ANNUAL REPORT
2024
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
Acknowledgement
of Country
BCI Minerals acknowledges the Traditional
Custodians of the country throughout Australia
and their connections to land, sea, and community.
We respect the Yaburara, Mardudhunera and Robe
River Kuruma People as the Mardie Traditional
Owners, and the Whadjuk People of the Noongar
Nation in Perth.
We honour the past and present Custodians of the
lands where we operate, and support the ongoing
cultural, spiritual, and educational practices of First
Nations People.
BCI Minerals | FY24 Annual Report
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
BCI Minerals is a values-driven company
developing sustainable minerals for the
modern world.
The Company is rapidly progressing the Mardie Salt and
Potash Project, a tier 1 solar evaporation project that will be
a supplier of high-purity salt and Sulphate of Potash (SOP)
for generations.
The Mardie Project will be the largest salt project in Australia
and the third largest globally, producing 5.35 million tonnes
of salt per annum.
Our vision
To create long term sustainable opportunities and
value for our team, communities, and shareholders.
Our purpose
To develop and operate the Mardie Project
to consistently deliver low-cost, world-class,
sustainable, and high-quality Salt and SOP.
About this report
This Annual Report summarises
BCI Minerals Limited’s Project and
financial results for the financial year
ended 30 June 2024.
All references to ‘BCI Minerals’, ‘BCI’,
‘the Company’, ‘we’, ‘us’ and ‘our’ refer
to BCI Minerals Limited (ABN 21 120
646 924). References in this report
to a ‘year’ are to the financial year
ended 30 June 2024 unless otherwise
stated. Unless otherwise stated,
all dollar figures are expressed in
Australian dollars (AUD). All references
to ‘Indigenous’ people are intended
to include Aboriginal and Torres Strait
Islander people.
We extend our appreciation to Impact
Digi, a local Karratha business, for
their outstanding design work on this
Annual Report.
BCI Minerals | FY24 Annual Report
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
We have developed five fundamental values
that encapsulate our vision and purpose:
These values are more than just words; they are the
essence of who we are and how we operate every day.
Our values
In Financial Year 2024, we embarked on a transformative
journey to refresh our core values, the guiding principles that
shape our actions and decisions. Recognising the need to
stay aligned with our evolving goals and the dynamic market
landscape, we set out to redefine what truly drives us.
Our refresh initiative was not
merely a top-down approach; it
was a collaborative effort deeply
rooted in the actions of our most
effective team members and
enriched by valuable input from
our workforce. This inclusive
approach ensured that our new
values resonated with everyone
at BCI Minerals and reflected
our shared aspirations and
experiences.
The focus was clear: to develop
high-performing teams and
foster a distinctive organisational
culture with people at its heart.
Through workshops, feedback
sessions, and collaborative
discussions, we identified the
core attributes that have always
been part of our DNA and
refined them into a coherent set
of values.
By embracing these values,
BCI Minerals aims to build
a cohesive and dynamic
workplace where every team
member feels engaged,
respected, and empowered to
contribute to our shared success.
Our refreshed values set us
apart in the market. They reflect
our unwavering commitment
to fostering an inclusive and
high-performing culture driven
by our people’s collective efforts
and unique strengths. As we
move forward, these values
will guide us in achieving our
strategic goals, enhancing our
organisational effectiveness,
and solidifying our position as a
leader in the industry.
At BCI Minerals, we are proud of
what we stand for, and we live
our values every day.
BE PART
OF SOMETHING
BE
YOURSELF
WIN AS
ONE TEAM
WE DO WHAT
WE SAY
FIND
A WAY
BCI Minerals | FY24 Annual Report
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
YEAR IN REVIEW
Delivering on our commitments:
Demonstrated robust safety performance with an emphasis on
fatality prevention measures and Critical Control Verification.
Secured full funding for the salt-first Mardie Project, comprising
$981M in debt and $315M in equity. The debt Conditions
Precedent are being progressed to enable Financial Close.
Concluded a binding offtake agreement for the sale of
the Mardie Project's premium-grade salt, solidifying market
positioning and revenue streams.
Divested Iron Valley assets.
Continued proactive engagement with key stakeholders,
including the local community and Traditional Owners.
Secured a $598M agreement with CSL Australia for transhipment
services over a 21-year period.
BCI Minerals | FY24 Annual Report
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
BCI Minerals successfully divested its Iron
Valley assets. Completion occurred in
July 2024, with the receipt of $26M from
Polaris Metals Pty Ltd, a wholly owned
subsidiary of Mineral Resources Limited.
A deferred payment of $34.1M is due in
July 2025 and the Company will receive
a $12.5M contingent payment on the
commencement of mining at the North Pit.
In FY24, BCI Minerals earned $68.5M
revenue from Iron Valley and $34.2M
EBITDA.
In June 2024, BCI
Minerals awarded its
largest contract to date,
awarding CSL Australia
a $598M agreement for
transhipment services over
a 21-year period. This offers
BCI Minerals a significant
strategic advantage,
enabling the loading of
large ocean-going vessels.
Mardie Salt and Potash Project
Financial Performance
$77M
Total Revenue
$7M
Group EBITDA
$805M
Net assets
$981M
Available Project
Facilities
44%
Salt-first construction
progress
$218M
construction spend
during FY24
$690M
cumulative
expenditure
$683M
contracts awarded
in FY24
People and Safety
FY24 Key Metrics
$259M
Cash and cash
equivalents
BCI Minerals | FY24 Annual Report
32%
Female
employees
68%
Male
employees
0
Fatalities and
Permanent
Disabling
Injuries
698
Critical
Control
Verifications
6.4
Total
Recordable
Injury
Frequency Rate
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
A YEAR OF
STRONG
PROGRESS
CHAIRMAN’S
ADDRESS
All of us at BCI Minerals are
proud of the Company’s
achievements in the year ended
30 June 2024. We have made
excellent progress in building
our Mardie Project while also
progressing with approvals of
the Optimised Mardie Project
and management plans, signing
our $981M Project finance facility
documents, raising $315M of
equity capital to fully fund the
salt-first configuration of our
Mardie Project, and signing new
offtake agreements.
We’re building something very special — an
Australian-first project that is on track to become
the nation’s largest salt producer.
BCI Mineral's Managing Director, David Boshoff,
continues to lead the company strongly toward the
achievement of our vision.
During the year, we were pleased to welcome Steve
Fewster as Chief Financial Officer, Shaun Meredith
as Head of Approvals, and Tammie Miller as Head
of External Affairs to the BCI Minerals senior
leadership team, which continues to lead us in the
execution of our strategy.
Our safety performance has been strong, and we
continue to prioritise health and safety standards
across the company for all our people, contractors,
and visitors.
During our visit to the Mardie Project in May,
the Board directly observed the significant
construction progress, and the positive attitude and
determination of our employees and contractors
to deliver a safe and successful project. We were
especially pleased with the great progress made
by McConnell Dowell at the jetty, and Q H & M Birt
with our evaporation and crystalliser ponds. Our
other contractors are also performing well.
The Board is very pleased that, to date, none of the
Project contingencies have been used.
The outlook for the salt market remains very
positive. Prices being obtained in Asian markets are
consistent with expected levels, and the market
continues to project growing salt demand and
limited growth in supply in the coming years.
Our team has made good progress in negotiating
salt offtake agreements during the year. We
are pleased to have signed offtake agreements
with Wanhua Chemicals in China and Chandra
Asri Petroleum in Indonesia. These agreements
evidence the strong market interest in Mardie salt,
and we appreciate the confidence shown by all our
new offtake partners.
FY24 was a year of significant achievement in
relation to funding. In December 2023, we signed
the $981M project finance facility documents with
Northern Australia Infrastructure Facility, Export
Finance Australia, Export Development Canada,
Westpac and Industrial and Commercial Bank of
China. We thank these lenders for their confidence
in, and support of, our Project. Our team continues
to work towards satisfying the conditions precedent
for the drawdown of these facilities, which we
expect to occur during FY25.
In addition to the project finance, the Company also
completed an equity raising, which delivered $315M
of new equity capital to the group. BCI Minerals
appreciates the strong support of all participants
in this issue, including the Australian Capital Equity
Group, AustralianSuper, and Ryder Capital, and
looks forward to generating excellent returns for all
shareholders in the coming years.
Approvals remain a key hurdle for the Mardie
Project. We received State Government approvals
for the Optimised Mardie Project area and the
management plans required before operations
can commence. We also received the mining
lease for the Project and signed the Infrastructure
Delivery Agreement for the Mardie Port. The
Commonwealth Government provided notice that
it proposes to grant environmental approval for
the Optimised Mardie Project and also provided
draft conditions to BCI Minerals and government
stakeholders for consultation, in accordance
with the standard statutory process. Based on
Commonwealth Government representations in
early August we expect environmental approvals
in Q1 FY25.
Key Highlights
Completed the salt-
first Project funding
comprising $981M
in debt and $315M in
equity.
Signed offtake
agreements with
prominent Chinese
and Indonesian
counterparties.
Executed agreements
to sell Iron Valley assets
to Mineral Resources
Limited.
We appreciate the engagement with all levels of
Government to help us deliver this Project, which
will generate substantial tax, royalty, and industry
development benefits for Australia for decades
to come in a sustainable and environmentally
responsible way.
During FY25, we plan to make substantial further
progress with the construction, design and
operation of the Mardie salt-first Project while also
progressing towards making a final investment
decision on the SOP Plant.
Our Iron Valley iron ore assets have been an
important contributor to the Company's income
since the mine opened in 2014. From the first
shipment of ore to 20 June 2024, Iron Valley has
generated revenue of $641M and paid royalties
totaling $403M. This year, we sold the Iron
Valley assets to Polaris Metals Pty Ltd, a wholly
owned subsidiary of Mineral Resources Limited.
Completion of the sale occurred in early FY25 with
the receipt of $26M. A deferred payment of $34.1M
is due in July 2025 and the Company will receive
a further $12.5M contingent payment following
commencement of mining at the North Pit. This is
a positive conclusion to our successful involvement
with this project.
Thanks to the new equity issued during the year and
the company’s good performance, BCI Minerals'
market value had increased to over $630M by 30
June 2024. This is a credit to the performance of the
team led by David Boshoff. I would like to express
our thanks and acknowledgement to David and all
employees, contractors, government agencies, and
partners. Together, we are building a great Project
and a great company. We look forward to the future
with confidence.
Brian O’Donnell,
BCI Minerals Chairman
BCI Minerals | FY24 Annual Report
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
Key Highlights
Robust safety
performance with an
emphasis on fatality
prevention measures
and Critical Control
Verification.
Renewed our values,
reflecting our vision
and purpose.
Progressed construction
of the Mardie Project,
remaining within budget.
Secured a $598M
agreement with CSL
Australia for transhipment
services over a 21-year
period.
BUILDING
A GREAT
PROJECT
SAFELY
As we forge ahead with the
Mardie Project, we are not just
harvesting a critical mineral;
we are shaping a sustainable
future for generations to
come. With a steadfast
commitment to excellence and
a paramount focus on safety,
we are confident that the
Project will deliver enduring
benefits to shareholders,
employees, contractors, local
communities, government, and
all stakeholders.
Our achievements this year are a testament to the
dedication and resilience of our exceptional team,
underscoring an unwavering commitment to safety
and operational excellence.
The safe construction of the Mardie Project is a key
driver for BCI Minerals. Our objective is to ensure
the psychological and physical health and safety of
our workforce and visitors.
Working with our leaders and contract partners,
we have designed an approach to leadership in the
field. This program will use a human performance,
risk-based approach to ensure leaders spend
planned time in the field with our workforce and
demonstrate care, courage, and curiosity to support
strong health and safety outcomes. This approach
leans on the Du Pont ‘Felt Leadership’ model
principles through influencing behaviour, attitudes,
relationships and systems.
Throughout the year, we increased our focus on
verifying the effectiveness of critical controls,
emphasising our lead safety indicators and incident
prevention programs, and implemented controls
for psychosocial hazards. We were pleased to host
a Health, Safety, Environment, and Community
forum with key contractors and stakeholders in
Karratha and at Mardie, strengthening our shared
commitment to health and safety, environmental
stewardship, and the community.
We continue to monitor Total Recordable Injury
Frequency Rate (TRIFR) as a lag indicator. With the
growth in construction activities, BCI Minerals is
mindful of additional health and safety challenges,
and a strong focus on health and safety will
continue in FY25.
Building high-performing teams working towards
a shared goal is a key initiative I am deeply
passionate about. This commitment drove a refresh
of our core values in FY24, aiming to enhance
team performance and foster a culture that is
underscored by clear objectives, high accountability,
and a focus on delivery. By reflecting on the
exemplary actions of our most effective team
members and incorporating valuable feedback from
our workforce, we have distilled the BCI Minerals
mission into five fundamental values: Be Part of
Something, Win as One Team, We Do What We
Say, Be Yourself, and Find a Way.
These guiding principles shape our operations both
individually and collectively, and we live by them
every day. They not only articulate our aspirations
but also guide our interactions and engagements
with all stakeholders.
The salt-first phase of the Mardie Project has
reached an overall 44 per cent completion rate at
the end of June 2024. While progressing work on
securing final environmental approvals, we remain
on track and within budget to deliver our first salt
shipment during Q2 FY27.
Other significant construction milestones in FY24
include the completion of key road infrastructure,
transfer station 2/3, and rock placement along pond
walls. Construction has also commenced on ponds
6-9 and the crystallisers, while the marine package
progressed by year end to an overall 66 per cent
completion with the jetty extending over 2km.
We greatly appreciate our contractors’ commitment
throughout FY24 and recognise the importance of
building strong and lasting relationships to achieve
shared success. This, coupled with the dedication
and diligence of our team, has enabled the
significant progress we have observed these past
12 months.
Marking a major milestone, BCI Minerals signed
its largest project contract to date: a 21-year,
$598M transhipment services agreement with CSL
Australia. This provides BCI Minerals a strategic
advantage through direct and cost effective access
to key markets by loading ocean-going vessels up
to Newcastle Max size.
MANAGING
DIRECTOR’S
ADDRESS
In FY25, we aim to achieve further critical
milestones, including awarding the contract to
design our salt wash plant, progressing our power
supply and dredging plans, drawing on our Project
finance, and keeping construction on track and
within budget.
In recognition of the important role the local
community plays in our progress, we continued our
focus on partnerships that foster strong, mutually
beneficial relationships. We were pleased to have
contributed $24M to a range of Pilbara businesses
and more than $13M to Indigenous businesses.
Our relationship with the Mardie Traditional Owners
also continues to flourish as we remain committed
to maximising Indigenous employment and
contracting opportunities through our Land Access
Agreements. Importantly, we awarded several
contracts to the Wirrawandi Aboriginal Corporation
and Robe River Kuruma People, and saw our
‘Reflect’ Reconciliation Action Plan endorsed.
BCI Minerals also remained steadfast in its
commitment to environmental sustainability
through a forward-thinking approach to the
protection of ecological and culturally significant
areas. This year, we pledged over $3.2M under
the Research Summary Offsets Plan, towards
regional-scale flora studies and research on
threatened fauna along the Pilbara coastline. These
research initiatives, conducted in partnership with
the Western Australian Marine Science Institute,
O2 Marine and the University of Adelaide, aim
to collect crucial ecological data that will inform
strategic conservation efforts in the region.
FY24 was a pivotal year in BCI Minerals’ journey
with the Mardie Project reaching several milestones,
promising to unlock unique value and long-
term growth for our stakeholders. I would like to
acknowledge our shareholders for their ongoing
support and trust in our vision. I also warmly
welcome new shareholders and look forward to
sharing a prosperous future together.
I sincerely thank our employees and partners for
their unwavering commitment and confidence
in the Mardie Project, a project unlike any other,
that will see us become the largest salt producer in
Australia. Together, we build a safe, sustainable, and
prosperous future for BCI Minerals.
