VANCOUVER, March 20, 2017 /CNW/ - Westshore Terminals Investment Corporation (TSX: WTE) ("Westshore" or the "Corporation") announced today that a dividend representing $0.16 per share will be paid on or before April 15, 2017 to shareholders of record on March 31, 2017, which is the same amount that was paid in Q4 2016. The Q1 2017 dividend will be designated an "eligible dividend" for Canadian tax purposes.
Westshore anticipates that it will load approximately 6.2 million tonnes in Q1 2017 compared to 6.8 million tonnes for the same period in 2016. Based on current information, 2017 throughput volumes are anticipated to be 28 - 28.5 million tonnes, up from the 27 million tonnes reported in December 2016.
Westshore's $270 million capital project remains on time and on budget. The new consolidated office and maintenance shops, employee facilities and warehouse building is complete and functioning as planned, the replacement shiploader at Berth 1 is in service. The first new stacker reclaimer will be up and running during Q2 2017. The other two new stacker reclaimers, are to be delivered in 2017 and 2018 respectively.
The foregoing statements concerning anticipated throughput volumes, the cost, duration and effects of the capital project and the levels of dividends and debt are forward-looking statements that reflect the current expectations of the Corporation with respect to future events and performance. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether such performance or results will be achieved.
Forward-looking statements are based on information available at the time they are made, assumptions made by management, and management's good faith belief with respect to future events, and will be impacted by and are subject to the risks and uncertainties outlined in the Corporation's Annual Information Form that could cause actual performance or results to differ materially from those reflected in the forward-looking statements, historical results or current expectations.
SOURCE Westshore Terminals Investment Corporation
For further information: Nick Desmarais, Secretary & Vice President of Corporate Development, (604) 488-5214