Australia's BCI Minerals has entered full-scale operations at its A$1.44-billion Mardie salt project in Western Australia, which is set to become the country’s biggest industrial salt operation and the world’s third-largest.

“The past financial year has been the most significant in BCI’s history, and it has been incredible to watch each milestone reached,” MD David Boshoff said in the company’s financial year-end results on Friday. “We transitioned into operations, pumping more than 146 gigalitres of seawater across our ponds, and achieved significant construction goals. We reached financial close, began drawing down on our debt, and secured key offtake agreements with customers – all while staying safe, on budget, and on schedule.”

By June 30, BCI had completed 69% of the project’s salt-first phase, with the over 146 gigalitres of seawater inundating 77% of the pond surface area. Construction spending reached A$935-million, keeping the development within its A$1.44-billion budget. Key infrastructure packages including seawater intakes, evaporation ponds, transfer stations, and haul roads are largely complete, with first salt-on-ship still targeted for the December 2026 quarter.

The Perth-based company has already secured binding offtake agreements covering 62% of Mardie’s forecast salt output for the first three years, spanning buyers in China, Japan, Korea, Indonesia and Taiwan. Industrial salt demand in Asia is forecast to grow 22% by 2035, supporting BCI’s long-term market thesis.

BCI has also advanced its sulphate of potash (SoP) programme, completing engineering work and awarding a pilot plant contract, while deferring some crystalliser spending until a final investment decision is made on a full-scale SoP facility.

On financing, BCI achieved financial close on a A$981-million syndicated facility backed by lenders including NAIF, Export Finance Australia, Export Development Canada, Westpac and ICBC. It drew A$236.1-million by year-end. The deal was named Mining Deal of the Year at the 2024 APAC IJGlobal Awards.

BCI also completed the sale of its Iron Valley iron-ore assets to Mineral Resources’ Polaris Metals for A$72.6-million, receiving a deferred payment of A$34.1-million in July 2025, with another A$12.5-million due in 2026.

Looking ahead, the company said the focus for the 2026 financial year would be on crystalliser construction, advancing the salt wash plant and progressing jetty dredging to stay on track for first exports in late 2026.