Ridley Terminals has reached another long term agreement with a coal company that could result in significantly more volume being moved through Prince Rupert.
The agreement with Summit Coal Inc. is for a 10-year term that begins on January 1, 2015, with the option to renew for two additional years. In terms of volume, the agreement contemplates Summit Coal shipping up to 750,000 tonnes of metallurgical coal from its Mines 14 project in 2015 and up 900,000 tonnes per year through to the end of the agreement in 2024.
Currently Summit Coal, a wholly owned subsidiary of Maxim Power Corp. Of Calgary, is in the process of getting delivery dates for equipment for the mine and is aiming to start construction in 2012 on the mines near Grande Cache Alberta.
Look for more on this story as it becomes available.