Fund Manager Summary
The fund managers believe that BCI Minerals Ltd presents a promising opportunity, despite a recent 5.8% decline in share price. They note significant advancements in the Mardie Salt Project, which is now over 56% complete and remains within budget, with first salt on ship expected in 2H CY26. In their opinion, the recent debt drawdown marks a crucial milestone, confirming that the project is fully funded following the establishment of binding offtake agreements. Additionally, the approval of the second phase of the Groundwater Monitoring and Management Plan and the necessary environmental approvals from the Commonwealth Government provide clarity for the market. Overall, the fund managers view these developments as indicators of a solid foundation for future growth.
Source: Trading View
Commentary From The Managers
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Ryder Capital
15 Oct 2025
$0.41
Summary
- BCI Minerals Limited (BCI) is the 100% owner of the Mardie project, a significant Tier 1 solar evaporation salt and sulphate of potash (SOP) project in the Pilbara region of WA.
- Once complete, Mardie will be Australia’s largest solar salt project and the third largest globally.
- First salt production is on track for CY2026, with projected outputs of 5.35Mtpa salt and 140ktpa of SOP fertiliser, generating steady-state annual EBITDA of approximately A$392m over a minimum 60-year project life.
- Minimal sustaining capex is required, with a high EBITDA cash conversion of around 95% pre-tax steady state, creating a long-term fully franked income stream for investors.
- Salt is widely used, with over 10,000 direct and indirect uses, and an emerging supply deficit in Asia supports a stronger price environment.
- SOP is a high-value fertiliser classified as a critical mineral, and BCI will be the first domestic producer of SOP in Australia.
- Construction is progressing well, with the salt component of the project at 69% completion as of June.
- The project is fully funded, with all approvals and offtakes in place with tier 1 counterparties.
- Full-scale operations have commenced following government approval in April, with ponds 1-9 over 90% inundation.
- BCI remains on track to deliver the first salt on ship in late CY2026, supplying high-quality industrial salt to Asia.
- Customer feedback indicates strengthening salt market dynamics, with potential customers in India, Indonesia, and China requiring sizable amounts of salt.
- At full ramp-up, the Mardie project is expected to generate $300m+ of free cash flow, which will be paid to shareholders as fully-franked dividends.
- There is substantial inherent value in the infrastructure built, particularly the Cape Preston Port West, where BCI has invested $350m, providing a multi-user port with 14.5Mt surplus capacity for additional high-margin earnings.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Ryder Capital
15 Oct 2025
$0.41
- BCI Minerals Limited (BCI) is the 100% owner of the Mardie project, a significant Tier 1 solar evaporation salt and sulphate of potash (SOP) project in the Pilbara region of WA.
- Once complete, Mardie will be Australia’s largest solar salt project and the third largest globally.
- First salt production is on track for CY2026, with projected outputs of 5.35Mtpa salt and 140ktpa of SOP fertiliser, generating steady-state annual EBITDA of approximately A$392m over a minimum 60-year project life.
- Minimal sustaining capex is required, with a high EBITDA cash conversion of around 95% pre-tax steady state, creating a long-term fully franked income stream for investors.
- Salt is widely used, with over 10,000 direct and indirect uses, and an emerging supply deficit in Asia supports a stronger price environment.
- SOP is a high-value fertiliser classified as a critical mineral, and BCI will be the first domestic producer of SOP in Australia.
- Construction is progressing well, with the salt component of the project at 69% completion as of June.
- The project is fully funded, with all approvals and offtakes in place with tier 1 counterparties.
- Full-scale operations have commenced following government approval in April, with ponds 1-9 over 90% inundation.
- BCI remains on track to deliver the first salt on ship in late CY2026, supplying high-quality industrial salt to Asia.
- Customer feedback indicates strengthening salt market dynamics, with potential customers in India, Indonesia, and China requiring sizable amounts of salt.
- At full ramp-up, the Mardie project is expected to generate $300m+ of free cash flow, which will be paid to shareholders as fully-franked dividends.
- There is substantial inherent value in the infrastructure built, particularly the Cape Preston Port West, where BCI has invested $350m, providing a multi-user port with 14.5Mt surplus capacity for additional high-margin earnings.
