Met coal miner Teck increases throughput capacity at Ridley Terminals in British Columbia
Thursday, January 9th, 2020
Teck Resources has increased its contracted throughput agreement with Ridley Terminals in Prince Rupert, British Columbia, to 6 million mt annually from 3 million mt, the metallurgical coal miner said Wednesday.
The agreement runs from January 2021 to December 2027, and also provides an option to increase throughput to 9 million mt annually.
Vancouver-based Teck said the agreement provides greater flexibility and improved performance within its supply chain.
The company is also currently expanding its wholly-owned Neptune Terminal in Vancouver. Upgrades expanding annual capacity from 12.5 million mt to 18.5 million mt are expected to be completed by the first quarter of 2021.
Ridley Terminals, formerly a crown corporation owned by Canadian government, was bought last year by a company owned by Riverstone Holdings and AMCI Group, which took a 90% stake in the property for roughly C$350 million ($269 million).
The terminal has an annual throughput capacity of 16 million mt and is served by the Canadian National railroad.
“This agreement with Ridley Terminals, in combination with upgrades underway at our Neptune Terminal and our recent agreement with CN, will contribute to improved overall performance throughout our steelmaking coal supply chain,” said Don Lindsay, president and CEO of Teck, in Wednesday’s announcement. “We are looking forward to building on our strong working relationship with RTI and new principal owners Riverstone-AMCI to safely and efficiently transport our product to customers.”
Teck’s current throughput agreement with Westshore Terminals, also in Vancouver, expires March 31, 2021. The agreement provides Teck with annual capacity at the terminal of 19 million mt.https://www.spglobal.com/platts/en/market-insights/videos/market-movers-europe/010620-oil-market-on-edge-due-to-geopolitical-risk-iran-us-tensions