BCI weighing options at Mardie
PERTH (miningweekly.com) – ASX-listed BCI Minerals was looking at development options for its Mardie salt and sulphate of potash (SOP) project, which could include a joint venture or a spin-out.
BCI’s GM for iron-ore and industrial minerals, Steve Abbott, told delegates at the Association of Mining and Exploration Companies convention, that the company was also looking to secure offtake partners for the Mardie project during 2018, while progressing definitive feasibility studies and environmental approvals.
A prefeasibility study (PFS), released earlier this month, found that Mardie could produce 3.5-million tonnes a year of high purity industrial salt and 75 000 t/y of fertilizer grade SOP.
The project is expected to require a capital investment of A$335-million to reach full production of both salt and SOP, comprising a A$248-million investment for the salt project and an incremental capital expenditure of A$87-million for the SOP operation.
The project is expected to have a mine life of more than 50 years.
The PFS estimates a pre-tax net present value of A$335-million and an internal rate of return of 20%, with annual earnings before interest, taxes, depreciation and amortisation estimated at more than A$100-million, based on a salt price of $30/t free-on-board, and an SOP price of $500/t free-on-board.
The project is expected to have a five-year development timeline from the completion of the PFS to first salt production in 2023.
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