Inside
◆ NEWS Access policy tightened, P. 2 ◆ NEWS Foot patrols in Nass village, P. 6
◆ SPORTS Smithers Coy Cup champs, P. 23 ◆ CLASSIFIEDS, P. 14-22
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COAST MOUNTAINS Each Office Is Independently Owned And Operated
Terrace
4650 Lakelse Avenue (across from Safeway)
250-638-1400 www.remax-terrace.bc.ca
Prince Rupert 30 Cow Bay Road (in beautiful Cow Bay)
FRIDAY, March 23, 2012
Volume 6 Issue 37
TMC 20,700
Life-saving warmth…
250-624-9444 www.remax-princerupert.bc.ca
g n i r r p i a S tF f a Cr
AT CITY CENTRE MALL IN KITIMA KITIMAT
Friday, March 23 4 to 9 pm AND
Saturday, March 24 9:30 am to 6 pm
CONTRIBUTED / THE NORTHERN CONNECTOR
TERRACE - Dwayne Shephard of Terrace Search and Rescue does a training session with the new Personal Heatpac, nicknamed the octopus because that’s what it looks like. See Page 6 for more.
For sale sign possible for Ridley terminal By Shaun Thomas THE NORTHERN CONNECTOR
Hey Kids! Enter our
Colouring Contest from March 23 - April 2 at participating Mall Merchants.
KITIMAT 250-632-2433
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PRINCE RUPERT - Ridley Terminals could be back on the market according to president and chief operating officer George Dorsey, who was speaking at a Platts Coal Properties and Investment Conference in Fort Lauderdale, Florida on March 16 “The government understands the facility is, politically, becoming difficult,” Dorsey told those gathered at the conference. “There’s a variety of interests in Canada. But the value of the terminal has gone up rather substantially, so there’s a shrinking number of potential buyers.”
Dorsey said the terminal has $120 million of cash in the bank, and during a speech at the Vancouver Board of Trade on March 15 board chair Bud Smith outlined just how much the value of the terminal had changed since previous attempts to sell it. “Today Ridley’s enterprise value is not the $5 million it was to be sold for in 2005, but rather a projected $750 million at the 2012 year-end, and approaching $1.5 billion when our current expansion completes by 2015. At year-end 2012 that plus-$200 million accumulated deficit [at the end of 2006] will be gone, to be replaced by retained earnings...Our projected net profit for
the year ending December 2011, under new accounting rules, will be above $100 million,” he said. “By any measure, that is an extraordinary financial success story for taxpayers...Ridley has achieved that turnaround by requiring its users to pay full market price for service; provide minimum guaranteed throughput; and by preferring long term contracts to spot arrangements.” Talk of the sale also comes following an “asset review” conducted by the Government of Canada over a year ago that looks at whether or not crown corporations still perform a useful function, are still relevant to their original purpose and that they are
wise use of taxpayer dollars. MP Nathan Cullen also said it seemed speculative, but said making any movement on the matter at the subject wouldn’t make sense. “After putting so many millions into Ridley Terminals, why would you want to sell it when it is finally making money after so many years of not...We’ve seen a few iterations of wanting to sell Ridley. My worry is that it fits into the ideology of the current government to privatize everything and sell off crown corporations. I don’t want Ridley Terminals to fall victim to that.” With files from www.platts. com.
With CityWest’s Video On Demand (VOD), you have a library of movies to choose from. There is no waiting, no scheduling. If you have Digital Cable TV, you have VOD at your fingertips. Just turn to channel 1, and use the arrow buttons on your remote to navigate your choice.
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