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 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 reserve and resource base from two iron ore projects – Iron Valley and Buckland – as well as an early stage solar evaporation project at Mardie, a number 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 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 its asset portfolio. In November 2017, the Company changed its name to BCI Minerals Limited, better reflecting the Company’s asset portfolio whilst acknowledging the history of the BC Iron.
The Company is currently focused on rapidly advancing its 100% owned Mardie Salt & Potash Project, supported by iron ore royalty earnings and divestment proceeds.