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New Development for the Red Rock Mill Site

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THUNDER BAY, ON  ---  March 21, 2015  --  Through the work of Riversedge Developments and their vision for the community of Red Rock, a memorandum of understanding was signed Town of Red Rocktoday between the Port of Algoma Inc.,a subsidiary of Essar Ports Global Holdings and North Port Canada, a subsidiary of Riversedge Developments for the design, construction, operation and maintenance of a deep water port at the former Red Rock mill site. The agreement is for a 15 year period exclusively with Port of Algoma Inc.  

Essar Ports Global Holdings is a subsidiary of Essar Global Fund Limited (EGFL), a global investment fund with majority ownership in a number of world class assets diversified across core sectors of Energy, Metals & Mining, Ports & Infrastructure, and Services. The portfolio has aggregate revenues of over US$30 billion, employing over 60,000 people and has adopted international standards of accounting, health & safety, environmental protection and governance.

The Port of Algoma management with strong expertise in developing state of the art port facilities globally, will be responsible for overseeing all assessment and developmentof the new Red Rock Port.

Red Rock Mayor Gary Nelson says “This is a major first step in the redevelopment of the entire Mill Site and we look forward to continue working with Riversedge and its new partner the Port of Algoma Inc.”

Michael Gravelle, MPP, Thunder Bay-Superior North adds “The redevelopment of the Red Rock port is wonderful news for the community.  RiversEdge Developments and Port of Algoma’s proposed project would provide the Town of Red Rock with more opportunities for job creation and economic prosperity.  I congratulate all the parties involved in this endeavour.”

Justus Veldman, president of Riveredge Developments “Red Rock is interestingly positioned to realize significant opportunities for Northern Ontario. We’re fortunate to be working with Essar Ports and the town of Red Rock to make that happen.”

Anshumali Dwivedi, CEO of Port of Algoma says "We are happy to be a part of the development of Red Rock and identifying it as a Feeder Port to the Port of Algoma. We are confident that given our expertise in developing world class ports internationally, we can help Red Rock achieve its true potential."



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