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

Haida Nation reminds ‘select few’ fishing lodges that Haida Gwaii is closed to non-essential travel

‘Upholding Haida law amid COVID-19’ release comes one day before Queen Charlotte Lodge plans to reopen

PHOTOS: ‘Phengnominal’ gnome house constructed in Port Clements

‘Ms. Gnomer’s Home 4 Wayward Folk,’ created by Kelly Whitney-Gould, a hit for kids and loggers alike

Councillor resigns mid-term in Queen Charlotte

Richard Decembrini’s resignation announced at regular meeting on July 6

Feds announce $8.3M to deal with ‘ghost’ fishing gear in B.C. waters

Three projects on the North Coast awarded funding

Skidegate band members donate 400 pounds of salmonberries

More than 45 band members participated in first-ever Salmonberry Picking Contest on June 28

B.C. identifies 20 new COVID-19 cases, travellers specified in count

Pandemic total 3,028 cases, 51 people from outside Canada

Canadian policing organization calls for decriminalization of simple illicit drug possession

Canadian Association of Chiefs of Police want policing focus of opioid crisis to be replaced with a health one

Large rogue floating ‘island’ corralled by Lac la Hache residents

At least 60 feet wide, this large mass of plants is free-floating on the lake

B.C. ports part of data integration project to protect marine ecosystems

The $1.2 M federally funded program will draw crucial baseline data from Canada’s three coastlines

Filing deadline in RCMP sexual-harassment class-action extended due to COVID-19

Plaintiffs now have until January 2021 to submit claims for up to $222,000

Jamie Bacon pleads guilty to charge in Surrey Six case

The plea brings an end to a complex legal case that has spanned more than a decade

Hefty undeclared driver charges piling up, ICBC warns customers

Average extra penalty $2,971 after an at-fault accident

Survey, hotline launched amid probe into racist blood-alcohol guessing game at B.C. hospital

Mary Ellen Turpel-Lafond has been appointed to lead an investigation by Health Minister Adrian Dix

B.C. appeals judge’s decision to leave three clubhouses in Hells Angels hands

The province has filed two notices of appeal related to the B.C. Supreme Court decision

Most Read