Canada Government in talks with regional First Nations about Ridley Terminals divestiture

The Government of Canada announced on 9 August that, in advance of the sale and in the spirit of reconciliation, it is engaging with six First Nations in the Prince Rupert area to discuss the potential divestiture.

Established in 1983, Ridley Terminals Inc. operates on Ridley Island in Prince Rupert, British Columbia, where it transfers bulk commodities from rail cars onto oceangoing vessels. The primary commodities shipped through the terminal are coal and petroleum coke.

The Government of Canada is pursuing the sale of Ridley Terminals Inc. to a private sector owner through a competitive sale process. Over the summer, the Government of Canada has been engaging with local indigenous groups. These consultations, which are being held in the spirit of reconciliation, are intended to support an open, competitive and fair divestiture of Ridley Terminals Inc. that would be launched later in the autumn. The Canada Development Investment Corporation, a federal Crown corporation under the purview of the Minister of Finance, has been mandated to manage the sale process on behalf of the Government of Canada.

The Honourable Marc Garneau, Minister of Transport, stated: "The Government of Canada recognises the importance of Ridley Terminals Inc. to the local and regional economies. By consulting early on with Indigenous communities on the future of Ridley, we are reiterating our commitment to advance reconciliation and to renew the relationship between the Crown and Indigenous Peoples in Canada. Ridley Terminals Inc.'s divestiture is expected to support continued high quality terminal operations that are economically sustainable and that maximise value for Canadians."

Read the article online at: https://www.drybulkmagazine.com/dry-bulk/10082018/canada-government-in-talks-with-regional-first-nations-about-ridley-terminals-divestiture/