BCI Minerals Limited (ASX:BCI): Mardie Salt Progress and the Funding Path to First Shipment

Aditi Sarkar

28 October 2026 03:52 PM AEDT

BCI Minerals Limited (ASX:BCI): Mardie Salt Progress and the Funding Path to First Shipment

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Highlights

Mardie construction reached 90% at 30 September 2026, or 87% including crystalliser lining.
Crystallised salt increased to 266,000 tonnes, compared with 49,000 tonnes at the June quarter-end.
The Port of Mardie reached 98% completion following dredging and marine works milestones.
Estimated construction cost to complete declined to $178M, while available funds stood at $316M.
First Salt on Ship remains planned for calendar 2027, subject to weather and evaporation conditions.

BCI Minerals Limited (ASX:BCI) is developing the Mardie Salt Operation and Potash Project on Western Australia’s Pilbara coast, using seawater evaporation to produce industrial salt for export. Its September 2026 quarterly report describes advancing construction, additional crystallised salt and higher debt drawdowns as the operation prepares for its first shipment. The latest figures show both the physical work remaining and the financial resources available to complete it.

Salt Inventory and Construction Advance

At 30 September 2026, BCI Minerals (ASX:BCI) reported 266,000 tonnes of crystallised salt, compared with 49,000 tonnes three months earlier. The company had commissioned 12 crystalliser cells, while another 16 required lining, scheduled progressively through the final quarter of FY27. These early salt deposits are being used to establish a stable salt pavement for later harvesting, rather than being treated as completed export sales.

Construction was 90% complete at quarter-end, rising from 85% at 30 June 2026. Including the crystalliser lining programme, the completion measure was 87%. BCI Minerals (ASX:BCI) said the salt wash plant was expected to finish in late calendar 2026, while the Pilbara Ports Road upgrade remained scheduled for early calendar 2027. Different completion percentages therefore reflect different scopes of work, not conflicting progress figures.

The company reported the Port of Mardie at 98% completion after completing dredging and the marine works package. Remaining activities centred on conveyor installation and commissioning. An interim transhipment vessel was being prepared for arrival before wet commissioning at the jetty. Together, these elements are important for moving harvested salt from onshore facilities to export vessels.

Funding and Financial Position

BCI Minerals (ASX:BCI) reported cumulative Mardie expenditure of $1,586M at September quarter-end, including construction costs to date of $1,265M. The estimated construction cost to complete fell to $178M from $258M at the June quarter-end. Available funds were $316M, down from $423M over the same period. These measures cover different aspects of spending and liquidity and should not be treated as interchangeable.

During the quarter, the company drew a further $119M from its syndicated debt facility, taking total drawn funding to approximately $706M. The higher drawdown reflects ongoing financing requirements as construction approaches completion. BCI Minerals (ASX:BCI) has not yet reached its first salt shipment, meaning the transition from committed funding and construction expenditure to salt export receipts remains an important operational milestone.

Shipment Schedule and Remaining Uncertainties

Management reaffirmed a pathway to First Salt on Ship during calendar 2027. The timetable is not unconditional: BCI Minerals (ASX:BCI) said the outcome depends on prevailing weather and evaporation conditions. Warmer months are important for accelerating crystallisation, while the remaining cell lining, salt wash plant completion and commissioning activities must also progress.

The sulphate of potash component remains at pilot stage. During the September quarter, BCI awarded the construction contract for a 150 kg/hr containerised pilot plant intended to test processing of Mardie feedstock. This is separate from the near-term salt export programme and does not establish commercial potash production.

Key Insights

The September 2026 report places Mardie nearer to completion, with larger crystallised salt volumes, port construction milestones and a reduced cost-to-complete estimate. At the same time, funding continues to be deployed before salt export receipts commence. The main reported dependencies are crystalliser readiness, completion of the salt handling chain, commissioning and seasonal evaporation conditions. These factors distinguish construction progress from the later achievement of sustained shipments.

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