Trent
After years of rumours and attempts to sell Ridley Terminal, the Government of Canada has finally divested itself of RTI.
The sale was announced in July of last year, but finally came into effect as of December 20.
The terminals are owned by a group of partners, including Riverstone Holdings, AMCI Group, and a limited partnership owned by the Lax Kw’alaams Band and the Metlakatla First Nation.
AMCI group is the largest shareholder in Conuma Coal, owning 75 percent of the mining company.
Bartow Jones, Partner and co-head of Riverstone says nothing should change in the operations of Ridley Terminals, calling it a “business-as-usual” transition.
The port was originally put on the block in 2012 by the Harper Government, but they failed to find a buyer at the price they were looking for.
In August of 2018, the port was put up for sale again, and in July of last year, the sale was announced, with Riverstone and AMCI paying $350 billion for 90 percent ownership of the terminal.
One of the most controversial elements of the sale was the Canada Development Investment Corporation announcing at the same time as the sale, that it was transferring 10 percent stake in the facility to the Lax Kw’alaams Band and the Metlakatla First Nation, a boon worth about $40-billion.
“With a significant share in RTI, we are continuing our work of enhancing the quality of life for all members of our community,” said Mayor Garry Reece of the Lax Kw’alaams Band. “This is a significant part of building an economically sustainable future for the Lax Kw’alaams Band.”
While there are currently proposals for construction of a second berth adjacent to the current berth, and improvements to its existing rail car unloading facility to meet the short-term increase in throughput demand, there is no time frame attached to these plans.
In addition, Ridley Island Propane Export Terminal came online in the second quarter of 2019, with volumes steadily increasing.
