CWB’s commitment to new “bricks and mortar” continues to take shape as G3 Global Holdings announces its plan to examine the feasibility of a new elevator at the Port of Vancouver.
“The G3 vision is to create a highly efficient coast-to-coast Canadian grain enterprise that provides stronger market access solutions for growers and delivers value to our stakeholders,” says Karl Gerrand, chief executive officer, G3. “The planned combination of CWB and Bunge’s Canadian Grain assets will provide a highly competitive eastern footprint. We now are looking west to determine whether this is the right time and location to take the next step.”
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According to Reuters, such an elevator would cost roughly $400 million to construct, and would be the first built in nearly 5o years.
G3 Global Holdings is a limited partnership between Bunge Canada and SALIC Canada, a subsidiary of Saudi Agricultural and Livestock Investment Company (SALIC). On this project, G3 has added another player, forming a joint-partnership with Western Sevedoring Company Limited, to evaluate feasibility and permitting.
G3 Global Grain Group announced in April that it would buy 50.1% of CWB for $250 million, with the remaining 49.9% allocated to the Farmers Trust, and administered through the Farmers Equity Plan.
The venture will make an announcement should it decide to move forward with the project.