Federal bank loaning $1B for BC Ferries to buy Chinese-made ships
Canada Infrastructure Bank confirmed the loan on Thursday, saying the new electric ferries 'wouldn't likely be purchased' without the financing.
It says the low-cost loan consists of up to $690 million to buy the vessels and up to $310 million for electrification infrastructure.
Freeland wrote to the province on June 16, asking B.C. to confirm 'with utmost certainty' that no federal funds would be 'diverted' to the purchase from China Merchants Industry Weihai Shipyards.
Jeff Groot, executive director of communications for BC Ferries, says in an interview that BC Ferries signed the agreement with the bank before Freeland's letter to her provincial counterpart, Mike Farnworth.
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The latest local business news and a lookahead to the coming week.
BC Ferries CEO Nicolas Jimenez says in a news release that the full loan would result in expected savings of about $650 million in interest.
This report by The Canadian Press was first published June 26, 2025.
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The Market Online
5 hours ago
- The Market Online
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But outstanding mining projects, good timing, and even a bit of luck are not enough to explain Almonty's unique market position: the Company has a wealth of experience and know-how that is unmatched – and in the case of tungsten, which is considered challenging to mine and process, this will continue to make the difference for many years to come. Refining tungsten is profitable – But very few can do it At a time when industrial companies were able to order subsidized tungsten and tungsten products cheaply from China, Lewis Black put all his eggs in one basket. More than twenty years ago, he was Chairman and CEO of the tungsten company, Primary Metals. Prior to that, he served as the marketing director for SC Mining Tungsten in Thailand. In 2011, he founded Almonty Industries (TSX:AII). Together with far-sighted anchor shareholders such as the Austrian Plansee Group and Deutsche Rohstoff AG, Black invested his own capital to make Almonty a fully integrated tungsten supplier. 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Generations of experience bring cost advantages The production costs of Chinese state-owned tungsten mines range between USD 205 and 245 per tonne. According to Lewis Black, the Sangdong mine in South Korea has the lowest production costs in the world at USD 110-120 per MTU, based on a conservative feasibility study. The reason for these cost advantages lies not only in the high grades in South Korea but also in Almonty's expertise. The Company operates the Panasqueira mine in Portugal, which has been in operation since 1896. Some of the miners there have been working for five generations and pass on their knowledge. The processing of tungsten presents several challenges. The material is extremely hard, cannot be machined with conventional tools for steel, and causes high wear on the tools used – which is one of the reasons why Almonty relies in part on historic machines that are no longer available for purchase today. 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In this respect, there is a concrete conflict of interest in the reporting on the companies. In addition, Apaton Finance GmbH is active in the context of the preparation and publication of the reporting in paid contractual this reason, there is also a concrete conflict of interest. The above information on existing conflicts of interest applies to all types and forms of publication used by Apaton Finance GmbH for publications on companies. Risk notice Apaton Finance GmbH offers editors, agencies and companies the opportunity to publish commentaries, interviews, summaries, news and the like on These contents are exclusively for the information of the readers and do not represent any call to action or recommendations, neither explicitly nor implicitly they are to be understood as an assurance of possible price developments. The contents do not replace individual expert investment advice and do not constitute an offer to sell the discussed share(s) or other financial instruments, nor an invitation to buy or sell such. The content is expressly not a financial analysis, but a journalistic or advertising text. Readers or users who make investment decisions or carry out transactions on the basis of the information provided here do so entirely at their own risk. No contractual relationship is established between Apaton Finance GmbH and its readers or the users of its offers, as our information only refers to the company and not to the investment decision of the reader or user. The acquisition of financial instruments involves high risks, which can lead to the total loss of the invested capital. The information published by Apaton Finance GmbH and its authors is based on careful research. Nevertheless, no liability is assumed for financial losses or a content-related guarantee for the topicality, correctness, appropriateness and completeness of the content provided here. Please also note our Terms of use. This article is presented in partnership with Apaton Finance GmbH. It is a sponsored communication intended to inform investors and should not be taken as a recommendation or financial advice.
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- Winnipeg Free Press
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