Construction at Kerry Stokes backed-BCI Minerals’ Mardie project slowed during the December quarter as it completed large construction foundations.
The Mardie salt operation and potash project in the Pilbara has been under construction since 2024 and is currently 77 per cent complete as of the end of December.
BCI told the market activity on site was expected to increase again from this month as it progressed work on its salt wash plant, crystalliser sealing and dredging package.
The company spent $77 million on the Mardie project during the quarter and has so far poured a total $1.3 billion into the asset’s construction.
BCI reported it had $400 million left to spend on the project until it was complete, ahead of targeted first salt shipment by the end of 2026.
During the quarter, BCI reported that the pump station on the project operated a total of 9,316 hours at an average utilisation of 96 per cent.
The company’s brine levels in ponds 1 to 9 were in line with its operational milestones and that the first crystalliser cell was scheduled to be completed during February.
Financially, the company have reduced its borrowings by $29.1 million, after issuing more than 50 million shares to investor AustralianSuper under its debt deal.
During the period, the company drew nearly $100 million from the syndicated debt facility, totaling the amount of cash drawn to $446 million.
BCI managing director, David Boshoff said the company is in a strong position for completion.
“We are making strong, tangible progress across operations,
construction and financial performance," he said.
“Construction and commissioning milestones remain on track, and all primary approvals have been secured through close collaboration with State and Commonwealth governments.”
As of early afternoon, BCI was up just over one per cent trading at 45 cents.
