Posted May 4, 2021, 9:47 PM
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Six-Storey Dump Looms
Stoney Creek’s Taro industrial dump sold yet again
(Stoney Creek News, Richard Leitner, May 3 2021)
Upper Stoney Creek’s Taro industrial dump is changing ownership for a third time since 2005, with its new boss vowing to “ramp up” fill rates.
Vaughan-based GFL Environmental Inc. is buying current owner Terrapure Environmental for $927.5 million in a deal expected to be closed by this fall.
The purchase acquires nearly all other Terrapure operations in Canada, including four Hamilton processing yards.
But GFL chief executive officer Patrick Dovigi repeatedly highlighted the dump as the big prize during a conference call with investors.
He said GFL had already considered buying the Green Mountain Road site in 2014 and 2019, but didn’t want a battery business now excluded from the deal.
“Getting a landfill asset like we’re getting that is within spitting distance of the Greater Toronto Area, that has just recently got a 14-plus-year expansion, I mean, I think that’s an extremely unique opportunity,” Dovigi said during the March 16 call.
“I think the interesting part of this expansion was they got a vertical expansion, not a horizontal expansion — so far — so when you think about it from a (dump) liner perspective, the cost to go up is a lot cheaper than going wide.”
GFL is acquiring Terrapure from private equity firm Birch Hill Equity Partners, which bought the site and related businesses from Newalta Corp. for $300 million in February 2015, unveiling expansion plans a year later.
The expansion received provincial approval in October 2019, increasing the waste capacity to 10.18 million cubic metres — up from 6.5 million — and raising the maximum height by 2.5 metres, to 21 metres above street level.
It also restored an original 59-hectare footprint approved in 1996 by once again allowing waste in an 18-hectare section along Green Mountain Road.…
The site can receive up to 750,000 tonnes of waste per year, but Dovigi said Terrapure “backed off” during the expansion approval process, taking 275,000 to 300,000 tonnes in recent years.
He said he expects annual fill rates to rise to 600,000 to 700,000.…
Coun. Brad Clark, who led the fight against the dump’s 1996 approval but later became a Terrapure consultant, said GFL will be bound by all licence conditions, including a maximum of 250 trucks and 8,000 tonnes per weekday.
“My expectation is we won’t see much of a change, but we’ll have to wait and see,” he said.
Read it in full here.
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