BCI Minerals secures $981M project finance debt for Mardie Project

BCI Minerals Limited (ASX:$BCI) has successfully executed a Syndicated Facility Agreement (SFA) for a total of $981M in project finance debt for the 'salt first' portion of the Mardie Salt and Potash Project. The SFA, signed with 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), marks a significant milestone in the funding process for the Project.

Executive Commentary on Syndicated Facility Agreement

The signing of the Syndicated Facility Agreement is a significant achievement in securing the funding needed to deliver BCI's Mardie Project. The ongoing support shown by this diversified lender group indicates strong confidence and trust in the Project over the long term.

Summary of Syndicated Facility Agreement and Future Outlook

BCI Minerals has successfully secured a total of $981M in project finance debt for the 'salt first' portion of the Mardie Salt and Potash Project through the execution of the Syndicated Facility Agreement. The agreement includes commitments from various entities, including NAIF, EFA, EDC, Westpac, and ICBC. The $981M project finance facilities are fully underpinned by forecast salt revenues only, representing the 'salt-first' phase of the project. BCI is targeting Financial Close in Q1 2024 and the first drawdown of debt by mid-2024, subject to satisfying all remaining conditions precedent. The company's Managing Director, David Boshoff, expressed confidence in the ongoing support and trust demonstrated by the diversified lender group, highlighting the significance of the Syndicated Facility Agreement in securing the necessary funding for the Mardie Project. BCI aims to continue making progress towards achieving Financial Close and will provide further updates on the satisfaction of conditions precedent, including equity funding, offtake, and approvals, in the coming months.