David Boshoff,
BCI Minerals Managing Director
BCI Minerals | FY24 Annual Report
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
Mr Brian O’Donnell
Chair (Non-Executive) appointed as a Director in October 2014
Period of office at August 2024 – 9 years and 10 months
Mr O’Donnell brings extensive expertise to BCI Minerals as its Chair, also
serving as Director of Finance and Investments for Australian Capital Equity
Pty Limited (ACE), BCI Minerals’ principal shareholder.
He holds various directorial roles within ACE group entities in property,
agriculture, and investments. Mr O'Donnell is also a Non-Executive Director
at The Guide Dog Foundation Pty Ltd (WA).
His previous roles include directorships at Iron Ore Holdings Limited,
Coates Group Holdings Pty Ltd, and Fremantle Football Club Ltd. He is a
Fellow of the Institute of Chartered Accountants with 38 years in finance
and investment.
Mr O’Donnell is a member of the Audit and Risk Committee and the
Remuneration and Nomination Committee.
Mr David Boshoff
Managing Director appointed November 2022
Period of office at August 2024 – 1 year and 9 months
Mr Boshoff was appointed Managing Director of BCI Minerals in November
2022, bringing over 20 years of leadership experience in the mining industry,
with a strong track record in delivering large capital projects.
Before joining BCI Minerals, Mr. Boshoff served as Chief Operating Officer and
then Chief Executive Officer at Bravus Mining and Resources. He successfully
led the startup of the Carmichael coal mine to full production and managed
multiple large capital projects, ensuring full accountability for safety, schedule,
scope, and capital costs.
Earlier in his career, he was General Manager at BHP’s Mr Arthur Coal and
Daunia mines, where he played a key role in the on-schedule production
ramp-up at BHP’s Caval Ridge mine.
Mr Boshoff’s extensive experience and educational background position him
well to lead and deliver BCI Minerals’ Mardie Project successfully.
Hon. Mr Richard Court AC
Director (Non-Executive) appointed January 2021
Period of office at August 2024 – 3 years and 7 months
Mr Court brings extensive experience to the board, having served as
Australia’s Ambassador to Japan from 2017 to 2020 and as Premier and
Treasurer of Western Australia from 1993 to 2001.
His notable corporate roles include Chair of GRD Ltd, Iron Ore Holdings Ltd,
National Hire Ltd, and RISC Advisory Pty Ltd, as well as Director of WesTrac
Equipment Pty Ltd.
Mr Court is currently a member of both the Audit and Risk Committee and the
Sustainability Committee.
BOARD OF DIRECTORS
Ms Gabrielle Bell
Director (Non-Executive) appointed January 2023
Period of office at August 2024 – 1 year and 7 months
Ms Bell is an experienced corporate lawyer and has focussed on
corporate governance, mergers and acquisitions and capital markets in
her legal career. Ms Bell is also an accomplished company Director and
has served for the last 12 years as a Director in the water, transport and
superannuation investment sectors.
Ms Bell’s current roles include Chairperson of Yarra Valley Water
Corporation and Director of Aware Real Estate Management Pty Ltd.
Ms Bell is a former Director of South East Water Corporation, Aware
Super Pty Ltd and V/Line Corporation.
Ms Bell is a member of the Audit and Risk Committee and the
Sustainability Committee.
BCI Minerals | FY24 Annual Report
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
Mr Garret Dixon
Director (Non-Executive) appointed June 2020
Period of office at August 2024 – 4 years and 2 months
Mr Dixon has over 40 years of experience in mining, construction, contracting,
civil engineering, and bulk commodity logistics in Australia and overseas.
Recently, he served as Executive Vice President and President of Bauxite at
NYSE-listed Alcoa Corporation, where was responsible for their global bauxite
mining business.
Currently, Mr Dixon is the Chair of Dynamic Group Holdings Ltd, and a
Non-Executive Director at Chalice Mining Limited and MLG OZ Limited.
Mr Dixon currently chairs the Remuneration and Nomination Committee.
Ms Miriam Stanborough AM
Director (Non-Executive) appointed June 2022
Period of office at August 2024 – 2 years and 2 months
Ms Stanborough is a seasoned chemical engineer with over two decades of
experience in the mineral processing industry, spanning commodities such as
copper, uranium, gold, silver, alumina, mineral sands, and lithium.
She has held senior roles at Monadelphous, Iluka Resources, Alcoa, and
WMC Resources in innovation, technical development, production, project
management, business improvement, and HR.
Currently, she is a Non-Executive Director at Pilbara Minerals Limited and
Australian Vanadium, Chair of the Minerals Research Institute of Western
Australia, and Deputy Chair at ChemCentre.
She also chairs the Sustainability Committee and serves on
the Remuneration and Nomination Committee.
Mr Chris Salisbury
Director (Non-Executive) appointed May 2021
Period of office at August 2024 – 3 years and 3 months
Mr Salisbury is a metallurgical engineer with over 30 years of operational
experience in various commodities. From 2016 to 2020, he served as Chief
Executive of Rio Tinto Iron Ore, where he oversaw major greenfield and
brownfield capital development.
Mr Salisbury managed a network of 16 mines, 4 ports, and other significant
infrastructure, as well as Rio Tinto’s Dampier Salt business, which produces up
to 10 million tonnes of industrial salt annually.
Currently, he is the Chair at Deep Yellow Limited and a Non-Executive Director
at pH7 Technologies Inc.
Mr Salisbury chairs the Audit and Risk Committee and is a member of the
Sustainability Committee.
BCI Minerals | FY24 Annual Report
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
Other salt producers
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WA
Mardie Salt and Potash Project
Mardie Salt and
Potash Project
The Mardie Project will be Australia’s largest salt
project and the third largest globally with an annual
production of 5.35 million tonnes of salt and 140
thousand tonnes of SOP*.
Ideally located on the Pilbara coast in the centre of
Western Australia’s key salt production region, the
Project will harness an abundant natural seawater
resource concentrated through solar and wind
evaporation to produce critical minerals directly to
the growing market.
Our industrial salt will play a pivotal role in countless
applications, ensuring efficiency, reliability, and
sustainability in the global market.
THE MARDIE SALT
AND POTASH PROJECT
The Mardie Salt and Potash Project, a tier 1
solar evaporation project will be a supplier
of high-purity salt and SOP for generations.
Progressing with
confidence
The salt-first portion of the Mardie Project is
now fully funded, allowing BCI Minerals to
progress with confidence.
The Project is expected to be the first
Australian salt project to recycle the bitterns
from salt operations to produce SOP as a
secondary product.
BCI Minerals remains committed to
delivering SOP and will be progressing
design works and funding through FY25.
*FEED studies are currently underway to understand
the full operational flowsheet, cost and schedule.
BCI Minerals | FY24 Annual Report
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
The Project’s impressive site
stretches over 100km2 of
impermeable mudflats. In
perspective, that’s the distance
from Manly to Parramatta in
Sydney or from Fremantle to
the airport in Perth.
Progress Update
Construction on the Mardie Project is progressing well. The salt-first
component of the Project reached an overall completion rate of 44
per cent by the end of FY24.
During FY24, $218M was spent on construction,
bringing the total capital investment to $569M.
Notably, forecast construction costs remain in line
with the June 2023 base case.
BCI Minerals completed key road infrastructure,
including the North-West Coastal Highway
intersection and Mardie Road, enabling the delivery
of over 100,000 tonnes of rock armour. This is a
crucial element in forming the embankments that
will strengthen the evaporation pond walls and
ultimately allow these ponds to be filled
with seawater.
Rock placement on Ponds 1-3, including the gas
pipeline corridor, was completed in FY24. Another
100,000 tonnes of rock is expected in FY25 for
Ponds 6-9, with construction on Ponds 6 and 7
already underway.
Transfer Station 2/3 was also completed,
pending wet commissioning with seawater.
Construction at Transfer Station 3/4 progressed
with completed mechanical works and ongoing
electrical installations. Civil works at Transfer
Station 5/6 included excavations and pre-cast
footings installation, while Transfer Station 6/7
saw completion of pump retaining walls, transfer
pipe installation, and switch room footings. These
stations are crucial for moving brine between ponds.
Construction of the Primary, Secondary, and KTMS
crystallisers began in FY24 and surpassed 10 per
cent completion by 30 June 2024.
The marine package reached 66 per cent
completion, with the jetty extending over 2km
of its 2.4km length. Piles from Bent J1 to J73 have
been driven, headstocks welded, and the primary
steelwork for the roadways installed.
BCI Minerals executed a number of significant
contracts, awarding a cumulative $683M by the
end of FY24. Marking a major milestone, BCI
Minerals signed its largest project contract to date:
a 21-year, $598M transhipment services agreement
with CSL Australia Pty Ltd. Transhipment provides
BCI Minerals a strategic advantage by providing
direct and cost effective access to key markets by
loading ocean-going vessels up to Newcastle Max
size. Together with CSL, BCI Minerals expects to be
well-positioned to meet market demand efficiently
and sustainably.
The Commonwealth Government provided
notice that it proposes to grant environmental
approval for the Optimised Mardie Project and
also provided draft conditions to BCI Minerals
and government stakeholders for consultation, in
accordance with the standard statutory process.
Ministerial approval is subject to finalisation of
those draft environmental conditions. Based on
Commonwealth Government representations in
early August we expect environmental approvals
in Q1 FY25. This will complete all primary
environmental approvals required to deliver the
Mardie Project.
Further government agreements and approvals
have been obtained to support BCI Minerals'
infrastructure needs. In April, the WA Minister
for Mines approved the grant of Mining Leases
M08/538 and M08/539. Additionally, BCI’s
subsidiary, Mardie Port Pty Ltd, signed an IDA
with Pilbara Ports for the development of port
infrastructure, securing rights of access to complete
all marine and landside infrastructure. The final lease
will be contingent on achieving Practical Completion
of the port infrastructure under the IDA.
In FY25, BCI Minerals aims to achieve further critical
milestones, including awarding the contract to
construct our salt wash plant, progressing our power
supply and dredging plans, drawing on our Project
finance, and keeping construction on track and
within budget.
BCI Minerals | FY24 Annual Report
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
Jul 2023
Aug
Sep
Oct
Nov
Dec
Jan 2024
Feb
Mar
Apr
May
Jun
North-West
Coastal
Highway
intersection
completed
Mardie Road
completed
Ponds 3-5
completed
Rock
placement
completed
on ponds
1 & 2
Commonwealth
approval for
the Illumination
Management
Plan
WA approval
of Mining
Leases for the
Optimised
Mardie Project
Transfer
station 3/4,
5/6 and 6/7
contract
awarded
Rock
placement
on Pond 3
completed
Transhipment
services
contract
awarded
Ponds 6 & 7
construction
commenced
Marine
structure
package
over 50%
completed
Transfer
station 2/3
completed
Jetty
reached
2km in
length
WA approval
for the
Optimised
Mardie
Project
Commonwealth
approval
for Benthic
Communities
Habitats
Management
Plan
Crystalliser
works
commenced
WA
approval for
Groundwater
Monitoring
and
Management
Plan
Progress through FY24
BCI Minerals | FY24 Annual Report
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
Design
optimisation
BCI Minerals continued to
progress engineering and
design with a focus on the brine
circuit.
Specifically, the Company completed pilot testing
and front-end engineering design for the salt-wash
plant and stockyards. BCI Minerals also commenced
work to optimise the secondary sea water intake
and pump station design to improve capital costs
and enhance constructability.
BCI Minerals remains committed to delivering
SOP and is progressing with design works through
FY25. The technical designs are supported by input
from long-established projects in the United States
and China.
Equipment selection and testing for the SOP Plant
have also been completed. These inputs will be
utilised for the FEED study, which is expected to
commence in FY25. The final investment decision
on the SOP Plant will be made following a rigorous
assessment of the FEED study.
Market outlook
and offtake
progress
The location of the Mardie
Project and its port facilities
creates a competitive
advantage compared to
other salt producers.
This places BCI Minerals in a strong position to
capitalise on the expected increased demand for salt
in Asian markets. BCI Minerals' marketing strategy
remains focused on executing offtake agreements
that deliver the binding minimum annual quantities
necessary to meet debt conditions.
Through FY24, the Company progressed key
agreements with prominent Indonesian and
Chinese counterparties. BCI Minerals continues
negotiations with other interested trading
companies in the Asian Market, and is advancing
negotiations with a major trading house to progress
an agreement for the Japan, Korea and Taiwan
salt markets.
A key offtake agreement was with a subsidiary of
PT Chandra Asri Pacific Tbk for an initial three-year
supply of Mardie’s high-quality salt. Aligning with
projected growth, BCI Minerals will supply 300,000
tonnes per annum in the first year, increasing to
600,000 tonnes per annum in the second and
third years. This will supply Chandra Asri’s proposed
world-scale chloralkali plant. The agreement has the
option to extend for an additional three years.
BCI Minerals also progressed key relationships in
China, a key growth market for industrial salts. The
Company and Wanhua Chemicals are progressing
formal execution of the previously announced
offtake agreement to ensure it meets the initial
offtake test in the Mardie Project finance documents.
These agreements will ensure stable revenue
streams as Asian salt consumption is projected to
grow by 22 per cent by 2030*, particularly in the
chemical and manufacturing sectors. With this
strong demand in Asian markets and robust long-
term price prospects, the Mardie Project is poised to
significantly impact the global salt industry.
Salt 101
Salt is an essential element in thousands of
manufacturing processes that impact our
daily lives, including the production of glass,
paper, paints, aluminium, and PVC. It is also
part of the energy transition as a key mineral
in the development of clean technologies,
including solar panels and battery systems.
It’s a versatile commodity integral to the
success of many businesses, and that’s
why the demand for salt continues to
grow worldwide.
BCI Minerals | FY24 Annual Report
*Wood Mackenzie: Independent Salt Market Report developed for
BCI Minerals (May 2023)
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
BCI Minerals | FY24 Annual Report
SUSTAINABILITY
REPORT
At BCI Minerals, sustainability is more than a
commitment; it is an integral part of our identity.
Pioneering a Sustainable Future
Our pledge to the ongoing responsible use
of natural resources, the fair treatment of all
individuals associated with our Project, and the
long-term wellbeing of the environment, is outlined
in our sustainability principles. These principles
guide our decision-making to ensure we foster
positive social and environmental outcomes.
Developing our approach
to sustainability
BCI Minerals launched its Sustainability Strategy
in 2022. This Strategy is key to improving our
processes and the way we plan, implement,
monitor and report our sustainability performance.
Throughout FY24, we have continued to refine our
approach to sustainability. We have updated our
Strategy to include long-term goals in addition to
annual targets, reflecting the outcomes we aim
to achieve progressively over the coming years.
This updated Strategy sets the stage for continued
progress, providing a clear and structured roadmap
to ensure we remain focused on our long-term goals.
Green Loan Approved
In FY24, a significant milestone was achieved
when our Mardie Project was awarded Green
Loan accreditation - which showcased
our commitment and adherence to global
Environmental, Social, and Governance
(ESG) standards. The commercial debt
facilities are classified as Green Loans and
certified under the Asia Pacific Loan and
Markets Association standards.
This accreditation validates the Mardie
Project’s strong ESG credentials and
prominently showcases our business ethos
for investors and financiers. The key to
this achievement is our commitment to
sustainable energy use, with over 99 per cent
of the energy for salt and SOP production
to be derived from passive solar and wind
sources.
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
Health, Safety and Wellbeing
Health and safety leadership program
implemented as part of core business.
Procurement Practices and
Employment
Partnerships are established with local
businesses.
BCI Minerals assists local businesses to build
capability and diversify their customer base.
Emissions and climate
99 per cent of energy in the operations phase
is passively derived from solar and wind.
Remaining 1 per cent of energy demand in
operations phase to be partially powered by
renewable power generation.
Credible and achievable net zero strategy to
be developed within 5 years.*
Biodiversity
Mesquite infestation on Mardie footprint
reduced by a minimum of 30 per cent.
