(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

LETTER: Langley pool staff outstanding

A Langley woman thanks the team at Al Anderson Memorial Pool for all they do

LANGLEY’S WHAT’S IN STORE: Entrepreneurs make the shortlist

Know of a new business in town, one expanding, moving, or hosting a community event, let us know…

Otter Co-op breaks ground on bigger and better gas bar in Aldergrove

‘Green’ fuel coming to the gas bar following four months of renovations

PHOTOS: One of Langley wildlife artist’s last gallery shows

Lifelong painter Norman Jorgenson is being recognized in the Langley Arts Council gallery

Cadet Camp sees Langley Mounties share fun and tips with kids

The camp included everything from self defense and first aid to meeting the bomb squad

Feds lowered poverty line, reducing the number of seniors in need: documents

Liberals introduced a poverty line that was below the prior low-income cutoff

BCHL: Alberni Valley Bulldogs have been sold

Victoria company has purchased BCHL team, but will keep it in Port Alberni

“Does Kirby care?” B.C. First Nation’s group using geo-targeted ads in Houston, Texas for justice

The Heiltsuk Tribal Council has called out Kirby Corporation for the Nathan E. Stewart oil spill

Trudeau announces $79M investment for 118 more public transit buses across B.C.

Contributions from municipal to federal level to fund more buses in a bid to cut commutes

B.C. woman wins record $2.1 million on casino slot machine

‘That night was so surreal … I wasn’t able to sleep or eat for the first two days,’ she said

After B.C. dad’s death, Technical Safety BC wants changes to trampoline park rules

Jay Greenwood, 46, did ‘a series of acrobatic manoeuvres prior to a fall that caused serious injury and cardiac arrest’

Cars keyed on BC Ferries after alarms bother dog on board

Delta police arrested one passenger on suspicion of mischief

$900M settlement reached in class action on sexual misconduct in Canadian military

After facing criticism, the government moved to begin settlement proceedings in early 2018

Tax take stays ahead of increased B.C. government spending

Tax revenue $2.1 billion higher than budget in 2018-19

Most Read