VANCOUVER, Sept. 17, 2015 /CNW/ - Westshore Terminals Investment Corporation (TSX: WTE) ("Westshore" or the "Corporation") announced today that a dividend of $0.33 per share will be paid on or before October 15, 2015 to shareholders of record on September 30, 2015, which is the same amount per share that was paid in Q3 2014. The Q3 2015 dividend will be designated an "eligible dividend" for Canadian tax purposes.
For the eight months ended August 31, 2015, Westshore loaded 20.5 million tonnes as compared to 21.1 million tonnes for the same period in 2014. Throughput volumes for 2015, are anticipated to be approximately 29 – 30 million tonnes for the year as a whole, at rates higher than 2014 as a whole. Westshore has received, and continues to receive, throughput shortfall payments from customers who have reduced volumes for this year and anticipates 2015 revenues to exceed 2014 revenues. Significant work related to site and equipment specific preparation for the $270 million capital project has been undertaken thus far this year.
Westshore entered into an agreement in December 2014 with Riversdale Resources Limited, a Canadian company developing a metallurgical (steel making) coal mine located in Blairmore, Alberta. Under the terms of the original agreement, Riversdale agreed to pay Westshore (and has been paying) an annual reservation fee to secure annual throughput of 2 million tonnes, with shipments commencing in 2019. The parties have recently amended the original agreement to double the annual throughput to 4 million tonnes of capacity, and as part of the revised arrangement, Riversdale will pay additional reservation fees. The term of the agreement is 12 years, ending in 2030.
The foregoing statements concerning anticipated throughput volumes, loading rates and the levels of dividends are 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 Corporate Development, (604) 488-5214