Effluents, Waste and Water
Produce SOP from seawater using salt
circuit waste.
Investigate the viability of commercialising
or utilising by-products (target bromine,
magnesium, kelp)
Economic Performance
Target steady state annual production of
5.35Mt of salt and 140kt of SOP* to deliver
annuity-style returns to BCI Minerals
shareholders and benefits to Traditional
Owners and the State and Commonwealth
governments.
Create a minimum of 300 construction jobs
during the 2022-2026 period.
Create a minimum of 140 ongoing operating
jobs from 2026 for more than 60 years.
Local Communities
BCI Minerals is a valued corporate member
of the communities in which it operates
and contributes to the local economy and
social outcomes.
Diversity, Inclusion and Equal
Opportunity
Move towards a 2030 goal of minimum
40 per cent Male/minimum 40 per cent
Female workforce.
Move towards a 2030 goal of 20 per cent
Cultural and Linguistic Diversity (CALD)
and/or minority group workforce.
Indigenous Peoples
and Cultural Heritage
BCI Minerals’ Reconciliation Action Plan is
formally endorsed by Reconciliation Australia
and BCI Minerals is able to support/mentor
other organisations in the process.
Agreed strategy in place with the Wirrawandi
Aboriginal Corporation to achieve
employment outcomes for members at
BCI Minerals.
Our five-year goals (2029):
Partnerships and People
Environmental Management
Economic Viability
*FEED studies are currently underway to understand the full operational
flowsheet, cost and schedule
BCI Minerals | FY24 Annual Report
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
BCI Minerals | FY24 Annual Report
Message from the
Sustainability Committee Chair
I am pleased to share the progress made by BCI Minerals this year as
we moved to further embed sustainable practices across our business.
This, in turn, strengthened our relationships with our stakeholders.
FY24 has been marked by substantial progress in our sustainability
journey and the solidification of our long-term goals.
As we continue to develop the Mardie Project
and plan to commence operations in Q1 FY25,
we are intensifying our focus on embedding
our sustainability targets and goals into all our
activities. Through FY24, we have remained
committed to prioritising our environmental, social,
and governance (ESG) obligations by enhancing
partnerships, refining processes, and investing in
innovative approaches.
This year, we updated the Sustainability Strategy,
which underscores our commitment to continuous
improvement and our dedication to our ESG
responsibilities.
Looking ahead, we are focused on further
enhancing our sustainability practices and achieving
our targets. We are committed to transparency and
accountability in our reporting, ensuring that our
stakeholders are well-informed of our progress.
I extend my thanks to our dedicated team for their
contribution to the numerous initiatives detailed
in this report. I also thank our stakeholders and
partners for joining us on this journey.
Together we are building a sustainable future that
benefits us all.
Ms Miriam Stanborough AM
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
BCI Minerals | FY24 Annual Report
Pillars and Principles
Our Sustainability Strategy is supported by three sub-pillars:
Partnerships and People, Environmental Management, and Economic
Viability. We operate at the intersection of these pillars, balancing
environmental and social sustainability with economic growth.
Our sustainability principles guide the development of objectives,
targets and initiatives which inform our business decisions.
Deliver a Safe and Supportive Environment
We believe that a fundamental part of operating sustainably is ensuring the health, safety and
wellbeing of our workforce and the surrounding communities. To achieve this, we work with
care and integrity to provide safety standards, culture and leadership. We integrate health and
safety systems into all aspects of our business and actively seek continuous improvement. We
also mitigate human rights risks in our supply chain by undertaking appropriate due diligence and
awareness training.
Harness Renewable Resources
The Mardie Project aims to create sustainable value for multiple stakeholders, drawing from an
abundant natural seawater resource. Over 99 per cent of the energy required for the Mardie
Project operation comes from passive renewable solar and wind sources utilised for the
evaporation process.
Mitigate Environmental Impact
Our systematic approach to environmental management is a key driver to maintaining a
sustainable impact to the environment, ongoing compliance, and continued improvement in
our environmental performance. We believe that it is the responsibility of all employees and
contractors to act as custodians of the environment and this is reinforced through site-specific
inductions and training programs.
Maximise Value, Minimise Waste
The Mardie Project is expected to be the first Australian salt project to recycle the bitterns from
salt operations to produce SOP as a secondary product. This SOP production aligns with the
Western Australian Government’s long-standing objective for the resources industry to include
downstream processing and value-adding in project development. We are also exploring
opportunities to create further value by utilising seawater and bitterns to create other commercial
and beneficial by-products.
Promote Community Prosperity
BCI Minerals values cultivating and sustaining meaningful and enduring relationships with our
communities and the Traditional Owners of the land and waters we operate on. This forms the
bedrock of our social licence to operate. We actively foster sustainable partnerships that deliver
value and prosperity for regional communities, Traditional Owners and stakeholders. We have a
unique opportunity to encourage and support positive socio-economic development in regional
Western Australia. We are privileged to work with the Yaburara and Mardudhunera people
and the Robe River Kuruma people to create opportunities for employment, training, royalty
payments and improved cultural awareness. We also acknowledge the Whadjuk Noongar people
who are the custodians of the land that our West Perth office sits upon. We are committed to
carrying out our activities in a way which preserves cultural heritage and respects the Traditional
Owners’ connection to country.
Pa
rtn
ers
hip
s a
nd
P
eo
ple
En
vir
on
me
nta
l M
an
ag
em
en
t
Ec
on
om
ic
Via
bili
ty
Deliver a Safe
and Supportive
Environment
Promote
Community
Prosperity
Harness Renewable
Resources
Mitigate
Environmental
Impact
Maximise Value,
Minimise Waste
BCI Minerals | FY24 Annual Report
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
BCI Minerals | FY24 Annual Report
Sustainability Reporting
As illustrated in Figure 1, BCI Minerals employs a materiality process
to define its sustainability priorities. These priorities are identified
through industry benchmarks and feedback from key stakeholders.
Establishing clear sustainability objectives provides direction and
ensures organisational focus. Targets are specific and quantified
with timeframes that align with relevant corporate cycles, and key
initiatives to advance sustainability beyond routine operations are
directly linked to the objectives.
The following pages provide a summary of activities undertaken
by BCI Minerals during the year within each of the material
sustainability topics, while also referencing our own sustainability
principles and targets.
Impact on BCI Minerals
Level of Stakeholder Concern
Emissions &
Climate
Biodiversity
Health, Safety &
Wellbeing
Economic
Performance
Indigenous
Peoples & Cultural
Heritage
Environmental
Compliance
Local
Communities
Procurement
Practices &
Employment
Effluents, Waste
& Water
Diversity,
Inclusion & Equal
Opportunity
Low
Low
High
High
Figure 1: Materiality Assessment Showing BCI Minerals’ Sustainability Priorities
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
Objective
FY24 Target
Fully
achieved
Partially
achieved
Not
achieved
Commentary
Diversity, Inclusion and Equal Opportunity continued...
Build respectful
relationships
with Indigenous
stakeholders
No heritage
breaches.
• No heritage breaches were
recorded.
At least 7.5%
Aboriginal
and Torres
Strait Islander
employment at
site
• Achieved 5.1 per cent Aboriginal
and Torres Strait Islander
employment at site.
• Overall, Traditional Owners
provided ecological knowledge
on 19 monitoring assignments at
Mardie during FY24.
Implement
“Reflect”
Reconciliation
Action Plan
initiatives
• The ‘Reflect’ Reconciliation
Action Plan was endorsed by the
BCI Board and Reconciliation
Australia and the program
commenced in September
2023. At the end of FY24, of the
34 initiatives, 6 have been fully
implemented and 8 partially
implemented.
Local Communities
Build respectful
relationships
with community
stakeholders
Develop a
Community
Development
Plan by end of
FY24
• Work on a Community
Development Plan and
Engagement Program
commenced in FY24. Both are
being refined to align with new
priorities.
Develop a
Partnership and
Sponsorship Plan
Implement
a minimum
of three
partnerships
that support
BCI Minerals'
Sustainability
Strategy
• Partnership and Sponsorship
Plan is in development.
• Partnerships are in place with the
Karratha Senior High School and
the Pilbara Kimberley University
Centre.
Actively support
regional Chamber
of Commerce
and Industry
(CCI) bodies
• Memberships have been secured
with the Karratha and Onslow
Chambers of Commerce and
Industry (CCI).
• Sponsored the Karratha and
Districts CCI Business Excellence
Awards.
BCI Minerals | FY24 Annual Report
FY24 Sustainability Strategy
Progress Summary
Objective
FY24 Target
Fully
achieved
Partially
achieved
Not
achieved
Commentary
Health and Safety
Ensure BCI Minerals
employees,
contractors and
visitors come home
safely
Zero fatalities
Leading Indicator:
One CCV per
leader per roster
and one per
leader visit
• Conducted updated critical risk
verification training.
• Completed almost 700 critical
control verifications.
• Reviewed our critical risks and
controls and carried out critical
control reviews
TRIFR <5
• Rolling 12-month Total
Recordable Injury Frequency
Rate (TRIFR) was 6.4.
• Despite the target not being
met, there was a low severity
of injuries and significant
improvement in H2.
• Hosted a Health, Safety,
Environment, and Community
Forum, focusing on leadership in
the field and psychologically safe
workplace behaviours.
• The leadership in the field
program was redesigned in
consultation with our contracting
partners to ensure a focus on
Visible Felt Leadership.
Diversity, Inclusion and Equal Opportunity
Foster and promote
a culture of diversity
and inclusion across
the organisation
Meet the
Construction
phase objectives
for female
employment of
35%
• 32 per cent female employment
achieved which is significantly
above mining industry average.
• Focused on diversity in the
review of our workforce plan and
recruitment initiatives.
• Carried out respectful behaviours
training with all employees.
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
BCI Minerals | FY24 Annual Report
Objective
FY24 Target
Fully
achieved
Partially
achieved
Not
achieved
Commentary
Procurement Practices and Employment
Prioritise local
and Indigenous
contracting
Respect the
human rights of
our employees,
the workforce of
our contractors,
Traditional Owners,
the persons who live
and work in our local
communities, and
the persons impacted
by our supply chain
activities
During the
construction
phase, award
>$10M per
annum to Pilbara
businesses
During the
construction
phase, award
>$2M per annum
to Indigenous
businesses
• More than $24M spent on
Pilbara business.
• More than $13M spent on
Indigenous businesses.
Implement due
diligence process
on proposed
contracting
entities and
entity directors in
FY24
• Comprehensive human rights
and modern slavery training
implemented.
• Human Rights Risk Register
developed.
• Due diligence checklist
developed, and due diligence on
significant long-term contractors
undertaken.
Emissions and Climate
Implement strategies
to reduce the direct
and indirect carbon
emissions from BCI’s
activities
Develop Power
Strategy,
including
emissions
reduction
strategy in FY24
• Commenced development of a
Power Strategy.
• Emissions baseline will be
determined in Q1 FY25 in
accordance with National
standards and will form the
basis for our emissions reduction
strategy, to be developed in FY25.
Environmental Compliance
Strive to carry
out all activities
in a manner that
minimises impacts
to the environment
by following the
Western Australian
Environmental
Protection Authority’s
mitigation hierarchy
(avoid, minimise,
rehabilitate) when
assessing the impact
of BCI Minerals'
activities on the
environment
No material
breaches of
environmental
conditions
• No material breaches of
environmental conditions.
• All minor breaches investigated
and mitigations implemented.
• All approvals and Environmental
Management Plans (EMPs)
structured according to the
mitigation hierarchy.
• Independent audit conducted on
the Annual Compliance Report
for the Environment Protection
and Biodiversity Conservation
(EPBC) approval.
• Annual Compliance Reports for
both State and Commonwealth
approvals have been completed.
• Monitoring activities required
by approval conditions and
EMPs have been performed and
documented.
Objective
FY24 Target
Fully
achieved
Partially
achieved
Not
achieved
Commentary
Biodiversity
Preserve the biological
diversity and
ecological integrity
of the environments
within which BCI
Minerals operates
Mesquite clearing
strategy in place
• Mesquite Clearing Strategy was
developed and implemented.
• 768 hectares were cleared of
mesquite during the period.
Opportunities
explored to
extract third-
party value
from mesquite
through projects
such as biofuel
production
• Innovative ways to extract value
from mesquite biomass continue
to be explored.
Biosecurity
controls in
place to ensure
that mesquite
is not spread
throughout the
site
• A dedicated wash-bay facility
was constructed onsite to
manage the translocation of
mesquite seeds and ensure
biosecurity.
Effluents, Waste and Water
Commit to sustainable
reduction of waste
through prevention,
reduction, recycling
and re-use. Commit
to sustainable
management and
efficient use of
natural resources, and
respect the reliance
on these resources
by the surrounding
communities and
ecosystems
Undertake field
trial of growing
Asparagopsis
taxiformis at site
to determine
viability
• Field trials for growing
Asparagopsis taxiformis will be
considered when environmental
approvals are received, and
evaporation ponds are filled.
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
Throughout FY24, BCI Minerals achieved significant
milestones and implemented numerous initiatives
to strengthen our health and safety performance.
A review of our Health and Safety Policy and
Mines Safety Management System Framework -
including Principal Hazard Management Plans and
Standards - was undertaken to ensure our policies
remain current, and our standards are effective
in addressing the evolving risks in our Project and
future operations.
In our efforts to enhance Critical Control
Verification, we reviewed our critical controls and
verification quality. Additionally, we designed our
approach to leadership in the field in collaboration
with our contracting partners, aiming to strengthen
Visible Felt health and safety leadership. This
method leans on the Du Pont ‘Felt Leadership’
Model principles through influencing behaviour,
attitudes, relationships and systems.
BCI Minerals hosted a Health, Safety, Environment,
and Community Forum with contracting partners
in FY24. From a health and safety perspective,
the event focused on respectful behaviours and
leadership in the field, facilitated knowledge
sharing, and reinforced our collective commitment
to a safe and respectful workplace. Together,
we acknowledged the importance of addressing
psychosocial issues.
In preparation for the ramp-up of operations,
we continue to update our approach to isolation
and permit-to-work processes, ensuring robust
safety protocols are in place. We also reviewed our
approach to emergency and medical management,
including procuring an additional ambulance at site,
to ensure preparedness and effective response to
any incidents, which in turn safeguards the health
and safety of our workforce.
In addition to implementing these new measures,
we recognise the importance of enhancing
monitoring to measure effectiveness. To enable
this, we updated our health and safety dashboard
with a key focus on lead indicators, improving our
ability to proactively identify and address potential
safety issues.
We continue to monitor the Total Recordable
Injury Frequency Rate (TRIFR) as a lag indicator,
which was 6.4 at 30 June 2024. With the growth
in construction activities, BCI Minerals is mindful
of additional health and safety challenges, and a
strong focus on health and safety will continue
in FY25.
Key documents
Health and Safety Policy
Health
and Safety
We prioritise
the physical and
psychological wellbeing
of our workforce
through a caring,
responsible, and safe
culture driven by our
core values, robust
leadership, and a focus
on fatality prevention.
FY25 Focus
We’ll continue to focus on fatality prevention and
building the Mardie Health and Safety Culture by
implementing our approach to leadership in the
field and Critical Risk Management.
To further enhance the focus on fatality prevention,
we will mature the approach to Critical Control
Verification. From a vehicle and driving risk
perspective, there will be both a focus on the
reduction of light vehicles on public roads to and
from the Mardie Project and a focus on the critical
controls to prevent vehicle to vehicle and vehicle to
people interactions.
Additionally, we will continue to conduct health
and safety workshops for leaders and utilise data
analysis for monthly lead/lag trend assessments to
drive proactive prevention measures.
