BCI Minerals has transitioned to full-scale operations at its Mardie Salt Project, marking a pivotal moment with strong construction progress, secured financing, and binding offtake agreements. The company remains on track for first salt shipment by late 2026.
- Transition to full-scale operations at Mardie with 77% pond inundation
- 69% construction completion and $935 million spent on salt-first phase
- $981 million syndicated financing secured and $236 million drawn down
- Binding offtake agreements cover 62% of forecast salt production
- Safety performance improved with injury frequency rate dropping to 2.3
A Landmark Year for BCI Minerals
The 2025 financial year has been transformative for BCI Minerals, as the company successfully transitioned its Mardie Salt Project into full-scale operations. Located in the Pilbara region of Western Australia, Mardie is now Australia’s largest industrial salt project and ranks third globally. This milestone follows years of meticulous planning, construction, and regulatory approvals, underscoring BCI’s commitment to delivering a Tier One industrial minerals operation.
By June 2025, BCI had pumped over 146 gigalitres of seawater into the evaporation ponds, inundating 77% of the pond surface area. Construction progress reached 69%, with cumulative expenditure of $935 million, all within the $1.443 billion budget. Key infrastructure such as seawater intakes, transfer stations, evaporation ponds, and the marine port package are nearing completion, positioning the project well for its targeted first salt shipment by December 2026.
Financial Strength and Strategic Partnerships
BCI secured financial close on a $981 million syndicated facility agreement backed by a consortium of lenders including Northern Australia Infrastructure Facility, Export Finance Australia, and major banks. The company drew down $236 million by year-end, providing strong liquidity to advance construction. This financing was recognised as Mining Deal of the Year at the 2024 APAC IJGlobal Awards, reflecting its significance in the sector.
On the commercial front, BCI signed its third binding offtake agreement during FY25, bringing contracted volumes to 62% of Mardie’s salt production forecast for the first three years. These agreements span key Asian markets such as China, Japan, Korea, Indonesia, and Taiwan, with pricing linked to prevailing market conditions, supporting a robust long-term outlook amid projected regional salt demand growth of 22% by 2035.
Safety, Sustainability, and Community Engagement
Health and safety improvements were notable, with the Total Recordable Injury Frequency Rate dropping from 6.4 to 2.3, despite increased operational risks. BCI’s Leadership in the Field program enhanced safety culture and fatality prevention efforts. The company also reinforced its environmental stewardship, contributing over $1.2 million to regional biodiversity initiatives and environmental offsets.
Engagement with Traditional Owners and local businesses remained a priority, with $39 million spent with Pilbara businesses and significant commitments to Indigenous enterprises. This approach aligns with BCI’s vision of creating sustainable value for communities alongside shareholders.
Advancing the Sulphate of Potash Project and Portfolio Optimization
BCI progressed its Sulphate of Potash (SOP) project, completing front-end engineering and awarding design contracts for a pilot plant. While the full-scale SOP plant remains in the final investment decision phase, the company prudently deferred construction of additional crystallisers pending this decision. BCI also completed the divestment of its Iron Valley iron ore assets, enhancing liquidity with payments totaling over $60 million received to date.
Looking Ahead
In FY26, BCI will focus on completing crystalliser construction, advancing the salt wash plant, and progressing jetty dredging, critical steps to de-risk the pathway to first salt shipment. The SOP pilot plant construction will also continue, positioning BCI to expand its industrial minerals portfolio. With Mardie now operational, BCI is poised to deliver long-term value across multiple fronts.
Bottom Line?
BCI Minerals’ FY25 achievements set a solid foundation, but upcoming construction milestones and market dynamics will be key to sustaining momentum.
Questions in the middle?
- How will environmental conditions impact the timing of first salt shipment in late 2026?
- What are the prospects and timeline for the full-scale Sulphate of Potash plant investment decision?
- How might evolving salt market prices and offtake contract terms affect BCI’s revenue outlook?