BCI Minerals secures final piece of $981m funding package for Mardie salt project near Karratha

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Adrian RausoThe West Australian
BCI Minerals' Mardie salt and sulphate of potash project will deliver an expected 60 years of production.
Camera IconBCI Minerals' Mardie salt and sulphate of potash project will deliver an expected 60 years of production. Credit: Supplied/BCI Minerals/TheWest

BCI Minerals has locked in the full project financing for development of its $981 million Mardie salt project in the Pilbara.

The company on Monday said it had received approval for a $150m project finance facility from Export Development Canada, in addition to $31m of finance from the project’s two existing commercial bank lenders. BCI’s commercial bank lenders have now ticked off on a combined commitment of $181m.

Investors welcomed the news, with BCI’s shares climbing 3.9 per cent to 27¢ by the close of trade today.

The company has already received approval for $650m of Federal Government funding, comprising of $490m from the Northern Australia Infrastructure Fund and $160m from Export Finance Australia.

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BCI said the $981m package would fund the salt component of the Mardie project near Karratha, with debt funding for the sulphate of potash plant to be progressed during 2024 following the completion of further design and cost development studies.

Managing director David Boshoff said the support shown by key lenders indicated strong confidence in Mardie.

“The participation of EDC, alongside NAIF, EFA, and the two commercial banks provides BCI with a strong, diversified lender group, who are willing to support the project in the long term,” Mr Boshoff said.

Mardie is scheduled to ship first salt in the second half of 2026 and is forecast to produce about 5.35 million tonnes of salt a year over 60 years.

WA businessman Kerry Stokes — chair of Seven West Media, which publishes The West Australian — has a 39.5 per cent stake in BCI.

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