Global Grain Group Secures Site for First Vancouver Grain Terminal in Fifty Years
Newly formed Global Grain Group (G3) which has just gained a majority stake in CWB, has secured a long-term lease at Port Metro Vancouver - Canada’s busiest port, for the construction of the first new grain terminal in five decades. The last new terminal at Vancouver was constructed in 1968.
The new C$500 million (US$400 million) high-efficiency terminal would create new commodity crop storage at the port, intensify competition between Canadian grain handlers as CWB emerges as a rival to Viterra Inc., Cargill, and Richardson International, and will facilitate the movement of higher volumes of Canadian grains and oilseeds to Asian markets.
G3 acquired the lease to West Lynnterm on the Burrand Inlet from Western Stevedoring, which will become a minority stakeholder in the new terminal. It will be serviced by Canadian National Railway Co.
Since becoming a private grain handler, CWB has acquired port facilities to handle moving crops east to the Atlantic from the Canadian Prairies, but was lacking the infrastructure to do the same to the West Coast. Once G3 takes full control of CWB this summer, it is expected that the group will acquire or construct additional elevators on the Canadian Prairies, particularly in Alberta.