FY24 Highlights
Designed a renewed
approach to leadership in
the field in collaboration
with our contracting
partners
Hosted a Health, Safety,
Environment, and
Community Forum with
our contracting partners
Launched an updated
health and safety
dashboard with a key
focus on lead indicators
Objective: Ensure BCI
Minerals employees,
contractors and visitors
come home safely
Applicable UN SDG
Principle: Deliver a
safe and supportive
environment
BCI Minerals | FY24 Annual Report
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
BCI Minerals focused on developing high-
performing teams and fostering a distinctive
organisational culture centred around our people.
This journey began with a comprehensive update
of our values, aligning closely with our long-
term strategic goals and cultural aspirations. This
initiative, which built on the actions of our most
effective team members, set the stage for creating
a cohesive and dynamic workplace where every
team member feels engaged, respected, and
empowered to contribute to our shared success.
By embedding these refreshed values into our
culture and performance metrics, we are ensuring
that they are not just words on paper - but rather,
guiding principles that drive our daily actions
and decisions.
A major focus this year has also been on building
a diverse and inclusive workforce. To enhance
diversity within our team, we challenged ourselves
to ensure that female and Indigenous candidates
were well represented in recruitment processes.
We also commenced monthly gender pay equity
analyses to ensure fair compensation, and sought
to understand the representation of people
from Culturally and Linguistically Diverse
backgrounds and other minority groups within
our workforce. By tracking metrics such as these,
we can assess our progress and identify areas for
improvement in our diversity initiatives to continue
building an inclusive culture.
Additionally, we conducted respectful
behaviours workshops across the organisation
to raise awareness about respectful interactions,
contributing to a culture where every employee
feels appreciated and has the ability to speak up.
To optimise our business, we also conducted a
thorough review of our organisational design,
ensuring that we have the right people in the right
roles. This involved a strategic assessment of our
talent needs and a reconfiguration of roles and
responsibilities to better align with our business
objectives. By placing the right talent in the right
positions, we have enhanced our operational
efficiency and effectiveness.
The deployment of the Entrepreneurial Operating
System (EOS) was also a significant milestone in
FY24. EOS is an integrated set of concepts and tools
that help organisations reach their full potential.
This included introducing 90-day check-ins
for behaviours and performance, providing a
structured framework for continuous improvement
and accountability. These regular reviews ensure
that our employees are aligned with our values
and strategic goals and are supported in their
professional development, fostering a culture of
continuous improvement and accountability.
We raised awareness of our Diversity and Inclusion
targets among hiring managers and actively
monitored these through our recruitment process.
This ensures that our leaders are aligned with our
commitment to building a diverse and inclusive
workplace, further embedding these values into our
hiring practices and organisational culture.
Diversity,
Inclusion
and Equal
Opportunity
Our ongoing commitment
to partnerships and
people is reflected in
the initiatives we have
implemented to enhance
our culture, diversity, and
employee wellbeing.
FY25 Focus
BCI Minerals will continue to build a respectful and
high-performing culture. We will prioritise diversity
and inclusion by continuing to build inclusive
leadership practices through targeted leadership
development and supporting systems.
We will also keep prioritising mental wellbeing
and psychosocial safety by promoting respectful
behaviours and preventing sexual assault and
gendered violence. Additionally, we will ensure
there is no discrimination based on age, gender,
culture, or ethnicity.
Training and development initiatives will focus
on implementing a robust training management
system to ensure operational readiness. To
further strengthen our workforce, we will focus on
attraction and retention schemes with a continued
emphasis on diversity and inclusion.
Refreshed our values
32 per cent female
employment, significantly
above mining industry
average
Implemented the
Entrepreneurial Operating
System, including 90-day
check-ins for behaviour
and performance
Conducted respectful
behaviour training
workshops with
employees and
contractors
Building a Respectful
and Inclusive
Workplace
BCI Minerals is committed to building a
culture and fostering a workplace free
from sexual harassment, bullying, and
discrimination.
To reinforce this commitment, we are
partnering with our contractors to identify
key focus areas at the Mardie Project
through a comprehensive baseline survey.
We have also ensured active monitoring of
the implementation of our ‘Village Rules’,
through security, feedback mechanisms,
grievance monitoring and investigation,
and are collectively working to create a
psychologically safe workplace.
We have also continued to build a culture
of care with our return-to-work processes,
which focus on the healthy return to work
of our team, either from illness or injury,
regardless of the cause of the impact.
Objective: Foster and
promote a culture of
diversity and inclusion
across the organisation
Principle: Deliver a
safe and supportive
environment
Applicable UN SDG
FY24 Highlights
BE PART
OF SOMETHING
BE
YOURSELF
WIN AS
ONE TEAM
WE DO WHAT
WE SAY
FIND
A WAY
BCI Minerals | FY24 Annual Report
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
BCI Minerals’ commitment to sustainability is
consistent with our respect for the Traditional
Custodians of the lands on which we operate.
Our commitment is reflected in our ongoing
collaboration with the Wirrawandi Aboriginal
Corporation (WAC) and the Robe River Kuruma
Aboriginal Corporation (RRKAC) at the Mardie
Project.
These partnerships offer Traditional Owners
opportunities to develop new skills or build on
existing knowledge and experience in environmental
monitoring and other project activities. They also
allow BCI Minerals to incorporate cultural heritage
knowledge into the construction and operational
phases of the Project. BCI Minerals makes regular
progress payments to Traditional Owners in line
with our Land Access agreements.
A core objective of the Land Access Agreements are
to identify and create employment and contracting
opportunities with Traditional Owners. In line with
this objective, we have engaged WAC members as
cultural monitors for clearing works as well as for
the provision of traditional ecological knowledge
during environmental surveys.
One notable contract in FY24 involved the
engagement of WAC to clear over 700 hectares
of mesquite, a declared weed, in preparation for
crystalliser construction.
Our ‘Reflect’ Reconciliation Action Plan (RAP)
was endorsed by the BCI Minerals Board and
Reconciliation Australia, and the program
commenced in September 2023. This plan is a
cornerstone of our efforts to enhance relationships
with Traditional Owners, ensuring that our initiatives
contribute to meaningful reconciliation.
In a gesture of respect, the BCI Minerals
Boardroom was renamed the Marduthuni Room.
WAC members selected the name, which is the
Mardudhunera term for the Fortescue River, which
runs to the north of the Mardie Project.
Indigenous
Peoples and
Cultural
Heritage
We are committed
to strengthening
respectful and enduring
relationships with
Indigenous stakeholders
by honouring cultural
heritage, promoting
collaborative decision
making, and supporting
community driven
initiatives.
FY25 Focus
BCI Minerals is dedicated to deepening our
engagement with Traditional Owners and fostering
a culture of inclusivity and respect. In FY25, we will
explore ways to integrate traditional language and
artwork into our workplace culture and update our
commitments to Traditional Owners through the
delivery of our second RAP. We will also complete a
review of our Cultural Awareness eLearning Training.
Our reconciliation journey will continue as we
strive to progress from a ‘Reflect’ RAP to an
‘Innovate’ RAP.
Collaborating with WAC and RRKAC, we will
build capacity through environmental monitoring
programs and explore meaningful, long-term
contract opportunities.
Our proactive approach to working with WAC on
heritage and environmental monitoring matters will
continue, as will our commitment to developing
future commercial partnerships.
Partnered with local
Indigenous suppliers,
awarding over $13M
in FY24. This initiative
boosts the local economy
and provides significant
opportunities for
Indigenous communities
Our ‘Reflect’
Reconciliation Action Plan
was endorsed
We have supported
cultural events including
NAIDOC Week, fostering
respect for Traditional
Owner heritage
Key documents
Reconcilation Action Plan
Principle: Promote
Community Prosperity
FY24 Highlights
Applicable UN SDG
Objective: Build respectful
relationships with
Indigenous stakeholders
BCI Minerals | FY24 Annual Report
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
BCI Minerals is dedicated to building respectful
and collaborative relationships with community
stakeholders, ensuring that our operations
contribute positively to the social, economic, and
environmental wellbeing of the region in which
we operate.
In FY24, we undertook a review and update of
our Environmental and Social Management
System (ESMS). This system is fundamental to our
engagement with communities, guiding our efforts
to support and provide tangible benefits. The
updated ESMS ensures that our practices align with
the highest standards of environmental stewardship
and social responsibility, reflecting our commitment
to sustainable development.
One of the highlights of our partnership initiatives
is the Student Support Program launched
with Karratha Senior High School. A $10,000
contribution by BCI Minerals enables this program
to provide students in need with access to essential
resources. By alleviating these barriers, we aim to
improve educational outcomes and support the
wellbeing of students in our community, ensuring
they have the tools needed to succeed.
Further, we also established the BCI Minerals
Allied Health and School Leavers Scholarships in
collaboration with the Pilbara Kimberley University
Centre. These scholarships are designed to assist
students in pursuing tertiary education without
having to leave their community.
Engagement with industry and community has
been a cornerstone of our strategy. BCI Minerals
has been an active participant in key regional
industry forums such as the Pilbara Summit. Our
participation in the Karratha and Districts Chamber
of Commerce and Industry’s quarterly business
breakfasts has also facilitated meaningful dialogue
with local business leaders, fostering a spirit of
collaboration and mutual understanding.
Our dedication to supporting the local economy is
demonstrated by our significant investment in local
contractors during the construction phase of the
Mardie Project.
Over $24M has been spent on local services,
including fuel supplies, rock armour, heritage
services, and maintenance services. This
commitment not only supports local businesses
but also ensures that our operations have a positive
economic impact on the community.
As we reflect on our achievements in FY24, we
remain focused on our commitment to partnerships
and people. Our initiatives have laid a strong
foundation for sustainable growth and community
wellbeing and through these efforts, BCI Minerals is
dedicated to creating lasting positive impacts and
driving progress in our communities.
Local
Communities
We are committed
to empowering local
communities through
sustainable practices,
strategic partnerships,
and impactful support
initiatives that foster
long-term wellbeing
and prosperity.
FY25 Focus
We will seek advice and support on best-
practice approaches, updating our systems and
documentation accordingly.
Our priorities include environmental management,
supporting Indigenous communities, investing in
mutually beneficial outcomes, and engaging with
local stakeholders to build meaningful connections
and partnerships.
Updated the
Environmental and
Social Management
System
Contributed over $24M
to Pilbara businesses
Delivered community
sponsorships to a total
value of $21,000
Principle: Promote
Community Prosperity
FY24 Highlights
Applicable UN SDG
Objective: Build respectful
relationships with
community stakeholders
BCI Minerals | FY24 Annual Report
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
At BCI Minerals, our commitment to sustainable
development underpins our respect and support
of local and Indigenous communities. We are
committed to fostering a safe, respectful, equitable,
diverse, and inclusive culture — one that not only
attracts and motivates but also nurtures and builds
a skilled workforce for the future.
The Mardie Project will be a multi-generational
asset for northern Australia, delivering local job
opportunities and contracts and opportunities for
Indigenous engagement.
Central to our approach is the Australian Industry
Participation Plan, which forms part of our local
contracting strategy.
In our tender processes, we have established
a hierarchy that prioritises Traditional Owners,
Pilbara Indigenous businesses and Pilbara-based
contractors and suppliers. This means that for
like-for-like tender and cost estimate submissions,
preference is given to these groups, fostering
economic empowerment within the community.
In FY24, BCI Minerals spent over $13M on
Indigenous businesses.
These investments underscore our commitment
to integrating Indigenous employment and
contracting into our competitive tender processes.
Our sustainability commitment extends to the
broader community of Karratha and its districts.
Active participation in forums and networking
events organised by the Karratha and Districts
Chamber of Commerce and Industry (KDCCI) helps
us forge strong relationships with local businesses.
We proudly sponsor the KDCCI Business Excellence
Awards, celebrating the achievements of local
enterprises and reinforcing our commitment to
community integration.
Procurement
Practices and
Employment
We are fostering
sustainable development
and economic
empowerment
through strategic
investments, thoughtful
tender processes, and
meaningful partnerships.
FY25 Focus
BCI Minerals is dedicated to fostering respectful
relationships and meaningful partnerships to make
a positive and lasting impact on the communities in
which we operate.
In FY25, we will focus on completing human
rights due diligence on contractors and tendering
packages that have been identified as operating
in industries or areas that have elevated human
rights risks.
FY24 Highlights
Exceeded targets by
contributing over $24M
to Pilbara businesses and
over $13M to Indigenous
businesses
Prioritised Traditional
Owners and local
contractors in our tender
processes
Conducted human rights
training and finalised a
human rights risk register
Objective: Prioritise local
and Indigenous contracting
Objective: Respect the
human rights of our
employees, the workforce of
our contractors, Traditional
Owners, the persons who
live and work in our local
communities, and the
persons impacted by our
supply chain activities
Human Rights
In FY24, we conducted comprehensive
human rights training across our organisation.
This training is essential in ensuring that
our employees understand and uphold the
human rights of all individuals affected by
our operations.
We have finalised our human rights risk
register, which records identified human
rights risks along with corresponding
preventions and mitigations. This proactive
approach ensures that we are continually
assessing and addressing potential human
rights issues.
Principle: Promote
Community Prosperity
Applicable UN SDG
BCI Minerals | FY24 Annual Report
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
BCI Minerals continues its commitment to
environmental stewardship and sustainability. Our
Environmental Policy outlines our goal to manage
natural resources sustainably.
In FY24, we made progress toward this
commitment, focusing on the development and
implementation of strategies aimed at reducing
both direct and indirect carbon emissions from
our activities.
Establishing an emissions baseline for the Mardie
Project has been a pivotal step in our journey
toward carbon reduction. Collaborating with
Greenbase, we utilised the National Greenhouse
and Energy Reporting (NGER) methodology
to accurately determine our carbon equivalent
(CO2-e) emissions baseline. This assessment
will provide us with essential data to inform our
emissions tracking system and shape our emissions
reduction strategies.
During the year, we commenced development of a
Power Strategy. This Strategy is designed to support
a phased approach, ramping up to full operational
demand by December 2026. A key objective is to
ensure that 40 per cent of our generated power
needs are met through renewable energy sources.
With 99 per cent of our total energy requirements
being passively provided by the sun and wind, only
1 per cent needs to be generated and we have a
goal that this will be partially powered by renewable
power generation.
We are in the process of optimising our final
power solution and pricing to determine the most
effective approach.
Emissions
and Climate
Our approach to
reducing carbon
emissions will deliver
long-term value for our
stakeholders through
strategic planning,
collaboration, and a
steadfast commitment
to environmental
excellence.
FY25 Focus
Using the emissions baseline we commissioned
in FY24, and through the exploration of new and
existing emissions reduction technologies, BCI
Minerals will develop a plan to reduce emissions
over time.
FY24 Highlights
Partnered with Greenbase
to establish an emissions
baseline for the Mardie
Project, guiding future
emissions tracking and
reduction efforts
Developed a
procurement process
for a phased approach
to power generation that
incorporates a renewable
energy component, with
the total contribution to
be quantified during the
tender process to ensure
the optimal balance is
achieved
Objective: Implement
strategies to reduce the
direct and indirect carbon
emissions from BCI
Minerals’ activities
Key documents
Environmental Policy
Principle: Harness
Renewable resources
Applicable UN SDG
BCI Minerals | FY24 Annual Report
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
BCI Minerals places environmental sustainability at
the core of our operations.
One of our key achievements this year was
the comprehensive update of our Project
Environmental and Social Management
Plan (ESMP). By incorporating all applicable
Environmental and Social Project Standards, we
have strengthened our framework for managing
environmental risks and enhancing project
sustainability from inception through to closure.
To bolster our environmental compliance efforts,
we increased the size of our environmental team.
This ensures we are resourced with the expertise
necessary to uphold stringent environmental
standards.
In FY24, BCI Minerals has been diligent in
identifying and rectifying instances of potential
non-compliance through our annual compliance
reporting process.
BCI Minerals also underwent an independent audit
of the Environment Protection and Biodiversity
Conservation approval process in FY24. The audit,
which examined BCI Minerals' compliance against
environmental conditions and environmental
management plans in FY23, identified minor
potential non-compliances/non-conformances.
