(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

Just Posted

Father and autistic son bike across Canada

They passed through Revelstoke on July 18

Revelstoke’s parks department proposes maintenance and inspection policy

The policy formally lays out inspection and response timelines

Three wayfinding signage options presented to Revelstoke Committee of the Whole

The decision will be referred to a future council meeting

Fashion Fridays: 5 casual summer dress styles

Kim XO, helps to keep you looking good on Fashion Fridays on the Black Press Media Network

Battle of blacksmiths returns to Okanagan vineyard

A battle of blacksmiths is returning for its second year in Lake Country

Bank of Canada lowers qualifying rate used in mortgage stress tests

Home sales softened last year after the federal government introduced new stress test rules for uninsured mortgages

Health: Living longer, a myth?

A new column to Black Press from CHIP HealthLine Solutions

Memorial plaques stolen from Okanagan cemetery

Four plaques were stolen from Lakeview Memorial Gardens in Kelowna

Sustainable farming summit coming to the Okanagan

Kelowna will soon host a summit on how the food industry can reduce its climate impact

Couple found dead along northern B.C. highway in double homicide

Woman from the U.S. and man from Australia found dead near Liard Hot Springs

UBC Okanagan professor details wildfire risks

Associate professor David Scott provides details for the Okanagan’s wildfire season

B.C. man pleads guilty in snake venom death of toddler

Plea comes more than five years after the incident in North Vancouver

Most Read