BCI pushes for approvals at $1.6bn Mardie project

BCI Minerals says it has received a series of mining lease approvals necessary to finalising its Mardie salt project, as it works to get the $1.6 billion dollar project off the ground this year.

Kerry Stokes-backed BCI told the market it had received mining lease grants for its optimised Mardie project and groundwater plan approvals for the project from WA government departments within a day of one another late last week.

Operational commencement at Mardie now hinges on Commonwealth approvals from the Department of Climate Change, Energy, the Environment and Water of two plans – including the groundwater monitoring and management plan (GMMP) approved by the state.

The GMMP approval requires BCI to update its groundwater modelling using data collected while its evaporation ponds are being filled.

A second research summary offsets plan is being developed with the federal government.

Under that plan, BCI will spend around $2.5 million to undertake a regional-scale flora study and an extra $672,000 for research on threatened fauna along the Pilbara coast.

The research will be conducted with the WA Marine Science Institute and its learnings will guide BCI’s approach to environmental protection.

Final Commonwealth approval is also required for the optimised Mardie project before the company can begin construction in the north of the project.

BCI said it was confident of getting all Commonwealth approvals over the line in the first half of the year.

“It is positive to see the approvals progressing through the regulatory process, and we are appreciative of the support from the state government thus far – bringing us one step closer to receiving final approval,” BCI managing director David Boshoff said.

“The state and the EPA has conducted a thorough and comprehensive expert assessment over several years of all aspects of the potential impact of the Madie project on the environment, and we are pleased with the positive outcome.

“We continue to work with DCCEEW to achieve the same outcome, enabling us to commence operations and complete construction of the Mardie project.”

BCI secured an almost $1 billion loan package for Mardie late last year, incorporating almost $500 million worth of finance from the government’s Northern Australia Infrastructure Fund.

It raised a further $315 million on the market earlier in the year to move the project forward.

BCI secured an offtake agreement with an Indonesian chemical and infrastructure firm for offtake from Mardie in March. It has previously secured offtake in Japan.

The company is aiming for first production at the project in the second half of 2026. The project's costs blew out from $1 billion to $1.6 billion in June.