None of these had an environmental impact.
These findings have served as a catalyst for
refining our compliance processes and strategies
and strengthening our overall approach to
environmental governance.
Environmental
Compliance
We recognise
that our actions
today will shape
the environmental
landscape of tomorrow.
FY25 Focus
As we move into the operational phase of the
Mardie Project, BCI Minerals will continuously
improve our compliance framework and
procedures, ensuring we build a positive ongoing
relationship with the regulators.
FY24 Highlights
Updated the Project
Environmental and
Social Management
plan
Together with
contractors, we refined
the Ground Disturbance
Permit procedures
The Environmental
Protection and
Biodiversity
Conservation approval
audit identified no
material breaches
Objective: Strive to carry
out all activities in a manner
that minimises impacts
to the environment by
following the Western
Australian Environmental
Protection Authority’s
mitigation hierarchy (avoid,
minimise, rehabilitate) when
assessing the impact of BCI
Minerals’ activities on the
environment
Key documents
EPBC Annual Report
Principle: Minimise
Environmental Impact
Applicable UN SDG
BCI Minerals | FY24 Annual Report
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
Throughout FY24, BCI Minerals has undertaken
numerous initiatives and implemented strategic
measures to minimise environmental impact,
particularly in sensitive areas such as the Robe River
Delta Mangrove Management Area (RRDMMA).
Our efforts encompass habitat protection, invasive
species management, and ongoing environmental
monitoring, all aimed at ensuring the sustainability
of our operations.
A key priority for BCI Minerals in FY24 was reducing
the Mardie Project’s design footprint within the
RRDMMA whilst maintaining our ability to produce
5.35mtpa of salt. The aim was to ensure minimal
adverse impacts on the ecological functions and
processes sustaining the mangrove habitats.
By focusing on careful planning and design
modifications, BCI Minerals has successfully
minimised the direct disturbances to this critical
ecosystem. Looking forward, we do not anticipate
any further direct disturbances to the RRDMMA.
One of the significant ecological challenges
addressed by BCI Minerals was the management
of mesquite, a non-native invasive plant species.
A Mesquite Clearing Strategy was developed in
FY24 and has been endorsed by the Department of
Primary Industries and Regional Development and
the Pilbara Mesquite Management Committee. The
Strategy is now being implemented.
We continue to actively explore innovative ways
to extract value from mesquite biomass. Projects
such as biofuel production are under consideration,
and discussions are ongoing to assess feasibility and
potential benefits.
BCI Minerals constructed a dedicated wash bay
facility on site to manage the translocation of
mesquite seeds to ensure biosecurity. Vehicle
hygiene is crucial in minimising the spread of
mesquite.
Biodiversity
Through proactive
conservation efforts,
we uphold the
diversity and ecological
harmony of the
environments in which
BCI Minerals operates,
ensuring their long-
term health and
resilience.
FY25 Focus
We will work with partner research organisations to
collect and report information on the distribution,
abundance and health of key flora and fauna to aid
long-term protection.
Through our monitoring, we will identify any
evolving threats to biodiversity, investigate
the causes of these threats, and implement
management actions to avoid, reduce or offset
any impacts.
FY24 Highlights
Changed the design of Pond
1 to completely exclude the
Robe River Delta Mangrove
Management Area from
the footprint, minimising
our ecological disturbance
footprint
Implemented a Mesquite
clearing strategy, endorsed
by the Department of
Primary Industries and
Regional Development
and the Pilbara Mesquite
Management Committee
Constructed a perch for a
pair of ospreys, to ensure
their safety during the
breeding season. The pair
have successfully settled in
the perch
Objective: Preserve the
biological diversity and
ecological integrity of the
environments within which
BCI Minerals operates
Environmental
Stewardship
BCI Minerals has a strong and clear
commitment to environmental sustainability
and stewardship.
Through the environmental approvals
process, we are providing over $2.5M for
research into regional-scale vegetation
mapping, understanding the ecology of
mangroves, samphire, and algal mats, as well
as studying the impacts of sea-level rise on
this regionally important vegetation.
In addition to this, we have committed to
investing an additional $672,000 into new
research on key threatened fauna, including
sea snakes, migratory birds, and Green
Sawfish that inhabit the nearshore and sub-
tidal environments along the Pilbara coastline.
This new research, conducted as part of the
Mardie Project, will enable the identification
of important biological areas and inform
strategic conservation initiatives in the Pilbara.
Principle: Minimise
Environmental Impact
Applicable UN SDG
The completion and fencing of the Mardie Access
Road created a clean corridor, reducing the risk of
cattle spreading mesquite seeds.
BCI Minerals’ commitment to environmental
stewardship is further demonstrated through
rigorous environmental monitoring in compliance
with the requirements of the Global Biodiversity
Information Facility. During FY24, we conducted
extensive surveys, including:
• Marine Turtle Nesting Surveys: Monitoring
nesting and hatching seasons on mainland
beaches
• Benthic Communities and Habitats Monitoring:
Assessing the cover and health of seagrass,
mangroves, algal mat, and samphire adjacent to
the Project area
• Migratory Bird Surveys: Tracking species and
abundance within and adjacent to the Project area
• Feral Fauna Monitoring: Observing species and
abundance of feral fauna within and adjacent to
the Project area
• Groundwater Monitoring: Evaluating groundwater
levels and quality in coastal and terrestrial bore
networks across the Project area
A highlight of these efforts was the construction of
a perch for two ospreys during the breeding season.
Ospreys produce one clutch per year and usually
return to the same nest site each year. Our intent
was to construct a safe and secure perch for the
pair, who have since successfully settled in it.
Several key management plans, including the
Benthic Communities Management Plan and the
Illumination Management Plan, received approval
from State and Commonwealth Government
bodies. These approvals showcase our adherence
to stringent environmental standards, as well as our
proactive approach to biodiversity conservation.
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
In our continuous efforts to innovate, we continue
to review the opportunity for producing the red
alga Asparagopsis taxiformis. This alga has shown
promising results in reducing methane emissions in
ruminants, potentially contributing to the mitigation
of the agricultural industry’s carbon footprint.
Recognising the environmental impact of waste
transportation, we have taken a significant step
by obtaining Works Approval under Part V of the
Environmental Protection Act 1986 for an on-site
landfill at the Mardie Project.
This initiative is designed to minimise transport-
related emissions and reduce fuel consumption.
By reducing the need to transport waste to the
Karratha landfill, we are directly cutting down
greenhouse gas emissions associated with
transportation. The on-site landfill will lead to lower
fuel consumption, further diminishing our carbon
footprint and enhancing the efficiency of our
waste-management processes. Additionally, our
village contractor has KPIs focused on recycling and
waste reduction.
With the anticipated increase in water demand
due to construction and operational activities, BCI
Minerals has commenced a review of site-wide
water usage to inform a future water strategy.
The water strategy will include measures to
optimise water use, reduce wastage, and ensure
that our construction activities do not adversely
affect local water resources.
Effluents,
waste and
water
Our achievements
underscore our
commitment to
environmental
stewardship and our
proactive approach
to addressing the
challenges of climate
change
FY25 Focus
BCI Minerals will prioritise obtaining the necessary
approvals to ensure efficient and responsible water
management.
Additionally, once all final approvals, consultations
and agreements have been successfully concluded,
we will construct the on-site landfill to diminish
emissions linked to waste transportation. With
the addition of the landfill, waste management
practices will be reviewed to ensure efficiencies and
reduced emissions are realised.
FY24 Highlights
Secured approval for
an on site landfill to
reduce transport-related
emissions and fuel
consumption
Commenced a review
of site-wide water usage
to inform a future water
strategy
Objective: Commit to
sustainable reduction of
waste through prevention,
reduction, recycling and re-
use. Commit to sustainable
management and efficient
use of natural resources,
and respect the reliance
on these resources by the
surrounding communities
and ecosystems
Principle: Maximise
value, minimise waste
Applicable UN SDG
BCI Minerals | FY24 Annual Report
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
FY24 marked significant milestones in Project
finance. BCI Minerals secured the necessary financial
backing to advance the Project, particularly through
the successful execution of a $981M Syndicated
Facility Agreement (SFA).
This agreement, crucial for the “salt-first” phase of
the Mardie Project, underscores the robust support
from lenders.
The execution of the SFA was also pivotal in
facilitating a fully underwritten equity raise of $315M
in February 2024. This raise comprised a $255M
accelerated non-renounceable entitlement offer
and a two-tranche $60M placement at 25 cents
per share.
With these Project funding achievements complete,
BCI Minerals’ salt-first component of the Mardie
Project is now fully funded and proceeding
confidently. The Company has made material
progress in completing the Conditions Precedent
to enable Financial Close. The first drawdown of
the debt is anticipated in Q3 FY25, subject to the
satisfaction of further conditions to first utilisation,
including conditions relating to BCI Minerals'
financial contribution, binding offtake agreements
and the execution of key contracts.
We have also demonstrated a strong commitment
to generating and distributing economic value
throughout FY24. By 30 June 2024, BCI Minerals
had allocated significant financial resources to
various aspects of the Project:
A cumulative total of $690M has been spent on
the construction of the Mardie Project, marking
a substantial investment in infrastructure and
development. This includes $16M in employee
compensation, $24M spent on Pilbara suppliers and
$13M contributed to Indigenous businesses.
The Mardie Project is poised to play a major role
in the economic growth and resilience of the
Pilbara region over the next 60 years. The Project
is expected to contribute approximately $4.8B
to Gross Domestic Product (GDP), boosting the
Australian economy. Moreover, the Mardie Project
will create numerous employment opportunities,
both directly and indirectly, contributing to regional
development and stability.
Economic
Performance
Mardie’s long life,
scale, environmental
stewardship, low
operating cost,
and high-quality
products will deliver
employment and
multi-generational
benefits to not only
people in the Pilbara
region but to the
broader Australian
economy.
Objective: Economic
benefits of Project exceed
economic cost, when
analysed for society as a
whole
Applicable UN SDG
Throughout the construction phase of the Mardie
Project, BCI Minerals will create approximately
750 jobs, including both direct and indirect
positions.Once operational, the Mardie Project is
expected to employ over 140 people, alongside
numerous contractors. This employment will not
only provide permanent opportunities across
various skill levels but also stimulate economic
growth for the local community.
FY24 has been a year of significant achievements
for BCI Minerals and the Mardie Project. Our
financial milestones, economic contributions, and
long-term commitments underscore our dedication
to ensuring the project’s economic viability.
FY24 Highlights
Secured full funding
for the salt-first Mardie
Project, comprising
$981M in debt and $315M
in equity
Investment in the Mardie
Project increased to
$690M in FY24
BCI Minerals | FY24 Annual Report
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
CORPORATE
GOVERNANCE
BCI Minerals has adopted a Corporate
Governance Framework that forms the basis
of a comprehensive system of control and
accountability for the administration of corporate
governance through its board, subcommittees,
and leadership team.
The Board is committed to fostering an appropriate
culture through administering policies and
procedures with openness and integrity and
pursuing the true spirit of corporate governance
commensurate with the Company’s needs. To the
extent they are applicable to the Company, the
Board has substantially adopted the ASX Corporate
Governance Council's Corporate Governance
Principles and Recommendations.
BCI Minerals' Corporate Governance Statement is
available on the Company’s website together with
the Company’s:
• Code of Conduct
• Charters
• Policies
The Company reviews the Framework and policies
regularly to ensure they reflect any changes within
the Company, accepted principles or good practice.
Board of Directors
Company
Secretary/
General Counsel
Audit and Risk
Committee
Remuneration
and Nomination
Committee
Garret Dixon
Brian O’Donnell
Miriam Stanborough
Recommend and
Oversee Policies
• People
• Diversity Equity
and Inclusion
• Remuneration
Framework
• Code of Conduct
Recommend and
Oversee Policies
• Risk
Management
• Whistleblower
Recommend and
Oversee Policies
• Health and
Safety
• Environment
• Community
• Privacy
• Anti-Bribery and
Corruption
• Cultural Heritage
• Human Rights
Recommend and
Oversee Policies
• Disclosure
• Shareholder
Communications
• Share Trading
Chris Salisbury
Brian O’Donnell
Richard Court
Gabrielle Bell
Chair
Charters
Policies
Board
Charter
RNC Charter
ARC Charter
STC Charter
Members
Sustainability
Committee
Miriam Stanborough
Chris Salisbury
Richard Court
Gabrielle Bell
BCI Minerals | FY24 Annual Report
Figure 2: Corporate Governance Framework
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
Risk management
Compliance
The Company's Risk
Management Policy is enabled
through its Risk Management
Framework. BCI Minerals
manages its activities within
budgets and operational and
strategic plans.
BCI Minerals acknowledges that there is risk
associated with all business activity and the
Board works with senior management to
protect the health and safety of its workforce,
maintain its licence to operate through upholding
environmental, community and social obligations,
ensure regulatory compliance, maintain budgets
and access to funds, and safeguard assets.
The Risk Management Framework aims to drive an
effective risk management culture by establishing
a detailed risk appetite statement that is aligned
to our strategy and is communicated throughout
BCI Minerals, conducting regular reviews of our
significant risks and testing our most critical
controls. By doing this we ensure that BCI Minerals
operates within its risk appetite and prioritises
activities that achieve our strategic goals.
The Audit and Risk Committee assists the Board
with oversight of The Company's risk management
activities and reviews significant risks on a regular
basis to ensure that our strategy, our risk appetite
and our activities are aligned.
BCI Minerals has established multiple layers of
governance and review over the Company's
most significant risks. This includes bottom-up
testing and verification of critical controls, reviews
of significant risks and a top-down review of
significant risk categories.
The company's commitment to
sustainable business practices
is embedded through its values
and founded in the various
legislative requirements,
approvals held or to be held by
BCI, and contractual rights and
obligations under agreements
with third parties.
BCI Minerals is committed to maintaining the
Company's social and environmental licence to
operate and to being a valued member of the
communities in which we operate while creating
sustainable value for our stakeholders. A culture of
care and high-quality performance is the goal, with
a target of zero material breaches of legislation and
legal agreements.
The Company's risk profile is actively managed by
undertaking:
• Monthly risk management meetings for all teams
to review risk management activities including
control verification and risk reviews
• Annual risk review workshops to ensure a
complete and accurate risk profile
• Regular review of the significant risk categories
and risk management activities by the Audit and
Risk Committee and the Board
• Regular second line verification of risk
management activities across BCI Minerals
BCI Minerals’ focus on compliance led to a review
of the Company’s compliance functions, capability
and support software during FY24. Key aspects of
this review included:
•
Review of existing compliance software,
content and functionality
•
Review of compliance resources requirements
across departments
•
Development of audit and compliance
framework to support third line of defence
•
Development of critical control and verification
activities related to obligations throughout
FY24 in line with the risk management
framework implementation to support first and
second line of defence activities.
There were no material breaches of the Company's
licence to operate during the reporting period.
BCI Minerals | FY24 Annual Report
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
BCI Minerals | FY24 Annual Report
ANNUAL
FINANCIAL REPORT
For the year ended 30 June 2024
Contents
Directors’ Report
69
Remuneration Report
83
Annual Financial Statement
96
Independent Auditor’s Report
136
Auditor’s Independence Declaration 140
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
Directors' Report
The Directors present their
report on the results of the
Consolidated Entity (referred
to hereafter as the Company)
consisting of BCI Minerals
Limited and the entities it
controlled at the end of,
or during the year ended 30
June 2024.
Principal Activity
The Company's principal activity during the financial
year was developing its Mardie Salt and Potash
Project in the Pilbara region of Western Australia.
In July 2024, the Company completed the sale
of its Iron Valley assets to Polaris Metals Pty Ltd,
a wholly owned subsidiary of Mineral Resources
Limited. This enables the Company to primarily
focus on the Mardie Project.
