Richardson International Ltd. plans to tap growing agriculture export markets by spending about $120 million to expand its port terminal facility in Vancouver.
The company said the expansion will allow it to handle 5 million metric tons of grain and oilseed shipments annually, a 2 million metric ton increase from its current capacity. When completed in two years, the project will add roughly 70,000 metric tons of capacity to the facility, bringing the facility's total capacity to 178,000 metric tons.
If Port Metro Vancouver approves the project, Canadian National Railway, the railroad serving the facility, is on track to gain more grain hauling business. The largest Canadian railroad saw grain and fertilizer volume fall 4 percent year-over-year in the second quarter.
The shipper recently spent $20 million to increase its rail receiving capacity and tap operating efficiencies. Richardson aims to double its daily unloading capacity to 300 railcars by reconfiguring and expanding its railyard.