The Company listed on the ASX in December 2006 as BC Iron Limited, an iron ore exploration and development company focused on the Nullagine Project in the Pilbara region of Western Australia.
BC Iron established the Nullagine Joint Venture with Fortescue Metals Group Limited (“Fortescue”) in 2009 and achieved a significant milestone of becoming the first junior mining company to utilise both third party rail and port infrastructure owned by a major company in the Pilbara in early 2011.
Nullagine operated successfully for five years before joint venture partners, BC Iron and Fortescue, suspended operations in December 2015 due to low iron ore prices. Nullagine was highly successful for BC Iron and facilitated the payment of nearly $100M in dividends to shareholders. The Company’s Nullagine joint venture interest was sold to Fortescue in October 2016 and BCI retains a royalty on future production.
In August 2014, the Company announced a recommended off-market takeover offer for Iron Ore Holdings Limited. The transaction delivered a materially increased reserve and resource base from two advanced iron ore projects – Iron Valley and Buckland – and a number of other earlier stage projects and royalties over third party projects in the Pilbara.
Iron Valley commenced exports in October 2014 under the operatorship of Mineral Resources Limited and continues to generate royalty-type earnings for the Company.
In mid-2016, BC Iron commenced a resetting of the Company and its strategy to be more focused on growth and to diversify the asset portfolio. Experienced resources executive Alwyn Vorster was appointed Chief Executive Officer and subsequently Managing Director. A successful A$25.5M entitlement offer was completed in November 2016 to support the strategy.
Since the entitlement offer, the Company has made solid progress towards establishing a revised 15Mtpa business case for the Buckland Project. Diversification has also progressed, with the Company both advancing its existing non-iron ore assets and entering into a potash joint venture with Kalium Lakes Limited over the Carnegie Project.
In November 2017, the Company changed its name to BCI Minerals Limited, reflecting the diverse portfolio of assets across a range of commodities whilst acknowledging the history of the BC Iron.
BCI’s current focus is on maximising the value of its existing assets and becoming a diversified minerals portfolio manager.