BCI Minerals Limited (ASX: BCI) has released its June 2026 update on the Mardie Salt and Potash Project. Construction is underway, and the Company says it’s fully funded for the rest of the build-out.
Figure 1: BCI Minerals Limited company logo [Courtesy: BCI Minerals]
The news comes in a month when Western Australian resource projects have found themselves under closer scrutiny. This is the image of a Company pushing for the production of Mardie and not chasing media headlines.
Why This BCI Minerals Update Matters to the Market
This BCI Minerals June 2026 update matters because it shows steady momentum across a multi-year build. Construction reached 85 per cent complete, excluding the crystalliser lining program, and 82 per cent including it.
Investors watching BCI Minerals future growth Australia will note that salt has now begun forming inside the crystallisers, a milestone drawing attention across the wider mining sector . Cumulative Mardie expenditure reached A$1,479 million, against a construction cost to date of A$1,185 million.
When Key Milestones Are Expected
The first crystalliser train is now filled, and filling of the second train has commenced. Crystalliser lining is scheduled for completion in March 2027, aligned with operational requirements.
Dredging at Mardie Port is on track for completion by early September 2026, within the permitted environmental window. Construction of the Mardie Spirit transhipment vessel began in May 2026, with steel cutting already complete.
The SOP Pilot Plant construction contract is expected to be awarded during the September 2026 quarter. BCI Minerals expects to be operationally ready for First Salt on Ship by the first quarter of calendar 2027, though this remains weather dependent.
How Construction and Funding Are Progressing
BCI Minerals is now well past the halfway mark on the Mardie build. The Company’s latest numbers show a project that is largely de-risked and on a clear path to completion.
Key Performance Metrics Across Recent Quarters
| Metric | Jun Q4 FY26 | Mar Q3 FY26 | Dec Q2 FY26 | Sep Q1 FY26 |
|---|---|---|---|---|
| Total Recordable Injury Frequency Rate | 4.4 | 4.1 | 3.9 | 3.1 |
| Construction Progress | 85% | 81% | 77% | 74% |
| Cumulative Mardie Expenditure | A$1,479M | A$1,369M | A$1,298M | A$1,221M |
| Mardie Construction Cost to Date | A$1,185M | A$1,110M | A$1,043M | A$1,002M |
| Estimated Construction Cost to Complete | A$258M | A$333M | A$400M | A$441M |
| Available Funds | A$423M | A$522M | A$601M | A$676M |
| Crystallised Salt (kt) | 49 | 0 | 0 | 0 |
Construction progress excludes the crystalliser lining program, which brings the completion rate to 82 per cent including lining.
Construction Progress Detail
- Salt Wash Plant concrete works surpassed 90 per cent completion
- Structural steel erection commenced following the first equipment shipment
- Screw classifiers, dewatering screens, and centrifuges continued to arrive onsite
- Screw classifiers were successfully lifted into position during June
- Each crystalliser train comprises four cells, with seven trains to be lined for nameplate capacity
- Six crystalliser cells contained brine as at 30 June 2026, with two further cells lined since
Figure 2: Screw classifier installation at the Mardie Salt Wash Plant [Courtesy: BCI Minerals]
Capital Management
BCI Minerals drew A$89.8 million from its syndicated debt facility during the quarter. This took total debt drawn from the facility to A$586.6 million by the end of June.
| Facility ($M) | Main Facility | Cost Overrun Facility | Total Cash | Bank Guarantee | TOTAL |
|---|---|---|---|---|---|
| Total | 830.0 | 81.0 | 911.0 | 70.0 | 981.0 |
| Drawn | 586.6 | 0.0 | 586.6 | 48.9 | 635.5 |
| Undrawn | 243.4 | 81.0 | 324.4 | 21.1 | 345.5 |
| Total Available | 243.4 | 81.0 | 422.6 | 21.1 | 443.7 |
Subsequent to quarter end, BCI Minerals received an A$12.5 million contingent payment relating to the sale of the Iron Valley asset. This lifted the total gain on that asset sale to A$25.6 million.
Operational Progress at Mardie
Mardie is starting to look less like a construction site and more like a working operation. Salt is forming in the crystallisers, ponds are performing to design, and the port is nearly ready for its first vessel.
Health and Safety
| Metric | Result (June 2026 Quarter) |
|---|---|
| Leadership in the Field Interactions | 480+ |
| Critical Control Verifications | 280+ |
| New Recordable Injuries This Quarter | 1 |
| TRIFR (12-Month Rolling) | 4.4 |
| Health and Safety Management System Update | 85% complete |
Critical Control Verification activity focused on Mobile Plant and Equipment, Vehicles and Traffic Management, and Fitness for Work. A site-based Health and Safety Superintendent joined the Operations team during the quarter.
Crystalliser and Salt Wash Plant Progress
Pond levels across the network are averaging approximately 98 per cent of design operating height. Operations have shifted from filling ponds to managing brine density ahead of first harvest.
Salt precipitation commenced in line with plan, with 49 kilotonnes of crystallised salt recorded by the end of June. Each crystalliser cell will hold around 160 kilotonnes of permanent pavement, plus a further 80 kilotonnes of inventory before harvesting.
Figure 3: Close-up of salt crystals forming inside a Mardie crystalliser [Courtesy: BCI Minerals]
A dedicated civil maintenance team was embedded during the quarter to manage ongoing pond resilience. This team is focused on levee integrity, erosion management, and drainage improvements across the site.
