BCI Minerals Ltd (ASX:BCI) has achieved a significant milestone for funding of its Mardie salt and potash project in Western Australia, reaching Financial Close on a Syndicated Facility Agreement (SFA) which is set to deliver $981 million to boost the project’s development.

The focus for this syndicate – which comprises Northern Australia Infrastructure Facility (NAIF), Export Finance Australia (EFA), Export Development Canada (EDC),Westpac Banking Corporation (Westpac) and Industrial and Commercial Bank of China Limited (ICBC) – is funding of the salt first component of Mardie.

First drawdown of the debt finance for the Mardie Project is anticipated by the third quarter of the 2025 fiscal year.

The salt first component aims at getting first salt on ship by the second quarter of 2027, while the potash component of the project is still focused on development of a sulphate of potash (SOP) plant, which will be funded once further design and cost development studies have been completed, and subject to provisions of the SFA.

Managing director David Boshoff said the agreement represented an important step for BCI.

“With construction of the salt-first component of the Mardie Project now over 50 per cent complete, reaching Financial Close on the Syndicated Facility Agreement is an important milestone for BCI Minerals for the salt-first component of the Mardie Project,” he said.

“With key achievements including the commencement of operations, securingbinding Offtake Agreements and signing the CSL transhipment contract, we are continuing to execute our plan with precision and building confidence with our stakeholders.”

At 15:55 AEST, BCI was trading at 29.5 cents – a rise of 3.51% since the market opened.

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