Prince Rupert, B.C.- It appears the death of last week’s federal budget won’t hurt Ridley Terminals’ chances for expansion after all.

 

The Conservatives initially put provisions for Ridley to be able to seek increased borrowing capacity from capital markets in the budget thereby tying it to that document’s eventual fate. The ability to get private bank financing is seen as key to the expansion plans which will see Ridley terminals double in capacity.

 

Then Transport Minister Chuck Strahl accused the opposition of playing politics when the Liberals and NDP said they would not support the budget. But the Federal Government went to bat for the Prince Rupert facility and got the necessary approval from the Treasury Board so that Ridley Terminals can proceed with capital borrowing.

 

The development has Prince Rupert City Council smiling. 

 

Mayor Jack Mussallem says the expansion is important to every community with coal mining opportunities within the Port of Prince Rupert’s catchment area. The city has sent letters of thanks to federal officials involved in granting the necessary approvals.

 

Ridley Terminals has gone from shipping 4 million metric tons a year to 8.3 million metric tons in 2010. That figure is expected to reach 12 metric tons this year. The facility recently signed two major agreements with coal firms that will see another major growth spurt in exports through the facility.