Two First Nations have formed a partnership with a transportation company to purchase the Port of Stewart bulk terminal whose chief objective would be to ship critical minerals such as copper concentrate to markets from sources including Newmont’s Brucejack and Red Chris mines in Nisga’a and Tahltan territories. The port is situated on the Portland Canal that separates British Columbia and Alaska.
In a statement today, the Nisga’a Nation, Tahltan Nation Development Limited Partnership (TNDLP), and Arrow Transportation Systems announced announce they have formed a strategic joint venture, the Portland Canal Holdings Limited Partnership. The Partnership, through its wholly owned subsidiary, has entered into a binding share purchase agreement for the acquisition of Stewart Bulk Terminals Limited which owns and operates the Port of Stewart Bulk Terminal.
The acquisition is subject to customary conditions and is expecting to close in the coming months.
The Partnership is concurrently in the process of launching a new transportation business by consolidating two regional trucking operations: Arrow Transportation’s Stewart Trucking Division and Tahltan-Arrow Transportation Limited Partnership (a partnership between a subsidiary of Arrow Transportation and TNDLP) that delivers bulk transportation and logistics solutions within Tahltan Territory.
The strategic joint venture will operate its Port of Stewart Bulk Terminal business through its wholly owned subsidiary, Portland Canal Terminal Limited Partnership, and its Transportation business through Portland Canal Transportation Limited Partnership.
Ownership of the strategic joint venture includes equal ownership for each partner in the port and transportation businesses, equal representation on the board of directors, and an equal right for each partner to the profits generated by both businesses.
Northwest BC is home to more than 50% of the province’s exploration and mining sector. By strategically supporting the flow of critical minerals, the Nisga’a and Tahltan Nations are now positioned to optimize revenue generation, create new business opportunities, and further stimulate economic growth within their respective economies and the wider economies of BC, Canada, and beyond, the statement said.
Grant from B.C. government
As part of its Northwest Strategy – an approach to mining development that combines economic growth, reconciliation and conservation the province of BC has provided a $5 million grant to Tahltan and Nisga’a Nations to support the purchase of the Port of Stewart Bulk Terminal.
“ We are proud to support this partnership – it furthers reconciliation and creates good jobs for people while demonstrating how British Columbia will become Canada’s new economic engine,” commented David Eby, Premier, Province of British Columbia
To support the Port of Stewart Bulk Terminal’s long-term growth as a regional hub, Newmont is strengthening the already established partnerships with the Nisga’a and Tahltan Nations, and providing the port’s new owners the commercial certainty needed to move forward with confidence.
Kerry Carlick, President, Tahltan Central Government, declared: “Together, we are making history. The acquisition of this strategic asset will drive economic growth, create opportunities and strengthen our nations’ self-determination. I can only imagine how proud our Tahltan and Nisga’a ancestors would be of our Nations, TNDC, and Arrow working together to build prosperity in unison for our people and region.”
“ The Nisga’a Nation is excited to be partnering with the Tahltan Nation Development Corporation and Arrow Transportation Systems Inc. to acquire Stewart Bulk Terminals and consolidate Arrow’s transportation business,” said Eva Clayton, President, Nisg̱a’a Lisims Government.
Tim Bell, Executive Vice President, Arrow Group of Companies, stated: “Arrow is honoured to work with the Tahltan Nation and the Nisga’a Nation on this strategic venture. By consolidating the port terminal and our regional trucking operations, we are creating a vertically integrated supply chain that improves efficiency, enhances safety, and creates long-term, high-quality jobs for all employees.”
(Photos of Port of Stewart and group participants by Nicole Paul)