Canada seeks buyer for Ridley Terminals

The Canada Development Investment Corp. (CDEV) has begun the process of selling Ridley Terminals Inc. in Prince Rupert, British Columbia.

The process is intended to lead to an agreement with a buyer for 90 percent of shares of Ridley Terminals, a Crown corporation. The remaining 10 percent of the shares would be transferred to the Lax Kw'alaams Band and the Metlakatla First Nation at the close of the sale, CDEV officials said in a press release.

The sale process follows consultation with six First Nations in the area, they added.

Established in 1983, Ridley Terminals operate on Ridley Island in Prince Rupert, where they transfer bulk commodities from rail cars onto ocean-going vessels. The primary commodities shipped through the terminal are coal and petroleum coke.

The sale process will be open and competitive, with the objective of finding a buyer that will operate the terminals "on a long-term sustainable basis and with open access," CDEV officials said.