09/10/2018 - 15:24

BCI confirms multiple interest

09/10/2018 - 15:24

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BCI Minerals has confirmed it is in discussions with multiple parties over the sale of its Pilbara iron ore assets, including three current producers and one aspiring port developer.

Mineral Resources operates the Iron Valley project.

BCI Minerals has confirmed it is in discussions with multiple parties over the sale of its Pilbara iron ore assets, including three current producers and one aspiring port developer.

In response to a price query from the ASX, the West Perth-based company said potential bidders included Mineral Resources, Fortescue Metals Group and Hancock Prospecting along with infrastructure developer BBI Group.

All four were named in a Street Talk article published today.

“BCI is currently in discussions with multiple parties, including the parties referenced in the article,” the company stated.

BCI, which is being advised by PCF Capital and law firm Gilbert + Tobin, added that suggestions the portfolio was worth $100 million was purely speculative.

Its iron ore portfolio includes the Iron Valley mine, which is operated by Mineral Resources.

It also holds two deposits of low-grade ore and the rights to develop a 20 million tonne per annum port at Cape Preston, west of Karratha.

They were formally put up for sale in August.

BCI plans to invest the proceeds from any asset sale in its Mardie salt project.

BCI’s comments today followed an ASX query, after the company’s share price jumped from 12.5 cents yesterday to a high of 16.0 cents.

Its stock eased to close at 14.5 cents.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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