How Is BCI Minerals Driving Mardie Project to 77% Completion Amid Operational Gains?
BCI Minerals has reported solid progress on its Mardie Salt Operation and Potash Project, reaching 77% construction completion and hitting critical operational targets including pond brine density and commissioning of trial crystallisers. The company also strengthened its financial position through debt facility draws and convertible note conversions.
- Mardie project construction 77% complete with key infrastructure milestones achieved
- Pond brine density progressing as forecast, supporting targeted first salt production
- Issued over 50 million shares following convertible note conversion, reducing debt
- Secured all primary environmental approvals for offshore dredge spoil placement
- Safety focus intensified amid concurrent operations, with TRIFR rising to 3.9
Strong Construction Momentum at Mardie
BCI Minerals has reported a significant milestone in its December 2025 quarterly update, with construction of the Mardie Salt Operation and Potash Project now 77% complete. This progress reflects steady advancement across major earthworks, infrastructure, and the commencement of lining primary crystallisers, a critical step to ensure operational safety and reduce seepage. While physical construction activity slowed slightly due to the completion of large packages, site activity is expected to ramp up in early 2026, particularly around the salt wash plant and dredging operations.
Operational Targets and Technical Enhancements
Operationally, BCI is on track with pond brine levels and density targets, essential for the solar evaporation process that produces high-purity salt and sulphate of potash. Pond 9 brine density is forecast to reach the required 1.2 kg/L between January and March 2026, enabling the transfer of high-density brine to crystallisers and supporting the targeted first salt on ship by the end of 2026. The deployment of advanced digital systems, including a Mine Production Reporting System and Lab Information Management System, is enhancing real-time monitoring and decision-making capabilities.
Financial Strength and Capital Management
On the financial front, BCI drew an additional $99.8 million from its syndicated debt facility, bringing total drawn debt to $446.8 million by December 2025. The company also issued over 50 million shares following the conversion of Series 1 Convertible Notes held by AustralianSuper, reducing borrowings by $29.1 million and strengthening the balance sheet. Available funds remain robust at over $600 million, providing a solid runway for ongoing construction and operational activities.
Environmental and Community Engagement
BCI secured all primary environmental approvals for the offshore placement of dredge spoil from the Port of Cape Preston West, a key enabler for the planned dredging program commencing in April 2026. The company continues to collaborate closely with Traditional Owners through a formal capacity-building program with the Wirrawandi Aboriginal Corporation, reflecting a commitment to sustainable and respectful community engagement. Additionally, BCI has fostered local partnerships, including sponsorship of the Karratha Kangaroos Junior Rugby League Club, supporting regional wellbeing.
Market Context and Outlook
While the salt market in China shows signs of softening demand due to slower real estate growth, the broader Asian market outlook remains positive, buoyed by new chlor-alkali plants under construction in India, China, and Indonesia. This demand dynamic supports the medium-term prospects for BCI’s salt and potash products. The company’s steady operational progress and secured approvals position it well to capitalise on these market opportunities.
Bottom Line?
With construction nearing completion and operational milestones aligning with forecasts, BCI Minerals is poised for a pivotal year ahead as it transitions towards production and market delivery.
Questions in the middle?
- How will weather variability impact the timing of pond 9 reaching target brine density?
- What are the implications of the rising Total Recordable Injury Frequency Rate for ongoing safety management?
- When will the dredging contract be awarded, and how might this affect the overall project timeline?
