BCI Minerals (ASX:BCI) received confirmation from its lenders that all conditions required to enable the first drawdown of its AU$981 million project financing facility were satisfied, according to a Monday Australian bourse filing.

The firm expects to receive the first drawdown of AU$66 million on or around Feb. 4.

It entered into binding offtake agreements that cover China, Indonesia, Japan, South Korea, and Taiwan for the first three years of production with options to extend for a further three or five years.

The binding volumes for the first three years represent about 62% of the expected production from its Mardie salt and potash project in Western Australia during that period.

It also submitted an updated groundwater monitoring and management plan to Australian regulators on Jan. 15.

Its shares rose nearly 4% in recent trading on Monday.