BCI Minerals launches $315m raise for solar salt project

The news: Resources firm BCI Minerals is seeking to raise $315 million to fund the “salt-first” phase of its Mardie Project in WA, which aims to be Australia’s largest solar salt project.

The numbers: The equity raising will be through an entitlement offer and a placement of new shares. The entitlement offer is to eligible existing shareholders and aims to raise $255 million through the issue of 1.02 billion shares at $0.25 per share. The new shares offer will be at the same price and aims to raise $60 million from sophisticated and professional investors. BCI said the equity raising will supplement a $981 million project finance debt facility announced in December.

The context: The Mardie Project is a fully integrated salt and sulphate of potash project, located on the Pilbara coast. When completed it will be the third largest solar salt project globally and will produce industrial salt from seawater. AustralianSuper (14.7% ownership) will take up $37.5 million as an institutional entitlement offer and sub-underwrite up to $112.5 million of the retail entitlement officer. Wroxby (39.2% ownership) will take up $100 million under the institutional entitlement offer.