VANCOUVER, March 18, 2019 /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 April 15, 2019 to shareholders of record on March 31, 2019, which is the same per share amount that was paid in Q4 2018. The Q1 2019 dividend will be designated an "eligible dividend" for Canadian tax purposes.
Westshore anticipates that it will load approximately 7.0 million tonnes in Q1 2019 compared to 7.2 million tonnes for the same period in 2018. Based on current information, 2019 throughput volumes are anticipated to be approximately 29 - 30 million tonnes, at rates higher than 2018 rates. The volume is reduced somewhat from initial guidance as some of our customers have reduced their planned shipments for 2019, but some of this reduction has been offset by new customer volumes.
Westshore's "$270 million capital project" will be completed by the end of the first quarter, with the full commissioning of the third new stacker reclaimer. The total cost of the project will in fact be approximately $260 million, and therefore under budget. The new equipment is functioning as expected and terminal operations going forward will be simplified with the completion of the project.
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