BCI on the road to $315m

Shares in BCI Minerals drifted to 23.5 cents per share after the company exited a trading halt. 

The West Perth-based company last traded at 24 cents per share, down 13 per cent as of 11.26am AWST, on the back of its plans to raise $315 million through an accelerated non-renounceable offer and placement at 25 cents per share. 

Kerry Stokes-backed BCI told the market on Monday it had completed the institutional component of the raising, which yielded $140.9 million. Both Wroxby - owned by Mr Stokes - and AustralianSuper, took up their full entitlements to a combined $137.5 million.

Additionally, tranche one of the placement generated $47.5 million at 25 cents per share. The company said a further $12.5 million was expected to be raised next month in the second tranche placement. 

BCI said the retail element of its entitlement offer was expected to raise $114.1 million before costs and would run between February 8-26. 

“I am pleased with the outcome of the equity raise and the strong support we have received from the market," BCI managing director David Boshoff said.

"This significant milestone also provides a strong tailwind that will allow management to continue a sharp focus on disciplined execution of the project as we continue our path to the first salt shipments in the second half of 2026."

With the funds, BCI intends to fund the final component of its Mardie project, which is based near Karratha the Pilbara. 

The salt and potash project is owned by Mardie Minerals, which is a 100 per cent subsidiary of BCI. 

In June 2023, BCI also undertook a major review of its project, due to costs rising from $1 billion to $1.6 billion.