Summary
Ryder Capital
30 Sept 2025
$0.42
- BCI Minerals constitutes a 15.1% portfolio weight for Ryder Capital.
- BCI has demonstrated a strong quarter with significant progress on the Mardie Salt Project.
- Construction completion is now over 69%, up from 61% in the prior quarter as of 30 June.
- The project remains within budget, with first salt shipment expected in late calendar year 2026.
- All 9 ponds have been filled, nearing completion.
- Critical elements pending include the completion of the salt crystallizer trains, the salt wash plant, and approval for jetty dredging activities.
- Validation work on Mardie product for SOP continues, with optimism about converting the salt brine waste stream into a valuable mineral.
- BCI's market capitalization is approaching $1.2 billion, attracting broader market attention.
- Potential for index inclusion is anticipated in 2026.
Summary
Ryder Capital
30 Apr 2025
$0.28
- Ryder Capital highlights the strong performance of BCI Minerals, its single largest holding.
- The performance was driven by the receipt of Commonwealth Government approval for full-scale operations at the Mardie Salt Project.
- This approval is considered a significant de-risking event for BCI.
- Ryder Capital anticipates a material rerating in the BCI share price over the next twelve months.
- Expectations are set for first salt on ship and operational revenues to commence in late CY2026.
Summary
Sandon Capital
30 Apr 2025
$0.28
- Sandon Capital acknowledges BCI Minerals Ltd's recent approval from the Commonwealth Department of Climate Change, Energy, the Environment and Water (DCCEEW) for its Groundwater Monitoring and Management Plan.
- This approval allows BCI to commence filling the remaining operational ponds (Ponds 4 through 9) and begin commissioning the crystallisers at the Mardie Project.
- In its quarterly update, BCI reported that the construction of the salt first phase of the Mardie Project is 61% complete.
- The total construction expenditure is projected to reach $824 million by 31 March 2025.
Summary
Ryder Capital
31 Mar 2025
$0.25
- BCI declined 5.8% over the quarter despite positive developments in its projects.
- Mardie Salt Project construction is over 56% complete and remains within budget.
- First salt shipment is anticipated in 2H CY26, reaffirming project timelines.
- BCI received its first debt drawdown payment after fulfilling all lenders’ conditions, marking a significant milestone.
- Binding offtake agreements have been secured, confirming full funding for the project.
- State approval granted for the second phase of the Groundwater Monitoring and Management Plan during the quarter.
- Commonwealth Government approval received to continue operations, with all necessary environmental approvals in place.
- The market now has clarity on the project's future, allowing a focus on progress.
Summary
Sandon Capital
31 Oct 2024
$0.32
- Sandon Capital notes that the construction of BCI’s Mardi salt project is progressing, with $788 million invested as of 30 September 2024.
- Construction is currently 50% complete.
- In early October, BCI achieved financial close on a $981 million syndicated debt facility.
- The first drawdown from this facility is anticipated in the March quarter of 2025.
- BCI is on track for the first shipment of salt in the December quarter of 2026.
- The project is expected to establish BCI as a significant supplier of high-quality industrial salt to global markets for many decades.
Summary
Sandon Capital
30 Sept 2024
$0.29
- BCI Minerals Ltd received Commonwealth Government approval for the Optimised Mardi Project.
- This milestone allows operations to commence and further construction in the northern project area.
- As of early September 2024, 48% of the salt-first component of the Mardie Project has been completed.
- Over $700 million of shareholders’ funds have been invested in the project.
- BCI is on track for the first shipment of salt in the December quarter of 2026.
- The company is expected to become a significant supplier of high-quality industrial salt to global markets for decades.
- Over the next 12 months, Sandon Capital anticipates further progress on construction and a final investment decision on the sulphate of potash (SOP) plant.
Summary
Ryder Capital
30 Sept 2024
$0.29
- BCI gained +32% over the quarter following Commonwealth Government environmental approval for the Optimised Mardie Project.
- Commitment to first salt on ship in Q2 FY27, with over 50% of construction complete and on track.
- Financial Close achieved on a $981m syndicated project debt facility, with binding agreements in place.
- Focus now shifts to meeting conditions for debt drawdown in early CY2025.
- Expect additional positive updates on offtake agreements, approvals, and construction progress in the coming months.
