Canpotex takes another step towards development of Prince Rupert export terminal

We can perhaps dust off those plans for a proposed potash export terminal on Ridley Island.

With word today that the Saskatchewan based Potash corporation Canpotex has received all required environmental permits for the proposed terminal project and signed a lease agreement with the Prince Rupert Port Authority. .

Canpotex Terminals Limited (Canpotex) announces that it has now received all required government environmental permits for its proposed potash export terminal at Prince Rupert and has signed a lease agreement with the Prince Rupert Port Authority (PRPA). 

 The execution of the lease agreement is an interim step in the development of Canpotex’s proposed Greenfield potash terminal on Ridley Island.

In a posting to their Corporate website, Canpotex outlined the process moving forward, with a final investment still to come on the proposed development.

Among the key factors that they will consider prior to that decision, will be a number of commercial conditions, including construction costs and offshore potash market projections.

In the past those fluctuations in potash markets have resulted in delays in moving the much anticipated project for the North Coast forward.

Should they decide to take the plunge on what would be a 775 million dollar investment it would finally deliver a project that has captured the imagination of many in the region.

One indication as to the serious interest of the company in the North Coast was a bit of background on their investment of 15 million dollars towards the Prince Rupert Port Authorities Road Rail Utility Corridor.

It's of interest that as they stoke the hopes of the North Coast at this time, they also announced plans to invest 140 million dollars in improving efficiencies at the Portland, Oregon Bulk Terminal location, which they currently ship product out of.

Which combined with the Prince Rupert proposal, would provide Canpotex with new investment in two shipment points on the West coast at a cost of close to one billion dollars.

A third gateway for Canpotex can be found at their Vancouver Neptune Terminal operations.

Canpotex did caution in their advisory, that they have not set a firm date for making the Prince Rupert decision.

You can learn more about the their twin Strategic Initiatives here.

You can find more items of interest on Canpotex (the bulk of which are from 2012 and 2013) from our archive page here.