will spend 2020 celebrating 20 years of business

Kicking Horse Update, Tuesday February 18

Kicking Horse reports no new snow in the last 24 hours. The… Continue reading

Golden Highway Update, Tuesday February 18

When travelling along Highway 1 this morning, watch for slippery sections between… Continue reading

Pipeline dispute: Tories put no-confidence motion on House of Commons agenda

Conservatives say they have no confidence in the Trudeau government to end the rail blockades

Galchenyuk nets shootout winner as Wild edge Canucks 4-3

Vancouver tied with Calgary for second spot in NHL’s Pacific Division

B.C.’s soda drink tax will help kids lose weight, improve health, says doctor

Dr. Tom Warshawski says studies show sugary drinks contribute to obesity

A&W employees in Ladysmith get all-inclusive vacation for 10 years of service

Kelly Frenchy, Katherine Aleck, and Muriel Jack are headed on all-expenses-paid vacations

B.C. mom’s complaint about ‘R word’ in children’s ministry email sparks review

In 2020, the ‘R’ word shouldn’t be used, Sue Robins says

B.C., federal ministers plead for meeting Wet’suwet’en dissidents

Scott Fraser, Carolyn Bennett says they can be in Smithers Thursday

Province shows no interest in proposed highway between Alberta and B.C.

Province says it will instead focus on expanding the Kicking Horse Canyon to four lanes

First case of COVID-19 in B.C. has fully recovered, health officer says

Three other cases are symptom-free and expected to test negative soon

Budget 2020: Weaver ‘delighted,’ minority B.C. NDP stable

Project spending soars along with B.C.’s capital debt

Most Read