BCI Q3 2026 slides: Mardie salt project 90% done, revenue nearing

BCI Minerals (ASX:BCI) reported its Q3 2026 earnings update on October 20, 2026, highlighting significant progress on its flagship Mardie Salt project. The project, valued at $1.443 billion, has reached 90% completion, with the Port of Mardie at 98% completion. The company anticipates first salt revenue in early 2027, contingent on favorable weather conditions.

BCI completed 12 crystallizer cells in the quarter, with two more lined since the end of the quarter, totaling 14 cells. Management believes 16 lined cells will be sufficient for initial salt harvest and shipment. The company emphasized the importance of brine management for salt inventory, noting that weather conditions impact production timing.

The Mardie operation's integrated process, from seawater pumps to export markets, was showcased in the presentation. BCI maintained its timeline for project completion by December 2026 and first salt shipment in the first half of 2027. The company's financials showed strong discipline, with $1,265 million spent on construction, $64 million committed, and $114 million uncommitted against a total budget of $1,443 million.

BCI's Mardie project is positioned to meet high demand in the Asian salt market, where supply is projected to be 27 million tons short over the next decade. The company expects stable salt pricing and is working with Japanese customers to finalize pricing discussions.