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BCI Minerals (BCI) investor relations material
BCI Minerals H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Transitioned to full-scale operations at Mardie, now Australia’s largest industrial salt operation and third largest globally, with operations commencing in September 2024.
Achieved 69% construction completion of the salt-first phase by June 2025, with $935M spent to date and project fully funded through a $981M syndicated debt facility.
Divested Iron Valley iron ore assets for $72.6M, sharpening focus on Mardie Salt and Potash Project.
Secured three binding offtake agreements covering 62% of first three years’ salt production, targeting key Asian markets.
Advanced sustainability initiatives, including significant investments in environmental research, Indigenous partnerships, and local community programs.
Financial highlights
Group net loss after tax of $47.1M (2024: $15.3M), reflecting ongoing investment in Mardie development and ramp-up.
Revenue from discontinued Iron Valley operations: $68.5M; gain on sale: $13.1M.
EBITDA loss of $47.6M (2024: $17.3M loss), with Mardie and corporate segments incurring losses as expected pre-revenue.
Cash and cash equivalents at 30 June 2025: $77.8M (2024: $258.9M), reflecting transition to debt funding.
Total assets increased to $1,197M (2024: $1,021M), net assets at $767M (2024: $805M).
Outlook and guidance
On track for first salt shipment by December 2026, with full pond inundation targeted before the 2025/2026 summer.
SOP pilot plant construction underway, with full-scale investment decision pending pilot results.
Port infrastructure at Cape Preston West Port 91% complete, expected to be fully operational by September 2026.
Market conditions in Asia remain favorable, with demand growth expected to outpace new supply.
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