BCI Minerals reports steady progress on its Mardie Salt and Potash Project with 77% construction completion and key operational milestones achieved, positioning the company for first salt shipment by December 2026.
- 77% construction completion of Mardie Salt and Potash Project
- First salt shipment targeted for December 2026
- Port of Cape Preston West 94% complete, enhancing export capacity
- Commercial SOP production expected at ~140,000 tonnes per annum
- Financial progress includes $99.8 million drawn from debt facility and $29.1 million debt reduction
Steady Construction Progress
BCI Minerals has reported significant advancement in the development of its Mardie Salt and Potash Project in Western Australia, reaching 77% completion of construction as of December 2025. This milestone reflects the company’s commitment to delivering a large-scale, sustainable salt and sulphate of potash (SOP) operation in a premier salt-producing region.
Key infrastructure components, including crystalliser lining and the salt wash plant, are progressing on schedule and within the $1.443 billion budget. The company has also secured primary approvals for offshore dredging activities, a critical step toward operational readiness.
Operational Milestones and Market Readiness
Operationally, BCI has achieved targeted brine pond densities essential for producing high-quality salt, with pond 9 density on track to meet the requirements for first salt shipment by December 2026. The commissioning of all trial crystallisers for SOP production marks a significant step toward commercialising this byproduct, which is vital for agricultural fertiliser markets.
The Port of Cape Preston West, a multi-user facility designed to accommodate large cape-size vessels, is 94% complete. This port infrastructure is expected to provide a competitive advantage by lowering shipping costs and increasing export capacity, with surplus capacity of up to 14.5 million tonnes per annum once fully operational.
Financial and Strategic Developments
BCI’s financial position remains robust, with $99.8 million drawn from a syndicated debt facility and a $29.1 million reduction in balance sheet debt following the conversion of Series 1 Convertible Notes held by AustralianSuper Pty Ltd. The company also issued over 50 million shares as part of this conversion, which may affect future share dilution.
Importantly, BCI has secured 62% offtake volume for the first three years of production, underscoring strong market demand and confidence from quality customers with diverse geographic exposure. The company highlights a forecast supply shortfall in salt and growing SOP demand driven by global population growth and food security concerns.
Sustainability and Community Engagement
BCI continues to prioritise sustainability, with ongoing environmental monitoring including marine turtle surveys and algal mat sampling. The company has formalised a two-year capacity-building program with the Wirrawandi Aboriginal Corporation, reflecting its commitment to community partnerships and responsible development.
Looking ahead, the commercial SOP plant is expected to produce approximately 140,000 tonnes per annum, complementing the salt business and enhancing the project’s long-term value proposition.
Bottom Line?
With construction nearing completion and market fundamentals strong, BCI Minerals is poised to transform the Australian salt and potash landscape by late 2026.
Questions in the middle?
- How will potential share dilution from convertible notes impact shareholder value?
- What are the key risks that could delay the first salt shipment beyond 2026?
- How will global salt and SOP market dynamics evolve as new demand projects come online?