BCI Minerals completes A$1.2B funding package for Mardie development

BCI Minerals Ltd. said Nov. 18 that it assembled an up to A$460 million equity funding package, the final part of approximately A$1.2 billion of financing to develop the Mardie salt-potash project in Western Australia.

The company received commitments from cornerstone investors for a A$360 million capital raising, which includes A$110 million from existing shareholder Wroxby Pty. Ltd. and A$75 million from new investor AustralianSuper Pty. Ltd. The equity funding package also includes A$100 million from BCI's cash reserves, the Iron Valley royalty stream and a proposed A$40 million corporate debt facility.

In addition, the transaction will see BCI acquiring a 7% stake in Highfield Resources Ltd. and a 15% stake in Agrimin Ltd. through the purchase of AustralianSuper's stakes in the respective companies.