Directors
The Directors and Company Secretary of the
Company in office during the financial year and up
to the date of this report are:
Brian O’Donnell
Chair (Non-Executive)
David Boshoff
Managing Director
Garret Dixon
Director (Non-Executive)
Richard Court
Director (Non-Executive)
Chris Salisbury
Director (Non-Executive)
Miriam
Stanborough
Director (Non-Executive)
Gabrielle Bell
Director (Non-Executive)
Stephanie Majteles
Company Secretary
BCI Minerals | FY24 Annual Report
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
Corporate governance
In recognising the need for high standards of
corporate behaviour and accountability, the
Directors of BCI Minerals Limited support and
have adhered to the majority of ASX Corporate
Governance Council’s Corporate Governance
Principles and Recommendations. The Company’s
detailed corporate governance policy statement
can be found on the Company's web site at
www.bciminerals.com.au
Directors' interests and
benefits
The Remuneration Report sets out each Directors'
relevant interests in shares and rights over shares
issued by the Company. Transactions between
entities within the Group and Director related
entities have been disclosed within Note 25 of the
financial statements.
Rights over unissued
shares or interests
As of 30 June 2024, 10,044,475 Performance
Rights and 1,848,297 Share Rights were on issue
(2023: 7,880,599 Performance Rights and
1,860,558 Share Rights). Refer to the Remuneration
Report for further details on Employee Rights
granted to Directors as part of their remuneration
and Note 26 for Group Employee Rights.
Dividends
No dividends have been declared for the year
ended 30 June 2024 (June 2023: Nil).
Rounding of amounts
The Company is of the kind referred to in ASIC
Corporations (Rounding in Financials/Directors’
Reports) Instrument 2016/191, which relates to
the ‘rounding off’ of amounts in the Directors’
Report. Amounts in the Directors’ Report have been
rounded off in accordance with that Class Order to
the nearest thousand dollars, or in certain cases, to
the nearest dollar.
Meetings of Directors
The number of meetings held during the year and the number of meetings attended by each Director were
as follows:
Board
Audit and Risk
Committee1
Remuneration
and Nomination
Committee2
Sustainability
Committee3
Total
Number of
Meetings
Held
Attended
Held
Attended
Held
Attended
Held
Attended
B O’Donnell
11
11
4
4
3
3
-
-
D Boshoff
11
11
-
-
-
-
-
-
G Dixon
11
11
-
-
3
3
-
-
R Court
11
11
4
4
-
-
2
2
C Salisbury
11
11
4
4
-
-
2
2
M
Stanborough
11
11
-
-
3
3
2
2
G Bell
11
11
4
4
-
-
2
2
1 Members of the Audit and Risk Committee during the financial year ended 30 June 2024 were C. Salisbury (Chair from 18 January 2023), B. O’Donnell
(Member), R. Court (Member) and G. Bell (Member).
2 Members of the Remuneration and Nomination Committee during the financial year ended 30 June 2024 were, G. Dixon (Chair), B. O’Donnell (Member) and
M. Stanborough (Member).
3 Members of the Sustainability Committee during the financial year 30 June 2024 were M. Stanborough (Chair), C. Salisbury (Member), R. Court (Member),
and G. Bell (Member).
Operating and financial
review
BCI Minerals is a values-driven company
developing sustainable minerals for the modern
world. The Company is developing the Mardie Salt
and Potash Project, a tier 1 solar evaporation project
that will be a supplier of high-purity salt and SOP
for generations.
Health and Safety
BCI Minerals prioritises facilitating a safe working
environment for all employees and contractors.
In FY24, the Company increased its focus on
verifying the effectiveness of critical controls,
emphasising lead safety indicators and incident
prevention programs, and implementing controls
for psychosocial hazards.
Together with the management team and contract
partners, BCI Minerals designed a revised approach
to leadership in the field. This approach leans on
the Du Pont ‘Felt Leadership’ model, which involves
influencing behaviour, attitudes, relationships and
systems.
The Company continues to monitor the Total
Recordable Injury Frequency Rate (TRIFR) as a lag
indicator, which was 6.4 at year end (FY23: 4.1).
With the growth in construction activities, BCI
Minerals is mindful of additional health and safety
challenges, and a strong focus on health and safety
will continue in FY25.
BCI Minerals | FY24 Annual Report
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
Iron Valley Iron Ore Mine
As announced in June 2024, the Company entered
into a binding agreement with Polaris Metals Pty
Ltd, a wholly owned subsidiary of Mineral Resources
Limited, to sell its Iron Valley assets, for a total
maximum potential consideration of $72.6 million.
The sale was completed on 2 July 2024, and BCI
Minerals received $26.0 million.
A deferred payment of $34.1 million is to be paid
during July 2025. Additionally, BCI Minerals will
receive a $12.5 million contingent payment on
Polaris (or a successor in title) commencing mining
at the Iron Valley North Pit. This transaction is
aligned with the Company’s strategic objective to
develop an industrial minerals business with salt
and SOP as its initial focus and create value for
shareholders, simplify operations, and strengthen
the focus on the Mardie Project.
During the financial year, Iron Valley segment
generated revenue for BCI Minerals of $68.5 million
(June 2023: $61.0 million) and EBITDA of $35.4
million (June 2023: $30.7 million).
Other Assets
BCI Minerals owns 11 per cent of Agrimin Limited
shares, with a combined market value of $6.7
million as at 30 June 2024, as well as Bungaroo
South, Kumina and other iron ore assets with
potential for future royalties. During the year, BCI
received net proceeds of $3.9 million from the
sale of 10.8 million shares in Highfield Resources
Limited.
Environmental Management
BCI Minerals is committed to minimising its
environmental impact, with an appropriate focus on
continuous monitoring of environmental matters
and compliance with environmental regulations.
The Company’s exploration, mining and
development activities are the subject of various
State and Commonwealth environmental
regulations. Compliance with these environmental
regulations is managed through the Environment
and Social Management System (ESMS) and a
series of other tools used to identify, analyse and
control key risks associated with the environmental
impact of the Company’s activities. A compliance
program is implemented on an annual basis to
ensure appropriate records are being maintained
and periodic reviews (inspections and audits) are
conducted to assess performance against regulatory
conditions and the requirements of the ESMS.
Mardie Project
During the financial year, BCI Minerals continued
developing its Mardie Project, which is on track to
become Australia’s largest salt project and the third
largest globally.
At 30 June 2024, the salt-first component of the
Project was 44 per cent complete. During FY24,
$218.1 million was spent on construction, bringing
the total capital investment to $569.1 million.
Notably, forecast construction costs remain in line
with the June 2023 base case.
Key construction milestones include the completion
of key road infrastructure, Transfer Station 2/3 and
rock placement along the gas pipeline corridor.
Construction has also commenced on Ponds 6-9
and the crystallisers, while the marine package
progressed to an overall 66 per cent completion,
with the jetty extending over 2km.
The Company continued engineering and design
works, focusing on the brine circuit. Specifically, it
completed pilot testing and front-end engineering
design for the salt-wash plant and stockyards. BCI
Minerals also commenced work to optimise the
secondary sea water intake and pump station design
to reduce capital costs and enhance constructability.
During FY24, BCI Minerals received State
Government approval for the Optimised Mardie
Project area and the management plans required
before operations can commence. The Company
also received the mining lease for the Project and
signed the Infrastructure Delivery Agreement for
the Mardie Port.
The Commonwealth Government provided notice
that it proposes to grant environmental approval
for the Optimised Mardie Project and also provided
draft conditions to BCI Minerals and government
stakeholders for consultation, in accordance
with the standard statutory process. Based on
Commonwealth Government representations in
early August we expect environmental approvals
in Q1 FY25.
The Company acknowledges the engagement with
all levels of Government to support the delivery
of this Project, which will generate substantial tax,
royalty, and industry development benefits for
Australia for generations.
FY24 was a year of significant achievement
in relation to funding. In December 2023, the
Company signed the $981.0 million project finance
facility documents with the Northern Australia
Infrastructure Facility, Export Finance Australia,
Export Development Canada, Westpac and the
Industrial and Commercial Bank of China. The
Company continues to work towards satisfying the
Conditions Precedent for the drawdown of these
facilities, which is expected to occur during FY25.
In addition to the project finance, BCI Minerals
also completed a $315.0 million equity raising. The
Company appreciates the strong support of all
participants in this issue, including the Australian
Capital Equity Group, AustralianSuper and Ryder
Capital.
BCI Minerals executed a number of significant
contracts in FY24, awarding a cumulative $683
million by the end of FY24. Marking a major
milestone, BCI Minerals signed its largest project
contract to date: a 21-year, $598.0 million
transhipment services agreement with CSL
Australia Pty Ltd. Transhipment provides the
Company with a strategic advantage by providing
direct and cost-effective access to key markets by
loading ocean-going vessels up to Newcastle Max
size. Together with CSL, BCI Minerals expects to be
well-positioned to meet market demand efficiently
and sustainably.
The Company’s marketing strategy remains
focused on executing offtake agreements that
deliver the binding minimum annual quantities
necessary to meet our debt arrangements. Through
FY24, the Company progressed key agreements
with prominent Chinese (Wanhua Chemical) and
Indonesian (Chandra Asri) counterparties and
continues negotiations with other interested trading
companies in the Asian Market.
These agreements will ensure stable revenue
streams as Asian salt consumption is projected to
grow by 22 per cent by 20301, particularly in the
chemical and manufacturing sectors. With this
strong demand in Asian markets and robust long-
term price prospects, the Mardie Project is poised
to become a significant contributor to the global
salt industry.
BCI Minerals also remains committed to
environmental sustainability through a forward-
thinking approach to protecting ecological and
culturally significant areas. This year the Company
pledged over $3.2 million under the Research
Summary Offsets Plan, towards regional-scale flora
studies and research on threatened fauna along
the Pilbara coastline. These research initiatives,
conducted in partnership with the Western
Australian Marine Science Institute, O2 Marine
and the University of Adelaide, aim to collect
crucial ecological data that will inform strategic
conservation efforts in the region.
A strong relationship with the Mardie Traditional
Owners also continues to flourish as the Company
remains committed to maximising Indigenous
employment and contracting opportunities
through its Land Access Agreements. Importantly,
BCI Minerals awarded several contracts to the
Wirrawandi Aboriginal Corporation in FY24 and saw
the ‘Reflect’ Reconciliation Action Plan endorsed.
BCI Minerals | FY24 Annual Report
BCI Minerals | FY24 Annual Report
1 Wood Mackenzie: Independent Salt Market Report developed for BCI Minerals (May 2023)
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
Review of Results
Consolidated statement of profit or loss
The Company’s loss after income tax for the financial year ended 30 June 2024 was $15.3 million (June 2023:
$9.4 million profit). The loss arose due to a greater expenditure on the Mardie Project.
The following table provides a summary of the Company’s consolidated statement of profit or loss:
For a detailed breakdown of continuing and discontinued operations, refer to Note 18 – Segment Information.
The Company’s EBITDA for the financial year ended 30 June 2024 was a loss of $16.7 million
(June 2023: $12.6 million).
The following table shows the EBITDA contribution for each segment of the Group:
30 June 2024
$ million
30 June 2023
$ million
Revenue from discontinued operations – Iron Valley
68.5
61.0
EBITDA
(16.7)
12.6
Net finance income
8.6
5.4
Depreciation and amortisation
(7.2)
(6.9)
Impairment of assets
-
(1.7)
Group net (loss) / profit after tax
(15.3)
9.4
Profit from discontinued operations
33.9
28.5
Loss from continuing operations
(49.2)
(19.1)
30 June 2024
$ million
30 June 2023
$ million
Iron Valley – discontinued operations
35.4
30.7
Mardie
(26.9)
(19.2)
Corporate and other (a)
(25.2)
1.1
Total EBITDA
(16.7)
12.6
(a) Other includes interest earned and corporate expenditure.
BCI Minerals | FY24 Annual Report
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
Consolidated statement of other comprehensive income
Other comprehensive income of $1.3 million includes the loss of $2.0 million from the sale of listed shares
partially offset by changes in the fair value of remaining equity investments.
Consolidated statement of cash flows
Cash and cash equivalents as at 30 June 2024 increased to $258.9 million (June 2023: $109.5 million) as a
result of the company raising $400.0 million during the year (including issued and converted convertible
notes), offset by the Mardie Project’s continuing construction activity.
Consolidated statement of financial position
Total assets increased to $1,021.4 million (June 2023: $614.9 million) as the Mardie Project’s construction
progress increased across the period. Net assets increased to $805.2 million (June 2023: $431.5 million).
Dividends
The Directors have not paid or declared any dividends since the commencement of the financial year ended
30 June 2024.
2024
2023
(a) out of the profits for the year ended 30 June 2024 and retained earnings
on fully paid ordinary shares
Nil
Nil
(b) out of the profits for the year ended 30 June 2023 and retained earnings
on fully paid ordinary shares.
Nil
Nil
Corporate
Annual General Meeting
The Company’s annual general meeting was held in Perth on 22 November 2023. All seven resolutions
considered at the meeting were passed. The Company received 98% support for its Remuneration Report for
the 2023 financial year.
Performance rights and
share rights
As at the date of this report, there were 10,044,474
Performance Rights and 1,848,297 Share Rights
on issue to Directors and Employees under the
Performance Right Plan and Share Right Plan (30
June 2023: Performance Rights 7,880,598 and
Share Rights 1,860,558). During the financial year,
7,171,822 performance rights were granted, 843,526
were exercised, while 4,164,420 performance
rights were either cancelled or lapsed. During the
financial year 2,423,427 share rights were granted,
2,435,688 were converted to ordinary shares. Refer
to the Note 26 – Share Based Payment for further
details on Employee Rights and the Remuneration
Report for details on Employee Rights issued to
Directors and Key Management Personnel.
No Performance Right or Share Right holder has
any right to be provided with any other share issue
of the Company by virtue of their Performance
Rights or Share Rights holding.
None of the Performance Rights or Share Rights are
listed on the ASX.
Shares issued as a result of conversion of
performance rights and share rights
During the financial year 3,279,214 ordinary shares
were issued following conversion of performance
and share rights that were vested. Subsequent to
year end, the Company has issued 169,108 ordinary
shares following the conversion of employee rights.
BCI Minerals | FY24 Annual Report
Risk management
BCI Minerals’ Risk Management Policy is enabled
through its Risk Management Framework, which
is aligned to the International Standard for risk
management, ISO 31000. Risk is associated with all
business activities, and the Board works with senior
management to regularly review the Company’s
risk profile to ensure the strategy, risk appetite, and
activities are aligned.
The Risk Management Framework aims to drive
an effective risk management culture by
establishing a process for regular review of business
activities to objectively evaluate, monitor, review
and report risks.
There are several potential known and unknown
risks that may impact the Company’s ability to
develop and operate the Mardie Project, some of
which are beyond the control of BCI Minerals. The
Company applies the Risk Framework to identify
relevant risks and ensure appropriate controls are
developed. Key risks are identified below:
Funding Risk
BCI Minerals’ Project Debt facilities are subject to
the Company meeting certain conditions (including
obtaining minimum offtake commitments,
execution of remaining material project contracts,
financial metrics and approvals) prior to debt
drawdown, and any delay or inability to meet
these conditions may result in delay or indefinite
postponement of BCI Minerals’ activities. Further, the
Project debt facilities contain a number of events of
default which, if triggered, may result in the financiers
terminating the debt financing arrangements and
enforcing their security over the Project, which would
have a material adverse impact on BCI Minerals and
its overall development plans.
Project Cost
Actual capital and operating costs may be higher
than assumed. Capital costs and operating costs
could be materially higher than estimated when
the Project is implemented due to market and
inflationary pressures on inputs such as fuel, labour,
transport, and equipment, ocean freight, industrial
disputes or suspension of operations. In particular,
BCI Minerals is yet to award contracts for the salt
wash plant and dredging. Some risk remains in
relation to the final cost of these contracts.
