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First cash draw down of $66 million from $981 million project finance debt facility received
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Bank guarantees totalling $68 million issued from the facility in December 2024 quarter
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This facility funds the completion of construction and working capital through ramp up at the Pilbara-based Mardie Project
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NAIF’s commitment is $490 million, marking the largest funding allocation for a WA-based Project and the second largest in Australia
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The Mardie salt first Project is expected to contribute $4.8 billion to Australia’s GDP and create more than 1,000 jobs over its lifetime1.
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Construction of the salt-first component is over 56 per cent complete and on budget•First salt on ship on target for Q2 FY27
BCI Minerals (‘BCI’) has accessed the first cash draw down of its $981 million debt facility, paving the way for Australia’s first salt project in over two decades to complete construction.
The Mardie Salt and Potash Project will be Australia’s largest salt project and the third largest globally, producing 5.3 million tonnes of high-quality industrial salt every year.
Having met all conditions for the first cash draw down, BCI has received $66 million from the syndicated debt facility which includes the Northern Australia Infrastructure Facility (NAIF), Export Finance Australia (EFA), Westpac Banking Corporation, Industrial and Commercial Bank of China Limited (ICBC) and Export Development Canada (EDC). During the December 2024 quarter, bank guarantees totalling $68M were issued from the facility.
In its largest funding allocation to a WA-based company to date, NAIF committed $490 million to the debt facility in recognition of the Mardie Project’s strategic importance to the Pilbara region. This first draw down is funded by NAIF. Working with NAIF and other syndicate partners, EFA has committed $160 million to the project.
With an operating life of more than 60 years, the Project is expected to contribute $4.8 billion to GDP and create more than 1,000 jobs.
BCI will use its newly constructed 2.4 kilometre common-user jetty to supply the rapidly growing salt demand in Asian markets with first export of high-quality industrial salt targeted for Q2 FY27.
Managing Director David Boshoff said this was a major milestone for the Company and Australia.
“This is a very important milestone for BCI, and we appreciate the engagement and support of our Lenders, including NAIF, to help make this a reality,” he said.
“Salt has been a staple commodity for thousands of years, and its uses in industrial chemicals are ever evolving. What once started out as an ingredient for food preservation is now involved in manufacturing thousands of products from toothbrushes, smartphones, and drones to the clothes you wear and the glass you drink from.
“With strong demand for industrial salt forecast into the future and key offtake agreements secured with customers across Asia, BCI is well positioned to supply a versatile and valuable product into global markets.”
The Premier of Western Australia, the Hon. Roger Cook MLA, said: “As Premier of Western Australia I welcome this major milestone for BCI as it closes in on project completion and first exports.
“The Mardie Salt Project will deliver significant and long-lasting benefits for the Pilbara and for our State.
“As the largest salt project in Australia, Mardie Salt means WA is now a major player on the world stage.
“The project has already generated hundreds of jobs and is another major step forward down WA’s path of economic diversification.”
Federal Resources Minister and Minister for Northern Australia Madeleine King said the Mardie Salt project was important to the future of the Western Australian economy.
“Salt is a key input to industrial manufacturing and is part of the energy transition, as a key mineral in the development of clean technologies, including solar panels and battery systems,” Minister King said.
“This is a great example of how the Northern Australia Infrastructure Facility is helping to create jobs and prosperity while also helping Australia reduce emissions.”