BRITISH COLUMBIA

BC's Ridley Coal Terminal, Federal Crown Corporation, To Be Sold

12/13/2012 06:52 EST | Updated 02/12/2013 05:12 EST
Prince Rupert Port Authority
OTTAWA - Ridley Terminals Inc., a B.C. coal and bulk commodities port that politicians have said is an important piece of Canada's gateway to Asia, is being sold off by the federal government.

The Crown asset in Prince Rupert is considered a world leader in transferring cargo from railcars to large ships for export.

Minister of State for Finance, Ted Menzies, says the decision to sell the terminal was part of the government's review of corporate assets.

The terminal was recording losses in four of five years leading up to 2006 and required millions in support before the government stopped the privatization of the terminal.

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

Menzies says the government will make sure that Canadian taxpayers get maximum value, while ensuring that any buyer continues to operate Ridley on an open-access, commercial basis.

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