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
Operating risk
BCI Minerals’ operations may be curtailed, delayed
or suspended as a result of factors such as adverse
weather conditions, cyclone events, mechanical
difficulties, labour shortages or increases in costs of
labour, reagents, consumables, spare parts, external
services, ocean freight, industrial disputes, penalties
and suspension of operations.
Construction of SOP Plant
There is a risk that the final decision on the SOP
plant is to not proceed or proceed at a lower rate.
A final decision and funding on the SOP plant is
subject to approval of the BCI Minerals Board and
existing Project financiers and there is a risk that
funding for the SOP plant may not be available
when required. Further studies are required to
understand the full operational, cost and schedule
impact of the SOP plant. However, the existing
Project finance facilities are based on forecast
salt revenues only and economic performance is
expected to remain sustainable and attractive for a
salt-only case.
Construction contracting risk
BCI Minerals uses (or will use) third party contractors
for certain substantial aspects of the development
and construction of the Project. Such contractors
may not be available to perform services for the
Company when required or may only be willing
to do so on terms that are not acceptable to BCI
Minerals. Further, performance may be constrained
or hampered by the contractor’s capacity
constraints, mobilisation issues, plant, equipment
and employee shortages, labour disputes,
managerial failure and default or insolvency.
Contractors may not comply with provisions in
respect of quality, safety, environmental and land
access compliance and timeliness, which may be
difficult to control. In the event that a contractor
underperforms, becomes unavailable or is
terminated, BCI Minerals may not be able to find a
suitable replacement on satisfactory terms within
time or at all. Changes in Project design, schedule
or strategy may result in variations to existing
contracts which can result in contractual claims
against BCI Minerals. These circumstances may have
a material adverse effect on the development and
construction of the Project.
Health and safety risks
Mining and construction activities have inherent
hazards and risks. A serious site health and safety
incident during construction may result in delays in
the construction of the Project. A health and safety
incident which results in serious injury, illness or
death may also expose BCI Minerals to significant
penalties, and BCI Minerals may be liable for
compensation. These liabilities may not be covered
by the Company's insurance policies or, if they are
covered, may exceed BCI Minerals’ policy limits or
be subject to significant deductibles. Accordingly,
any liabilities for workplace accidents could have a
material adverse impact on BCI Minerals’ liquidity
and financial results.
Offtake
There is no certainty that BCI Minerals will be able
to obtain acceptable binding offtake agreements
(based on counterparty, tonnage or price). Offtake
agreements may be entered into at a lower price
than estimated and are subject to counterparty risk.
Deterioration in Australia’s trading relationships
with potential offtake countries may adversely
affect the Company’s prospects for securing
offtake agreements.
Commodity price and exchange rate risk
The future sale revenues are exposed to potentially
unfavourable changes in commodity prices and
exchange rates. Product prices are commonly
expressed in US dollars, whereas the income of
BCI Minerals is taken into account in Australian
dollars. Adverse fluctuations in exchange rates may
negatively impact the Australian dollar revenue
received by BCI Minerals from sales.
Competition risk
The market for the supply of salt is subject to
domestic and global competition. Although
BCI Minerals believes that it will be in a robust
competitive position in the salt market, BCI Minerals
will have no influence or control over the activities
of its competitors, which may affect the operating
and financial performance of the Company.
Design changes
Design changes may result in increased Project cost
or delays.
Key people retention
Loss of critical employees and high turnover could
result in loss of knowledge, expertise and reduced
productivity, which may have a detrimental impact
on the Project.
Compliance
Significant breach of environmental obligations,
tenure, access or heritage approvals or conditions
could result in significant penalties, suspension of
construction or operating activities, or loss of tenure
and ability to operate under the Project.
Tenure
Whilst BCI Minerals expects that it will be able to
satisfy the conditions for renewal of granted mining
leases, there is no guarantee that granted mining
leases will be extended or renewed further than
42 years. The Cape Preston West Port lease, when
executed will have a maximum term of 50 years,
there is no guarantee that the lease will be renewed
for a further term and on what conditions.
Traditional Owner and community
relationships
Material breakdown in community and Traditional
Owner relationships could negatively impact BCI
Minerals’ reputation and business, and damage to
heritage sites could result in penalties, delay, or
revocation of BCI Minerals’ licence to operate
the Project.
Gas pipeline breach
Failure to comply with obligations under pipeline
owner agreements could result in potential
forfeiture of tenure along the gas pipelines or
damage to the pipelines resulting in remediation
costs, potential loss of gas supply and temporary
suspension of works.
Environmental approvals
Failure to obtain environmental approvals from
State and Commonwealth regulators, the imposition
of restrictive conditions not favourable to BCI
Minerals, and/or delays in the granting of approvals
may negatively impact Project implementation
and BCI Minerals’ ability to access the Project debt
facilities and any further equity required.
Wall failure
Evaporation pond wall failure has multiple potential
consequences including vehicle roll overs, cost over
runs, schedule and ramp-up delays and production
loss or interruption.
Extreme weather and other events
Extreme events such as cyclones, excessive rain,
flooding and fires may cause damage to the Project
which may result in additional costs or delays.
BCI Minerals | FY24 Annual Report
Climate change risk
There are a number of climate-related factors that
may affect the proposed operations and financial
position of BCI Minerals. The climate change risks
particularly attributable to the Project include the
risk of increased frequency of severe weather
events which may damage BCI Minerals’ assets and
interrupt operations, the risk of long-term shifting
climate patterns which may negatively affect the
evaporation processes proposed to be used by the
Company in the production of salt and the risk of
rising sea levels which may adversely impact the
operation of the evaporation ponds.
Production rates
Targeted production rates are based on
assumptions including average weather conditions
for rainfall and evaporation and observed seawater
intake salinity levels. Production rates may differ if
different weather conditions prevail.
Data security risk
It is possible that BCI Minerals’ procedures and
systems may not stop or detect cyberattacks,
data theft and hacking. Cyber security breaches
may result in business interruption and loss of
commercially sensitive data, which could have
an adverse impact on BCI Minerals’ business and
financial condition.
Insurance risk
BCI Minerals seeks to insure its business activities
and operations in accordance with standard
industry practice and in accordance with the
requirements of any land access agreements or
approvals. However, in certain circumstances,
BCI Minerals’ insurances will be subject to certain
limits, exclusions and deductibles or may not be
available or of a nature or level to provide adequate
insurance to cover all possible losses and liabilities.
The occurrence of an event that is not covered or
fully covered by insurance may cause substantial
delays to the Project and/or require significant
capital outlays, which could have a material adverse
effect on the business, financial condition and
results of BCI Minerals.
Litigation risk
BCI Minerals is exposed to possible litigation risks
including contractual claims, native title claims,
tenure disputes, environmental claims, occupational
health and safety claims and employee claims.
Any such claim or dispute if proven, may impact
adversely on BCI Minerals’ operations, financial
performance and financial position.
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
Audit independence and
non-audit services
Auditor’s Independence Declaration
A copy of the auditor’s independence declaration
as required under section 307C of the Corporations
Act 2001 is attached to the independent auditor’s
report and forms part of the Directors’ Report.
Non-audit services
For the year ended 30 June 2024, the Board of
Directors are satisfied that the auditor, BDO Audit
Pty Ltd (during the year, the name of the auditing
company changed from BDO Audit (WA) Pty Ltd
to BDO Audit Pty Ltd), did not provide any non-
audit services to the Company, as set out in Note
24 to the Financial Statements, that compromised
the auditor independence requirements of the
Corporations Act 2001.
Signed in accordance with a resolution by
the Directors.
Brian O’Donnell
Chairman
Perth, Western Australia
23 August 2024
David Boshoff
Managing Director
Perth, Western Australia
23 August 2024
BCI Minerals | FY24 Annual Report
Significant changes in
state of affairs
There were no significant changes in the Company’s
state of affairs not otherwise included in this report.
Matters subsequent to the
reporting date
Performance Rights and Share Rights
After year end, a total of 169,108 vested
Performance and Share Rights were converted to
ordinary shares.
Contractor Claims
Subsequent to year end, a contractor has issued
claims under the contract for an extension of time
and delay costs relating to a delay to company
approvals. The claims are currently being assessed
in accordance with the terms of the contract.
Iron Valley
On 2 July 2024, the Company completed the sale
of its Iron Valley assets to Polaris Metals Pty Ltd
for a consideration of $26.0 million, a deferred
payment of $34.1 million due in July 2025 and a
contingent consideration of $12.5 million subject
to commencement of mining at the Iron Valley
North Pit.
Environmental Approvals
On 13 August 2024, the Company received
updated draft conditions of approval for its
Optimised Mardie Project (OMP) operations from
the Commonwealth regulator. Based on Federal
Government representations in early August we
expect environmental approvals in Q1 FY25.
Other than disclosed above, no matter or
circumstance have arisen since the end of the
financial year which significantly affected, or may
significantly affect, the operations of the Company,
the results of those operations, or the state of affairs
of the Company in financial periods subsequent to
the financial year ended 30 June 2024.
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
Remuneration Report
The Remuneration Report outlines the remuneration arrangements
in place for Directors and other Key Management Personnel (KMP) of
the Company in accordance with section 308 (3c) of the Corporations
Act 2001.
For the purpose of this report, the KMP are defined
as those persons having authority and responsibility
for planning, directing and controlling the major
activities of the Company, directly or indirectly,
including any Directors of the Company.
Non-Executive Directors
B O’Donnell
Non-executive Chair
M Stanborough
Non-executive Director
G Dixon
Non-executive Director
R Court
Non-executive Director
C Salisbury
Non-executive Director
G Bell
Non-executive Director
Executive Directors and Executives
D Boshoff
Managing Director
K Bradshaw
Chief Financial Officer (resigned
28 November 2023)
S Fewster
Chief Financial Officer (appointed
4 December 2023)
Remuneration governance
The roles and responsibilities of the Board,
Remuneration and Nomination Committee (RNC),
management and external advisors in relation to
remuneration for Executive KMP and employees
at BCI Minerals are outlined in the table on the
following page.
The RNC is a committee of the Board comprised
of three Non-Executive Directors, two of whom
are independent. The RNC Chair is an independent
Director.
BCI Minerals | FY24 Annual Report
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
Remuneration Governance at BCI Minerals
Components of executive remuneration
• Approves the Company’s Remuneration
Framework and satisfies itself that the Company's
remuneration policies are aligned with the
Company's vision, values, strategic objectives and
risk appetite;
• Approves the remuneration arrangements
for the Non-Executive Directors, approves
the appointment and remuneration of the
Managing Director and Senior Executives on
recommendation from the RNC; and
• Approves the appointment of an External
Remuneration Consultant.
Board of
Directors
MD &
Management
Remuneration
& Nomination
Committee
(RNC)
• Implementation of BCI Minerals’ remuneration
strategy, policy and practices;
• Provide information and recommendations to
the RNC for consideration, including trends and
market insights;
• The Managing Director may make
recommendations to the RNC in relation to
the performance and reward of the Managing
Director’s direct reports.
Established by the Board and operating under
its own Charter to develop, review and make
recommendations to the Board on matters such as:
• Remuneration strategy, framework and policies;
• Non-Executive Director, Managing Director and
Executive remuneration arrangements;
• The selection process for the appointment of
Directors and senior management;
• Incentive plans including eligibility, performance
measures and outcomes for the Managing
Director and Senior Executives;
• Retirement and other employee benefits; and
• Remuneration Reporting and disclosures.
The Committee may take input from other Board
Committees, such as Audit and Risk Committees
in discharging its duties and no member is able
to deliberate or consider any aspect of their own
remuneration.
The RNC reviews executive remuneration annually,
including assessment of:
• The remuneration outcomes for Non-Executive
Directors and Executive KMP;
• Individual and business performance
measurement against both internal targets and
appropriate external comparatives.
Remuneration
Consultants
Remuneration
Consultants were
commissioned by
the Board through
the RNC for the
purpose of providing
benchmarking
information and
market data.
This data was
reviewed by the
RNC and an annual
remuneration review
recommendation
was made to the
Board. This included
benchmarking data,
the company annual
remuneration review,
tenure, performance
and position in the
role band with a
starting position of
P50.
The Company’s Remuneration Framework relating to Executives listed in this report, enables the Board to
find the right balance between remuneration outcomes that reward and incentivise our Executives, while also
reflecting overall business performance and the shareholder experience. Details are set out in the table below.
The Company will administer vesting decisions in relation to all relevant incentives for executives, including
performance rights issued in the relevant year, in accordance with the methodology prescribed for that year.
Fixed
Remuneration
Variable Pay (at risk)
Short-Term Incentives
Long-Term Incentive
Why
Fixed Remuneration is
set with reference to
our competitor market
and reflects size of role
and each Executive’s
responsibilities, skills
and experience.
Focuses effort on the key priorities for the
year and reflects outcomes that are generally
within management’s control
Aligned to the experience of our
shareholders over the longer term
and designed to drive long-term
performance and ownership
behaviours.
Structure
Includes base salary
and superannuation.
Fringe benefits
such as insurance
and professional
development support
may also be provided.
Key Performance Indicators (KPIs) are selected
each year to focus efforts on our key priorities
to ensure success in the financial year and
into the future. These may be made up of a
combination of Financial, Project, Strategic or
other measures.
The Short-Term Incentives (STI) opportunity
for Executive KMP is between 100% and 80%
of Fixed Remuneration.
The STI payment may, as per the current
approved Remuneration Framework, be in cash
and/or equity.
The Project Milestone Bonus has also been
included for all Executives at 35% of fixed
remuneration. The bonus is based on the
achievement of three milestones during the
Mardie Project and paid upon achievement.
For the Managing Director this is based on not
more than a cumulative total over the three
milestones of 100% of fixed remuneration.
The Long-Term Incentive (LTI)
opportunity for Executive KMP is
up to 100% of Fixed Remuneration
for the MD and up to 50% for other
Executives.
Performance hurdles are primarily
based on company share price and/
or other relevant Total Shareholder
Return (TSR) measures.
Performance is measured over a
two-year period with Vested Rights
subject to an additional 12-month
holding lock post-vesting.
Our
approach
We benchmark Fixed
Remuneration against
appropriate competitor
groups that reflect the
market in which we
operate.
For the relevant financial year, half the STI
outcome will be paid in cash following the
end of the financial year with the other
half being provided in Share Rights with a
12-month service period for vesting and
subject to an additional 12-month holding
lock post-vesting, in accordance with the
Share Rights.
Vested Share Rights must be exercised within
two years of vesting.
The LTI is provided in Performance
Rights in BCI Minerals Limited shares,
with a two-year performance period
commencing from the beginning
of the relevant financial year with
vesting commencing after the two-
year performance period.
Performance conditions:
TSR relative to an ASX Peer Group
from the Materials sector for like
sized companies:
TSR Performance
Vesting
< 50th percentile
Zero
Between
50th and 75th
percentile
Proportionate
vesting from
50% to 100%
>75th percentile
100% vesting
Vested Performance Rights must
be exercised within two years of
vesting.
BCI Minerals | FY24 Annual Report
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
Company performance
The table below shows key financial measures of company
performance over the past five years, inclusive of both continuing and
discontinued operations. For a detailed breakdown of continuing and
discontinued operations, refer to Note 18 – Segment Information.
2024
2023
2022
2021
2020
Revenue from discontinued operations –
Iron Valley
$million
68.5
61.0
65.2
160.2
77.3
Net profit/(loss) after tax
$million
(15.3)
9.4
(15.5)
22.0
0.4
Basic earnings/(loss) per share
Cents
(0.91)
(0.67)
(1.7)
4.02
0.09
Dividends paid per share
Cents
-
-
-
-
-
Share price (last trade day of financial year)
A$
0.22
0.24
0.27
0.55
0.17
Market Capitalisation
$million
634.6
290.8
325.7
329.6
67.8
FY24 remuneration – fixed
remuneration
A review of remuneration of Executive KMP is
undertaken each year to ensure that:
• reward levels are fair and responsible in
accordance with the Australian market;
• BCI Minerals offers competitive, performance-
based rewards that attract, retain and motivate;
and
• incentives provide fair reward in line with
company and individual performance to
deliver on the current and long-term strategic
objectives.
