Ridley Terminals Inc. in Prince Rupert took a step closer to expansion on March 29 with word from the Federal Government that the company will be able to borrow from capital markets for the planned doubling of capacity.
“I now have a letter from Finance Minister Flaherty, directed to our Minister Merrifield and copied to me, that under subsection 127(3) of the FAA [Financial Administration Act], capital borrowing to support projects for expanding capacity at RTI consistent with what was described in our 2011-2015 corporate plan, is approved. This means we can move ahead immediately to secure private bank financing for our capital plan…With this approval we're on our way at RTI,” said Ridley Terminals chair Bud Smith, noting that the news is particularly welcome given the recent fall of the Federal Government.
“Management, staff, and customers at RTI are very grateful these Ministers went to bat for Prince Rupert even though the budget was not passed and got the necessary approval at Treasury Board to allow us to proceed. We really need people in Ottawa to help our smaller communities out, and Ministers Merrifield and Flaherty have come through big time for Prince Rupert and all the communities now relying on Ridley to grow its capacity.”