BCI Minerals Limited (ASX: BCI) Achieves Major Milestones for Debt Drawdown
Debt Drawdown Confirmation
BCI Minerals Limited (ASX: BCI) has confirmed that all conditions for the first drawdown of its $981 million project financing facility have been satisfied. The company expects to receive the initial $66 million on or around February 4, 2025.
This funding is essential for the completion of the ‘salt first’ phase of the Mardie Project, which has already seen BCI invest $918 million.
Key Operational Milestones
BCI has secured binding offtake agreements covering markets in China, Indonesia, Japan, Korea, and Taiwan. These agreements are crucial as they represent approximately 62% of Mardie’s anticipated production for the first three years. Additionally, BCI submitted an updated Groundwater Monitoring and Management Plan (GMMP) to regulators on January 15, 2025, which is awaiting approval.
Executive Comments
David Boshoff, BCI’s Managing Director, stated, “These are pivotal milestones for BCI. They enable us to complete the construction of the ‘salt first’ phase of the Mardie Project with the confidence of knowing we are fully funded and moving towards full operations.”
Chairman Brian O’Donnell acknowledged the support of their lenders, particularly the Northern Australia Infrastructure Facility (NAIF), for their ongoing commitment to the project.
Future Outlook
BCI plans to release its Quarterly Update and host an investor call on January 29, 2025, to provide more information on the Mardie Project’s progress and future developments.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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