(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

Nanaimo students pushing for youth-led climate advisory group

Group would be responsible for organizing community cleanups, meetings and other events

LETTER TO THE EDITOR: Underlying issues impact road safety

There’s more to accidents than distracted driving and aggressive driving, says letter writer

Silly Boat Regatta fills Nanaimo harbour with silly sailing

Island Red Cedar Construction wins this year’s race

Sand sculpture winners announced at Parksville Beach Festival

Works from international competitors on display until Aug. 18

Nanaimo’s peewee girls win provincial lacrosse championship

Peewee B Timbermen defeat Coquitlam Adanacs 5-2 to win gold

Silly Boat Regatta fills Nanaimo harbour with silly sailing

Island Red Cedar Construction wins this year’s race

Video captures driver narrowly avoiding hitting Granfondo cyclists in Okanagan

“I’m just glad that everything aligned enough and no one got hurt,” said Shaun Siebert

Dukes of Hazzard, Back to the Future cars displayed at Wheel-O-Rama

DMC DeLorean, 1969 Dodge Charger among cars at fundraiser at Beban Park Saturday

Gasoline companies to speak at public inquiry into B.C. pump prices

Premier John Horgan ordered the inquiry in May when prices at the pump reached $1.70 a litre

Nanaimo RCMP seek public’s assistance identifying alleged credit card thief

Individual allegedly used stolen credit card to make multiple purchases

Repeated wire thefts becoming too much for Nanaimo’s VIEX to sustain

Costs from break-ins and thefts taking financial toll on 125-year-old fair

Canadian officials flagged 900 food items from China with ‘problems’ over 2 years

The scrutiny of agricultural goods has been central to a diplomatic dispute between Canada and China

Most Read