BCI’s Mardie Progress Raises Questions on Environmental Risks and SOP Expansion

Steady Progress at Mardie

BCI Minerals has delivered a robust quarterly update for the period ending June 2025, underscoring significant advances in its flagship Mardie Salt Operation and Potash Project. The company reported that construction of the salt first phase has reached 69% completion, a key milestone that places the project firmly on track to meet its targeted first salt shipment by December 2026.

Filling of the evaporation ponds is well underway, with 77% of the total pond surface area inundated as of the end of June. This progress follows the commencement of seawater pumping into all ponds in April 2025, enabled by the receipt of necessary state and Commonwealth government approvals. The commissioning of the first crystallisers marks a critical operational step, signaling the transition from construction to production readiness.

Operational and Safety Highlights

Safety remains a priority for BCI, with the Total Recordable Injury Frequency Rate (TRIFR) holding steady at 2.3. The company’s Leadership in the Field program has fostered over 500 safety interactions between leaders, employees, and contractors, reinforcing a culture of vigilance and proactive risk management. Additionally, BCI has initiated a comprehensive review of critical health and safety risks, aiming to further strengthen controls and assurance activities in the coming quarters.

On the technology front, the installation of a site-wide Supervisory Control and Data Acquisition (SCADA) system has been completed, enabling 24-hour remote monitoring and control of key assets. This digital infrastructure is expected to enhance operational efficiency and responsiveness as the project scales up.

Financial Discipline and Corporate Developments

Financially, BCI drew $115.4 million during the quarter from its syndicated debt facility, bringing total drawn debt to $236.1 million. The company maintains a strong liquidity position with undrawn facilities and cash reserves. BCI also executed foreign exchange hedges on a portion of its USD-denominated revenues, reflecting prudent risk management amid currency fluctuations.

Corporate appointments include the addition of Mhairi Cameron as General Manager Operations, bringing extensive operational leadership experience, and Elizabeth Shaw as Joint Company Secretary, enhancing the company’s governance capabilities.

Sustainability and Community Engagement

BCI continues to demonstrate commitment to environmental stewardship and community relations. The company completed multiple environmental monitoring programs in collaboration with Traditional Owners and consultants, while also advancing cultural heritage protocols. Community engagement efforts include partnerships with local educational institutions and business chambers, supporting regional development and workforce capacity building.

Looking ahead, BCI is progressing its Sulphate of Potash (SOP) pilot plant development, having submitted a research and development grant application to the federal government. The company is aligning construction of trial crystallisers with the full-scale SOP plant, signaling a measured approach to expanding its product portfolio.