Mardie Port and Marine Logistics
Jetty construction at Mardie Port reached 95 per cent completion during the quarter. BCI Minerals also commenced the formal process to rename the Port of Cape Preston West to Mardie Port.
- Dredging program excavated over 100,000m³, more than 30 per cent of the 314,677m³ design volume
- Dredging completion remains on track for early September 2026
- Seven of ten navigation aids were completed by the end of June
- Berthing piling at the jetty head commenced in early July
- Mardie Port is designed to export around 20 million tonnes per annum of bulk commodities
- Regulator discussions have commenced on opening the port to potential iron ore export
Figure 4: Crystalliser pond lining and filling underway at Mardie [Courtesy: BCI Minerals]
Construction of the Mardie Spirit, a 16,000 DWT self-unloading transhipment vessel, officially began during the quarter. A steel-cutting ceremony was held with CSL and shipbuilders on 30 May 2026, attended by Chair Brian O’Donnell and Managing Director David Boshoff. The Osprey vessel, currently being converted by CSL Australia, will support initial transhipments in the interim.
Figure 5: BCI Minerals and shipbuilders at the Mardie Spirit steel-cutting ceremony [Courtesy: BCI Minerals]
Sulphate of Potash Progress
Trial KTMS crystallisers continued operating under steady-state conditions through the quarter. Production was affected by residual cyclone impacts from March and heavy June rainfall, though tonnage targets remain on track.
BCI Minerals awarded the SOP Pilot Plant FEED study to Bluestar Lehigh Engineering Institute Co., Ltd. Procurement for pilot plant construction is progressing alongside the FEED study, with a construction contract expected in the September 2026 quarter.
Markets Outlook
Mardie is not being built in isolation. What happens in Asian chlor alkali plants and Indian salt exports over the next few years will shape how quickly this Project pays off.
Salt Market
BCI Minerals continued engaging with offtake customers, including touring a chlor alkali plant under construction in south-east Asia. New Asian chlor alkali capacity is expected to generate surplus salt demand of around 10 million tonnes per annum.
Demand growth is also being driven by semiconductor manufacturing and water treatment applications. India’s export volumes have pulled back, as new domestic chlor alkali plants absorb more local salt feedstock.
Salt prices stayed broadly unchanged over the quarter. This BCI Minerals ASX news June 2026 update signals a favourable supply-demand outlook for Mardie’s target market as new Asian plants come online.
Sulphate of Potash Market
Demand for SOP across Southeast Asia and Australia remains supported by horticulture, fruit, vegetable, and plantation crop producers. Pricing has stayed relatively stable, underpinned by regional demand and SOP’s premium over standard potash fertilisers.
Medium-term growth is expected to be driven by improving farm economics and premium crop production. Mardie’s SOP supply is positioned to support this regional market growth.
BCI Minerals Share Price
- Last price: A$0.415 per share
- Market capitalisation: A$1.17 billion
- 52-week range: A$0.325 to A$0.470 per share
Figure 6: BCI Minerals (ASX: BCI) 1-year share price movement [Source: ASX]
Share price movements reflect broader market sentiment toward construction-stage resource companies.
Future Direction and Impact on Australia’s Salt Supply
Impact on Australia’s export capacity is significant, given Mardie’s scale and near-complete port infrastructure. As dredging and vessel construction progress, BCI Minerals future growth Australia will increasingly hinge on weather-dependent evaporation rates through to first harvest.
Impact on the domestic fertiliser sector could follow if the SOP pilot plant construction contract is awarded on schedule this quarter. This would mark a tangible step toward diversified revenue beyond salt alone.
Impact on Asian salt supply chains may also grow as new chlor alkali plants come online across the region. With India’s export volumes declining and regional demand rising, this ASX announcement positions Mardie to help fill part of that gap.
FAQ
Q1. What does the BCI Minerals June 2026 update cover?
Ans. Mostly construction progress, funding, and how Mardie is tracking toward first salt.
Q2. How close is Mardie to being built?
Ans. Sitting at 82 per cent complete, including the crystalliser lining work.
Q3. When will BCI Minerals harvest its first salt?
Ans. The Company expects to be operationally ready in the first quarter of calendar 2027, weather dependent.
Q4. Does BCI Minerals still need more funding to finish Mardie?
Ans. No, construction and working capital remain fully funded, with A$423 million available.
Q5. What is the Mardie Spirit?
Ans. It is a 16,000 DWT transhipment vessel now under construction to move salt from Mardie Port.
Disclaimer
This article is meant only for informational purposes. All data published in this content is sourced from BCI Minerals’ ASX announcement, its June 2026 Quarterly Report, and its June 2026 Quarterly Update presentation. Readers should independently verify all figures related to share price and market data before making any investment decision. Any investment carries risk and should be made at the investor’s own discretion. Colitco does not hold any position in BCI Minerals Limited.
Source
- https://www.marketindex.com.au/data-api/api/v1/announcements/XASX:BCI:6A1334403/pdf/inline/june-2026-quarterly-update
- https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03112157-6A1334400
- https://www.asx.com.au/markets/company/BCI
Elizabeth Jones is a finance and mining content specialist with over 10 years of experience creating clear, SEO-driven content across fintech, investing, banking, insurance, cryptocurrency, and resource markets. She transforms complex financial data and industry trends into engaging, reader-focused articles that improve understanding and audience engagement.
