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; ASX:FMG) in 2009 and in 2011, achieved the 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.
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 delivered 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 iron ore reserve and resource base from two projects – Iron Valley and Buckland – as well as an early-stage solar evaporation project at Mardie, some of exploration projects and iron ore royalties over third-party projects in the Pilbara.
Iron Valley commenced exports in October 2014 under the operatorship of Mineral Resources Limited (ASX:MIN) and continues to generate royalty-type earnings for the Company.
In mid-2016, the Company was renamed BCI Minerals to reflect its evolving asset portfolio whilst acknowledging the history of BC Iron.
The Mardie Salt and Potash Project became the Company’s key focus following completion of a Pre-Feasibility Study in June 2018. A decision to divest non-core assets was made, ultimately resulting in the sale of the Kumina and Buckland iron ore projects for payments of up to $35M and up to $20M plus a royalty, respectively.
BCI released Definitive Feasibility Study results from the Mardie Project in June 2020, which demonstrated outstanding technical and economic outcomes. These results were further optimised in April 2021 confirming that Mardie can become a Tier 1 asset categorised by its long life, top quartile scale, lowest quartile operating costs and high-quality salt and SOP products.