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.
Read more Business News
- Banished from community?Poll - 9:09 pm
- Weed oil fire burns twoKelowna - 6:25 pm
- Rose vows to end wasteMunicipal Elections 2014 - 6:59 pm
- Judge: Banishment OKKamloops - 6:57 pm
|QHR Technologies Inc||1.11||+0.06|
|Anavex Life Sciences||0.19||-0.0015|
|Copper Mountain Mining||1.94||+0.09|
|Sunrise Resources Ltd||0.06||0.00|
|Mission Ready Services||0.45||+0.06|
This time of year, I always worry about which friends of mine will get caught going off the road in adverse weather conditions. With a little preparation most accidents can be avoided. Having won the...
Photo: Thinkstock.comThe end of record-low rates is nigh, according to one major bank, which has taken a stance and predicted when the Bank of Canada will raise its long-standing overnight rate. &ldq...
The third week in October is “Small Business Week”, a week dedicated to supporting local, small businesses. The week was designed to bring awareness to Canadians about the role small busin...