BCI Minerals has successfully closed a $981 million syndicated facility agreement (SFA) to support the development of its Mardie salt and potash project in Western Australia.
The SFA involves lenders such as the Northern Australia Infrastructure Facility (NAIF), Export Finance Australia (EFA), Export Development Canada (EDC), Westpac Banking Corporation, and Industrial and Commercial Bank of China Limited (ICBC).
These institutions are collectively backing the Mardie project’s salt-first component, with $981 million allocated to fund the construction and potential cost overruns.
The agreement comes in three main components: $830 million for construction loan facilities, $70 million for bank guarantees, and $81 million for potential cost overruns.
Unused funds from the cost overrun facility may also be converted into working capital to support the project after completion, under specific conditions.
Westpac plays a key role as the sustainability structurer for $331 million of the commercial loans, with the project already receiving Green Loan accreditation.
This international standard underlines BCI’s compliance with environmental, social, and governance (ESG) standards.
“With construction of the salt-first component of the Mardie Project now over 50 per cent complete, reaching financial close on the syndicated facility agreement is an important milestone for BCI Minerals,” BCI Minerals managing director David Boshoff said.
“With key achievements including the commencement of operations, securing binding offtake agreements and signing the CSL transhipment contract, we are continuing to execute our plan with precision and building confidence with our stakeholders.”
BCI Minerals is targeting the first drawdown of the debt facility by the third quarter of the 2024–25 financial year, subject to satisfying all remaining conditions precedent.
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