Ridley Terminals Inc., a coal export terminal, is a Crown corporation based on the North Coast of B.C. (Shannon Lough / The Northern View)

Indigenous nations receive 10 per cent stake in coal terminal

Sale of Ridley Terminals in Prince Rupert expected to be completed by summer 2019

Ridley Terminals Inc. is officially up for sale, and the Lax Kw’alaams Band and Metlakatla First Nation will share in the profits.

A Nov. 5 letter from the Canadian Development Investment Corporation (CDEV) states that it has been mandated by the federal government to find a buyer for Ridley Terminals, who will receive a 90 percent stake in the company.

The remaining 10 per cent will be owned either directly or indirectly by Lax Kw’alaams and Metlakatla.

READ MORE: Government plans to sell Ridley Terminals this fall

CDEV has already written letters to potential buyers informing them of the sale. Interested parties may request non-disclosure agreements, and, if signed, will be able to submit a non-binding proposal for the purchase of RTI. CDEV will select a shortlist of potential purchasers based on these proposals.

In the second phase of the process, finalists in the process will be granted access to more detailed and confidential information about RTI, and will be given opportunities to meet with RTI’s management team, Lax Kw’alaams Band and Metlakatla First Nation. They will also be able to visit the site itself.

Following this second phase, shortlisted candidates will be asked to submit final offers to CDEV, which will make a final recommendation to the federal government.

The sale is expected to be completed by the summer of 2019.

On Aug. 9, the federal government announced that it was discussing a potential sale of RTI with six First Nations in the region. This development followed a profitable year by the coal terminal, which recorded revenues of $178-million in 2017, which was a 192.5 per cent increase from 2016.

The terminal was previously up for sale in Dec. 2012.

READ MORE: Report finds failures in governance at Ridley Terminals



newsroom@thenorthernview.com

Like us on Facebook and follow us on Twitter

Lax Kw'alaamsMetlakatlaRidley Terminals

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

District looking for public input on cycling plan

Survey is open to the public until May 25

A second wave of COVID-19 is probable, if history tells us anything

B.C.’s top doctor says that what health officials have learned this round will guide response in future

Flooding highly unlikely this year throughout Skeena watershed

Region’s snowpack among lowest in the province

Cameras and convoys: Graduation in the age of COVID-19

Schools in Terrace and Kitimat are thinking outside the box to give students a graduation ceremony

LIVE: Procession to honour Snowbirds Capt. Jennifer Casey comes to Halifax

Snowbirds service member died in a crash in Kamloops one week ago

RCMP facing ‘systemic sustainability challenges’ due to provincial policing role

Provinces, territories and municipalities pay anywhere from 70 to 90 per cent of the cost of the RCMP’s services

One man dead after standoff with Chilliwack RCMP

The Independent Investigations Office of B.C. is investigating the RCMP’s role in the death

B.C. employers worry about safety, cash flow, second wave in COVID-19 restart

A survey found 75 per cent of businesses worry about attracting customers

Introducing the West Coast Traveller: A voyage of the mind

Top armchair travel content for Alaska, Yukon, BC, Alberta, Washington, Oregon and California!

Ex-BC Greens leader Andrew Weaver says province came close to early election

Disagreement centred on the LNG Canada project in northern B.C.

Canada’s NHL teams offer options to season-ticket holders

Canadian teams are offering refunds, but also are pushing a number of incentives to let them keep the money

B.C. premier says lessons to learn from past racism during response to pandemic

B.C. formally apologized in the legislature chamber in 2008 for its role in the Komagata Maru tragedy

Snowbirds to remain at Kamloops Airport indefinitely after fatal crash

small contingent of the Snowbirds team is staying in Kamloops, acting as stewards of the jets

Most Read