Watson Island was the site of the former Skeena Cellulose Mill from 1951 to 2001. In 2012, Colonial Coal through its subsidiary Watson Island Development Corp. (Watco) entered into an MoU with Lax Kw’alaams Band and Metlakatla First Nations (“Coast Tsimshian Nation”) for the formation of a JV for the potential acquisition of the Watson Island. Watson Island is envisioned as a multi-product bulk commodity port and offers a potential and exciting solution to expand export capacity in British Columbia in light of increasing regional bulk commodity production.
Watco has an exclusive arrangement (“Exclusivity Agreement”) with the City of Prince Rupert to purchase Watson Island. Watco will compensate the City of Prince Rupert for actual land expenses in accordance with the terms of the Exclusivity Agreement. Watco has hired consultants for an investigation into development and remediation of Watson Island. The group is working under an exclusivity arrangement with the city of Prince Rupert to acquire the site once a plan has been developed to deal with its environmental remediation.
Watco is currently in litigation with the City of Prince Rupert in connection with the acquisition of Watson Island
For additional information visit www.watdevco.com