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Feds to sell off Ridley Terminals

ridley1December 14, 2012, Prince Rupert, BC – The federal government has decided to sell off the Crown-owned Ridley Terminals in Prince Rupert, a key asset in B.C.'s growing coal and wood pellet export industries.


December 14, 2012
By CBC.ca

Accroding to CBC.ca , Minister of State for Finance Ted Menzies says the decision to sell the terminals was part of the government's review of its corporate assets.

Ridley Terminals handles bulk exports of coal and other commodities, mostly to Asia. It is considered a world leader in transferring cargo from railcars to large ships for export.

In 2006, as one of his first acts as prime minister, Stephen Harper halted plans by the previous Liberal government to sell the terminals to an Ontario mining company.

The government says the Ridley Terminals recorded losses in four of five years leading up to 2006 and has required millions in financial support to get it operating properly again.

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Last year, the terminals broke records in revenues, profits and volume. It signed 11 new contracts and reduced its debt by 70 per cent.

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