VANCOUVER, Sept. 20, 2016 /CNW/ - Westshore Terminals Investment Corporation (TSX: WTE) ("Westshore" or the "Corporation") announced today that a dividend of $0.16 per share will be paid on or before October 15, 2016 to shareholders of record on September 30, 2016, which is the same per share amount that was paid in Q1 and Q2 2016. The Q3 2016 dividend will be designated an "eligible dividend" for Canadian tax purposes.
For the eight months ended August 31, 2016, Westshore loaded 17.8 million tonnes as compared to 20.5 million tonnes for the same period in 2015. Lower volumes in 2016 are as a result of renegotiated customer contracts in 2015 previously announced. Throughput volumes for 2016 are anticipated to be approximately 25.5 - 26 million tonnes, at rates higher than in 2015. Revenues for 2016 will also include payments from customers whose contracts were renegotiated in 2015 and from reservation fee payments.
Today the board of directors approved the purchase of the third and final new replacement stacker reclaimer which will be delivered in late 2018 and commissioned by early 2019. Westshore has the right to cancel this stacker through the end of 2016 at a minimal penalty. This is the final component of the $270 million capital project reported in prior releases. To date, the new office and shops have been completed, and the new shiploader for Berth 1 has been delivered and is in commissioning stages and due to be operational during October 2016. The first of three new stacker reclaimers is on site and is being commissioned and is due to be operational by year end. The second new stacker reclaimer is due to arrive in late 2017 and be commissioned and operational in the same year. To date, the $270 million capital project remains on schedule and under budget.
The foregoing statements concerning anticipated throughput volumes and loading rates, and the levels of dividends, the cost and timing of the capital project 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 Corporate Development, (604) 488-5214