BCI Minerals gets $450M NAIF loan approval for Mardie Salt & Potash Project

11:42 AM | January 8, 2021 | Daniel Marshall

BCI Minerals Limited (BCI, Perth, Australia) has announced that the Northern Australia Infrastructure Facility (NAIF) Board has made an investment decision to approve a loan facility the Mardie Salt & Potash Project, subject to certain conditions.

The NAIF loan facility is for a total of 450 million AUD to be used for construction and ramp-up of the Mardie Project and associated financing fees and costs and would account for a significant proportion of the full Mardie development funding requirement.

BCI’s Managing Director Alwyn Vorster said the loan “recognizes the potential long-term benefits which Mardie will bring to the region, including new port infrastructure available to third party users. Importantly, the loan will also provide significant momentum for BCI to secure the remaining debt and equity funding components required for Mardie’s development fees and costs.”

The NAIF loan approval is subject conditions, including BCI demonstrating meaningful progress with the Mardie Project by 31 March 2021 (or such later date agreed with NAIF), facility documents being entered into between the parties and satisfaction of conditions to funding.

The Mardie Project, located in the Pilbara region of Western Australia, involves construction of large ponds and crystallizers over a 100-square kilometer area, two process plants and a new port facility for export of salt, sulfate of potash (SOP) and other products. Mardie aims to export 4.4 million metric tons/year of high-purity salt and 120,000 mt/year of SOP via solar evaporation.