By Canadian Press

Teck Resources signs deal with Ridley Terminals to increase shipments

Jan 8, 2020 | 7:16 AM

VANCOUVER — Teck Resources Ltd. has signed a deal with Ridley Terminals Inc. that will allow it to increase shipments of steelmaking coal from its B.C. operations.

Ridley Terminals owns and operates the marine bulk handling terminal on Prince Rupert’s Ridley Island on B.C.’s north coast.

The agreement increases contracted capacity from three million tonnes per year to six million tonnes with an option for Teck to increase it up to nine million tonnes.

The new deal runs from January 2021 to December 2027.

Financial terms of the agreement were not disclosed.

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Vancouver-based Teck says the agreement will provide greater flexibility and improved performance within its overall steelmaking coal supply chain.

“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,” Teck chief executive Don Lindsay said.

“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.”

This report by The Canadian Press was first published Jan. 8, 2020.

Companies in this story: (TSX:TECK.B)

The Canadian Press