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

Just Posted

Giesbrecht pleads not guilty in judge-only murder trial

Burns Lake resident Albert Giesbrecht has pleaded not guilty to the charge… Continue reading

B.C. chiefs show solidarity with Wet’suwet’en hereditary chiefs

Chiefs from around B.C. outside the Coastal GasLink pipeline route in Smithers show support.

Houston youth turns himself in after arrest warrant issued for failing to appear in court

The youth is expected to plead guilty or not guilty in January

Village bids to bring in new immigrant entrepreneurs

Burns Lake is stepping up to try and bring new Canadian entrepreneurial… Continue reading

Bylaw change might allow cannabis harvesting in village

Burns Lake residents will soon be able to voice their thoughts on… Continue reading

REPLAY: B.C’s best videos this week

In case you missed it, here’s a look at the replay-worth highlights from this week across the province

Patriots make 3rd straight Super Bowl, beat Chiefs 37-31 in OT

New England will meet L.A. Rams in NFL title game

Pettersson returns to lead Canucks to 3-2 win over Red Wings

Vancouver’s super rookie has 2 points in first game back after knee injury

Skaters stranded in Saint John, NB, amid storm on last day of championships

More than half of the flights out of the city’s airport were cancelled due to the weather

Call for tighter bail rules after Saudi sex-crime suspect vanishes

Mohammed Zuraibi Alzoabi was facing charges related to alleged sexual assault, criminal harassment, assault and forcible confinement of a woman

12 poisoned eagles found on Vancouver Island

Improper disposal of euthanized animal suspected

Olympic softball qualifier to be held in B.C.

Tournament is to be held Aug. 25 to Sept. 1

B.C. resident creates global sport training program

The 20 hour course teaches the science and application of interval training at the university level

B.C. VIEWS: Fact-checking the NDP’s speculation tax on empty homes

Negative-option billing is still legal for governments

Most Read