It appears the Port of Churchill and Hudson Bay rail line are going to have new ownership.

OmniTrax has signed a memorandum of understanding with a group of northern Manitoba First Nations, known as the Missinippi Rail Consortium.

This will allow the new owners to negotiate with vendors before the 2017 grain season, however the federal government must still approve the sale.

The price of the sale is still unknown, and there's no word on how the purchase is being financed.

OmniTrax announced in July that the port would be closing, blaming a slowdown in grain shipments.

The company also cut freight service to Churchill on the Hudson Bay rail line in half, bringing it down to once a week from twice a week.

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