- BCI now represents the largest position in the Portfolio, valued at $17.1m present value and historical cost of $14.9m.
Summary
Ryder Capital
30 June 2024
$0.24
- Ryder Capital has increased its holdings in BCI Minerals Ltd through a convertible note and equity placement.
- The portfolio weighting for BCI Minerals Ltd has risen from 7.42% to 11.15%.
- The share price of BCI Minerals Ltd is trading significantly below Ryder Capital's assessed intrinsic worth.
- The market continues to largely undervalue BCI Minerals Ltd.
Summary
Ryder Capital
31 Mar 2024
$0.24
- Ryder Capital holds a $5m convertible note in BCI Minerals, converted at a price of $0.2182 during a recent capital raise.
- They opportunistically acquired additional BCI shares under $0.23 after unexpected weakness in the share price post-capital raise.
- BCI Minerals experienced a 17% decline in share price over the quarter despite successfully completing a $315m equity raise.
- The funding for the Mardie Salt Project is now fully secured, following shareholder approval.
- Focus will shift to operational advancements, including construction, final approvals, and binding offtake agreements.
- The decline in share price is viewed as surprising and disappointing, as Ryder Capital believes it undervalues BCI.
- They anticipate further opportunities for project cost savings and continued construction progress.
Summary
Ryder Capital
30 Sept 2023
$0.26
- BCI Minerals is advancing the Mardie Salt and Sulphate of Potash Project with significant milestones achieved during the quarter.
- Updated base case cost estimates secured after a ~12 month review, resulting in total required project debt finance of $981m.
- Debt package includes: $490m from the Northern Australia Infrastructure Fund (NAIF), $160m from Export Finance Australia (EFA), $150m from Export Development Canada (EDC), and $181m from commercial banks.
- Government debt provider support underscores the strategic importance of the project, projected to deliver $378m in steady state net cash flow p.a. over the ~60 year project life.
- Entered non-binding MoU with PT Mineral Industri Indonesia (MIND ID) for potential salt offtake of up to 1Mt p.a. and potential equity investment of up to $100m.
- Outlook for the salt market is improving driven by growing demand in Asia.
Summary
Ryder Capital
31 Mar 2023
$0.23
- Ryder Capital has a strategic stake in BCI Minerals and is collaborating closely with the company.
- Efforts are focused on finalizing a revised cost to complete and funding solution for the Mardie Salt and Sulphate Project.
- This project is viewed as ultra long duration with very attractive unit economics once operational in 2026/27.
- If successfully funded, built, and commissioned, the project is expected to generate large equity free cash flows.
- The project will also benefit from several macroeconomic tailwinds for both salt and sulphate of potash.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"Despite BCI Minerals Ltd's recent setbacks, the path forward appears clearer than ever. With funding secured and key approvals in hand, the Mardie Salt Project could emerge as a game-changer, provided it navigates the market's skepticism effectively."
Last Updated: 15 Oct 2025
Query The Data
Frequently Asked Questions
Who is investing in BCI Minerals Ltd (ASX:BCI)?
Fund managers including Ryder Capital and Sandon Capital have invested in BCI Minerals Ltd (ASX:BCI).
Why do fund managers invest in BCI Minerals Ltd?
Fund managers are investing in BCI Minerals Ltd due to significant progress on the Mardie Salt Project, which is over 56% complete and on budget, with first salt expected to ship in the second half of 2026. The company has secured its first debt drawdown after meeting lender conditions, indicating full funding for the project. Additionally, BCI has received necessary state and Commonwealth approvals, providing clarity on its operational future and allowing the market to focus on ongoing project advancements.
What happened to BCI Minerals Ltd (ASX:BCI)?
Fund managers are investing in BCI Minerals Ltd due to its ownership of the Mardie project, which is poised to become Australia's largest solar salt and sulphate of potash (SOP) production facility. With a projected annual EBITDA of approximately A$392 million and a robust cash flow generation exceeding $300 million at full ramp-up, the project promises a sustainable income stream for investors. The construction is progressing well, with over 69% completion, and all necessary approvals and funding are secured. The emerging supply deficit in Asia for salt and SOP, coupled with strong customer demand, further enhances BCI's market position as a critical domestic producer.