BCI Minerals has pushed the Mardie project to 90% construction completion, while crystallised salt rose more than fivefold to 266,000 tonnes during the September quarter. The company still targets first salt on ship in calendar 2027, but the timetable depends on summer evaporation and the final commissioning push.
- Mardie construction reaches 90% completion, or 87% including crystalliser lining
- Crystallised salt increases from 49,000 tonnes to 266,000 tonnes
- Port of Mardie reaches 98% completion after dredging and marine works finish
- BCI draws A$119 million, taking syndicated debt drawn to A$705.6 million
- First salt shipment remains targeted for calendar 2027, subject to weather
Mardie moves from construction towards production
BCI Minerals Limited (ASX:BCI) is now close enough to production at its Mardie Salt Operation and Potash Project for the key question to shift from whether the infrastructure will be built to how quickly the system can turn evaporation into exportable salt. Construction reached 90% completion at 30 September, while salt crystallised in the ponds climbed to 266,000 tonnes from 49,000 tonnes three months earlier.
The headline construction figure excludes the additional crystalliser lining program. Including that work, progress stood at 87%. BCI said the project remains on track for first salt on ship in calendar 2027, although the timing remains exposed to prevailing weather and evaporation conditions.
Salt inventory builds ahead of the summer evaporation season
The quarter’s salt growth came as BCI prioritised building brine inventory and transferring it into the crystallisers ahead of the warmer months. The company said winter crystallisation rates were lower than forecast, attributing that outcome to a deliberate decision to maximise inundated surface area before the expected summer evaporation period.
That strategy has produced an early but important operating asset: a permanent salt pavement designed to provide a stable base for future harvesting. Twelve crystalliser cells were commissioned during the quarter, up from eight, with 16 cells still to be lined progressively through the final quarter of financial year 2027. The earlier salt crystallisation milestone had recorded 49,000 tonnes and 85% construction completion.
BCI also said internal and customer testing continued to show crystallised salt meeting the specifications in its offtake agreements. That is supportive evidence during commissioning, but it does not remove the operational dependency on evaporation rates, pond performance and the completion of the downstream handling infrastructure.
Port and wash plant approach final commissioning
The Port of Mardie reached 98% completion after dredging and the marine works package were completed. The remaining work is concentrated on conveyor installation and final commissioning, while the interim CSL Osprey transhipper is nearing completion ahead of its arrival for jetty wet commissioning. Construction of the Mardie Spirit transhipment vessel is continuing through design close-out, production design and hull fabrication.
At the salt wash plant, all construction packages have been awarded and the facility was 70% complete at quarter end. Utilities and services were installed, the product conveyor was in place and structural steel erection had progressed to Level 1. BCI expects the wash plant to be completed late in calendar 2026, with process piping, mechanical equipment, electrical systems and switch-room works still ahead.
Debt funding remains a central project variable
BCI spent A$80 million on Mardie construction during the quarter, taking cumulative construction expenditure to A$1.265 billion. Its estimated construction cost to complete fell to A$178 million, while available funds stood at A$315.7 million, including A$110.3 million in cash and undrawn syndicated facilities.
The funding position is not debt-free: BCI drew A$119 million during the quarter, taking total syndicated debt drawn to A$705.6 million. Including bank guarantees, facility utilisation reached A$753.9 million. The company says salt-first construction and working capital are fully funded within the approved A$1.443 billion Mardie capital budget, but the remaining execution period still involves substantial spending and commissioning risk.
SOP pilot adds a second test to the Mardie story
BCI is also advancing a 150-kilogram-per-hour sulphate of potash pilot plant under the SOP pilot plant contract. Front-end engineering design was completed during the quarter, with detailed design expected by the end of the March 2027 quarter and procurement and modular construction to proceed in parallel. The pilot is intended to validate potential commercial-scale production from Mardie feedstock, rather than establish commercial output itself.
The immediate catalyst is therefore operational rather than promotional: whether the pond network performs through summer, whether the remaining crystalliser cells and wash plant are delivered as planned, and when the first cargo can actually leave Mardie. Calendar 2027 is the stated destination, but the next few evaporation months will determine how much of that timetable is engineering and how much is weather.
Bottom Line?
BCI has materially reduced the construction gap and built a sizeable salt base, but the project’s next proof point is consistent summer evaporation followed by a first shipment, not another percentage-complete milestone.
Questions in the middle?
- Will summer evaporation rates support the targeted calendar 2027 first salt shipment?
- Can the remaining crystalliser lining, wash plant and port commissioning stay within the remaining A$178 million construction estimate?
- What commercial-scale economics will emerge from the sulphate of potash pilot plant?