This review includes an analysis of market
remuneration in comparison to a relevant peer
and competitor group and the development
of company-specific pay scales, including for
Executives.
Short-term incentives
Executives listed in this report may receive a short-
term incentive (STI) of up to 125% of their STI if
performance exceeds expectations. The STI is an
“at risk” component of remuneration and payment
may, at the Board’s discretion, be in cash and/or
equity. Measurement is based on performance
against annually agreed key performance indicators
(KPIs). These KPIs will typically be aligned to
achievement of specific project and corporate
objectives in relation to each financial year.
The KPIs for FY24 were based on:
• health and safety;
• financial measures;
• key project milestones for the Mardie Project
including (but not limited to) funding, schedule,
budget and offtake agreements;
• compliance with licence to operate;
• sustainability measures; and
• Individual performance targets range between
10%-20%.
Based on performance in the 2024 financial year
relative to these KPIs, the Board assessed outcomes
to award a portion of STI payments for Executive
KMP. The STI outcomes for FY24 ranged between
85% and 90% with the Managing Director being
awarded a 85% STI performance.
Long-term incentives -
vested
Based on the two TSR performance metrics for
the 2022 LTI, for the two-year performance
period to 30 June 2024, these have been assessed
and the vesting outcome to be 0% for T1 2022
Performance Rights and 93% for T2 2022
Performance Rights.
Non-executive Director
remuneration
Fees and payments to Non-Executive Directors
reflect the demands which are made on, and the
responsibilities of, the Directors and are reviewed
annually by the Board.
Directors' fees are determined within an aggregate
Directors’ fee pool limit, which is periodically
recommended for approval by shareholders. The
fee pool limit currently stands at $900,000 in
aggregate and was approved by shareholders at
the annual general meeting on 19 November 2014.
This amount is separate from any specific tasks the
Directors, or their related entities may take on for
the Company.
Non-Executive Directors’ remuneration is
comprised of cash fees and superannuation.
At the discretion of the Board, a portion of the
remuneration may be delivered in share-based
remuneration.
BCI Minerals | FY24 Annual Report
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
BCI Minerals | FY24 Annual Report
Remuneration of Directors and key management
personnel for the year ended 30 June 2024
The table below sets out the remuneration information for the Directors and key management personnel
of the Company.
Short Term
Post
Employment
Share Based
Payments
Salary
and fees
$
Incentives
(a)
$
Other
benefits (b)
$
Superannuation
$
Performance &
Share Rights (c)
$
Termination
Payment
$
Total
$
Performance
Related (d)
%
Directors
B O’Donnell
168,900
-
-
-
-
-
168,900
-
M
Stanborough
92,432
-
-
10,167
7,754
-
110,353
7
G Bell
87,568
-
-
9,633
10,006
-
107,207
9
G Dixon
94,792
-
-
2,408
-
-
97,200
-
R Court
87,568
-
-
9,633
8,990
-
106,191
8
C Salisbury
92,432
-
-
10,167
9,490
-
112,089
8
623,692
-
-
42,008
36,240
-
701,940
5
Key Management Personnel
D Boshoff
813,298
229,899
5,873
27,500
609,957
-
1,686,527
50
K Bradshaw
(e)
264,970
193,623
1,898
13,750
155,767
380,861
1,010,869
16
S Fewster (f)
347,620
-
3,143
18,938
24,464
-
394,165
3
1,425,888
423,522
10,914
60,188
790,188
380,861
3,091,561
36
TOTAL
2,049,580
423,522
10,914
102,196
826,428
380,861
3,793,501
30
Remuneration of Directors and key management
personnel for the year ended 30 June 2023
The table below sets out the remuneration information for the Directors and key management personnel
of the Company.
Short Term
Post
Employment
Share Based
Payments
Salary
and fees
$
Incentives
(a)
$
Other
benefits (b)
$
Superannuation
$
Performance &
Share Rights (c)
$
Termination
Payment
$
Total
$
Performance
Related (d)
%
Directors
B O’Donnell
164,888
-
-
4,012
5,092
-
173,992
3
M Blakiston (k)
54,163
-
-
5,687
-
-
59,850
-
M
Stanborough
90,185
-
-
9,469
4,597
-
104,251
4
G Bell (l)
40,035
-
-
4,204
-
-
44,239
-
G Dixon
93,666
-
-
9,835
3,071
-
106,572
3
R Court
87,964
-
-
9,236
8,966
-
106,166
8
C Salisbury
92,851
-
-
9,749
9,464
-
112,064
8
623,752
-
-
52,192
31,190
-
707,134
4
Executives
A Vorster (m)
113,350
281,161
250,622
6,875
104,207
-
756,215
51
D Boshoff (n)
470,657
-
3,355
18,381
79,831
-
572,224
14
K Bradshaw
558,089
56,880
4,404
41,089
113,036
-
773,498
22
S Bennett (o)
451,375
111,114
2,259
13,750
5,470
285,919
869,887
13
1,593,471
449,155
260,640
80,095
302,544
285,919
2,971,824
25
TOTAL
2,217,223
449,155
260,640
132,287
333,734
285,919 3,678,958
21
(a) Short-term incentives paid during the financial year relate to
performance in the previous financial year. Please refer to section on
short-term incentive payments above.
(b) Other benefits include fuel, parking and insurances. Directors’ and
Officers’ liability premiums have not been allocated to individual
Directors.
(c) Share-based payments represent the accounting expense incurred
by the Company for the stated financial period, reflecting the terms
of the Performance Rights as valued using a Monte Carlo simulation
and Share Rights valued using market pricing at time of issue. No
amount is recognised for goods or services received if the equity
instruments granted do not vest because of failure to satisfy a vesting
condition, other than a market condition.
(d) Percentage performance related is the sum of short-term incentives
and share-based payments divided by total remuneration, reflecting
the actual percentage of remuneration at risk for the year. Note that
short-term incentives are reported in the year in which they are paid
but relate to performance in previous reporting periods.
(e) K Bradshaw resigned from the Company on 28 November 2023.
(f)
S Fewster was appointed to the Company on 4 December 2023.
(g) Short-term incentives paid during the financial year relate to
performance in the previous financial year. Please refer to section on
short-term incentive payments above.
(h) Other benefits include fuel, parking and insurances. Directors’ and
Officers’ liability premiums have not been allocated to individual
Directors.
(i)
Share-based payments represent the accounting expense incurred
by the Company for the stated financial period, reflecting the terms
of the Performance Rights as valued using a Monte Carlo simulation
and Share Rights valued using market pricing at time of issue. No
amount is recognised for goods or services received if the equity
instruments granted do not vest because of failure to satisfy a vesting
condition, other than a market condition.
(j)
Percentage performance related is the sum of short-term incentives
and share-based payments divided by total remuneration, reflecting
the actual percentage of remuneration at risk for the year. Note that
short-term incentives are reported in the year in which they are paid
but relate to performance in previous reporting periods.
(k) M Blakiston resigned from the company on 18 January 2023.
(l)
G Bell was appointed as a Non-executive Director of the Company
on 18 January 2023.
(m) A Vorster resigned from the company on 1 September 2022.
Employee entitlements paid on resignation are included in other
short-term benefits.
(n) D Boshoff was appointed Managing Director of the Company on 21
November 2022.
(o) S Bennett resigned from the Company on 2 December 2022.
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
BCI Minerals | FY24 Annual Report
Performance rights on issue as at 30 June 2024
The terms and conditions of Performance Rights granted to KMP affecting remuneration in the current or
future reporting periods are set out in the following table.
Grant date
Date
to vest
Expiry date
Rights
granted
Value
per right
at grant
date
Value
at grant
date
Number
vested
Number
exercised
Number
lapsed
Balance
Directors
B O’Donnell
26/11/2020
30/06/2023
30/06/2025
295,313
0.128
37,800
112,219
(112,219)
(183,094)
-
G Dixon
26/11/2020
30/06/2023
30/06/2025
178,125
0.128
22,800
67,687
-
(110,438)
67,687
C Salisbury
25/11/2021
02/07/2024
03/07/2026
85,826
0.287
24,632
-
-
(85,826)
-
R Court
25/11/2021
02/07/2024
03/07/2026
81,309
0.287
23,336
-
-
(81,309)
-
M
Stanborough (a)
25/11/2022
01/07/2025
01/07/2027
136,622
0.147
20,083
-
-
-
136,622
G Bell
22/11/2023
03/07/2026
03/07/2027
194,595
0.222
43,200
-
-
-
194,595
971,790
171,851 179,906
(112,219)
(460,667)
389,904
Executives
D Boshoff (a)
25/11/2022
01/07/2025
03/07/2027
2,152,816
0.162
348,756
-
-
-
2,152,816
D Boshoff
22/11/2023
03/07/2026
03/07/2028
3,765,766
0.222
836,000
-
-
-
3,765,766
K Bradshaw
08/08/2022
01/07/2025
01/07/2026
730,550
0.171
124,559
-
-
(730,550)
-
K Bradshaw
15/08/2022
03/07/2025
03/07/2025
570,000
0.018
10,260
-
-
(570,000)
-
K Bradshaw (a)
25/11/2022
01/07/2025
03/07/2027
626,389
0.162
101,475
-
-
(626,389)
-
K Bradshaw
17/08/2023
03/07/2026
03/07/2028
1,409,376
0.205
288,922
-
-
(1,409,376)
-
S Fewster
21/02/2024 03/07/2026
03/07/2028
496,682
0.171
84,933
-
-
-
496,682
9,751,579
1,794,905
-
-
(3,336,315)
6,415,264
Total
10,723,369
1,966,756 179,906
(112,219) (3,796,983)
6,814,168
(a)
Test period for T2 2022 Performance Rights is from November 2022 to June 2024 with a test date of 1 July 2024. Based on the two TSR performance
metrics for the 2022 LTI, for the two-year performance period to 30 June 2024, these have been assessed and the vesting outcome to be 0% for T1
2022 Performance Rights and 92.86% for T2 2022 Performance Rights.
A Monte Carlo simulation is used to value all Performance Rights granted by the Company. The Monte Carlo
valuation simulates the Company’s share price and depending on the hurdle, arrives at a value based on the
number of Performance Rights that are likely to vest.
Share rights on issue as at 30 June 2024
The terms and conditions of Share Rights granted to KMP affecting remuneration in the current or future
reporting periods are set out in the following table.
Grant date
Test date Vesting date
Final
conversion
date
Number
granted at
grant date
Value
per
right at
grant
date
Value
at grant
date $
Number
vested
Number
exercised
Number
lapsed
Balance
Executives
K Bradshaw (a) 08/08/2022 01/07/2023 01/07/2023 01/07/2025
189,354
0.247
46,770
189,354
(189,354)
-
-
K Bradshaw (a)
17/08/2023 01/07/2024 01/07/2024 01/07/2026
918,080
0.242
222,175
918,080
(918,080)
-
-
D Boshoff
22/11/2023 01/07/2024 01/07/2024 01/07/2026
1,100,948
0.257
282,944
-
-
-
1,100,948
TOTAL
2,208,382
551,889 1,107,434 (1,107,434)
- 1,100,948
(a) K Bradshaw was the Chief Financial Officer and KMP until her resignation on 28 November 2023.
Equity instrument disclosures as at 30 June 2024
The interests of Directors and Executives in Shares are as follows:
Balance at 1 July
2023
Acquired during
year
Performance
and Share Rights
converted
during year
Disposed during
the year
Other changes
Balance at 30
June 2024
Directors
B O’Donnell
1,156,254
1,065,102
112,219
-
-
2,333,575
M Stanborough
5,896
320,000
-
-
-
325,896
G Dixon
-
-
-
-
-
-
R Court
819,768
3,236,442
-
(1,828,105)
-
2,228,105
C Salisbury
-
222,000
-
-
-
222,000
G Bell
-
-
-
-
-
-
1,981,918
4,843,544
112,219
(1,828,105)
-
5,109,576
Executives
D Boshoff
-
160,000
-
-
-
160,000
K Bradshaw (a)
-
-
1,107,434
-
-
1,107,434
S Fewster (b)
-
3,000,000
-
-
-
3,000,000
-
3,160,000
1,107,434
-
-
4,267,434
TOTAL
1,981,918
8,003,544
1,219,653
(1,828,105)
-
9,377,010
(a) K Bradshaw resigned from the Company on 28 November 2023.
(b) S Fewster commenced with the Company on 4 December 2023.
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
The interests of Directors and Executives in Performance Rights are as follows.
Balance at
1 July 2023
Granted as
compensation
Converted to
shares
Rights lapsed/
cancelled
Balance at
30 June 2024
Directors
B O’Donnell
112,219
-
(112,219)
-
-
M Stanborough
136,622
-
-
-
136,622
G Dixon
67,687
-
-
-
67,687
R Court
81,309
-
-
(81,309)
-
C Salisbury
85,826
-
-
(85,826)
-
G Bell
-
194,595
-
-
194,595
483,663
194,595
(112,219)
(167,135)
398,904
Executives
D Boshoff
2,152,816
3,765,766
-
-
5,918,582
K Bradshaw(a)
1,926,939
-
-
(1,926,939)
-
S Fewster(b)
-
496,682
-
-
496,682
4,079,755
4,262,448
-
(1,926,939)
6,415,264
TOTAL
4,563,418
4,457,043
(112,219)
(2,094,074)
6,814,168
(a)
K Bradshaw resigned from the Company on 28 November 2023.
(b)
S Fewster commenced with the Company on 4 December 2023.
The interests of Executives in Share Rights are as follows.
Balance at
1 July 2023
Granted as
compensation
Converted to
shares
Rights lapsed/
cancelled
Balance at
30 June 2024
Executives
D Boshoff
-
1,100,948
-
-
1,100,948
K Bradshaw (a)
189,354
918,080
(1,107,434)
-
-
S Fewster (b)
-
-
-
-
-
TOTAL
189,354
2,019,028
(1,107,434)
-
1,100,948
(a) K Bradshaw resigned from the Company on 28 November 2023.
(b) S Fewster commenced with the Company on 4 December 2023.
Share trading policy
The trading of shares by all employees is subject to, and conditional upon, compliance with the Company’s
share trading policy which is available on the Company’s website: www.bciminerals.com.au. Directors and
employees may not engage in short-term or speculative trading of the Company's securities and are prohibited
from trading in financial products issued or created over, or in respect of the Company's securities during a
non-trading period.
Service agreements
The remuneration and other terms of employment for executive KMP are covered in formal employment
contracts. The key terms of their employment contracts are shown in the table below.
Name
Terms/Notice periods/Termination payment
D Boshoff
(Managing Director)
Base annual salary inclusive of superannuation of $836,000 effective 1 July
2023 – 30 June 2024 ($873,180 effective 1 July 2024) reviewed at intervals to
be determined by the Company.
Employment can be terminated at six months’ notice by Mr Boshoff or by the
Company. If the Company elects to terminate the employment agreement for
reasons other than Mr Boshoff’s gross misconduct or default, Mr Boshoff will
be entitled to a payment equal to six months’ total fixed remuneration. Certain
agreed trigger events will lead to Mr Boshoff having the option to terminate the
contract and receive a payment equal to six months’ total fixed remuneration.
S Fewster (a)
(Chief Financial Officer)
Base annual salary inclusive of superannuation $627,500 effective 4
December 2023 - 30 June 2024 ($642,000 effective 1 July 2024) reviewed at
intervals to be determined by the Company.
Employment can be terminated at six months’ notice by Mr Fewster or by the
Company.
K Bradshaw (b)
(Chief Financial Officer)
Base annual salary inclusive of superannuation $625,763 effective 1 July 2023
to 28 November 2023, until Ms Bradshaw’s resignation.
(a) Mr Steve Fewster was appointed on 4 December 2023.
(b) Ms Kerryl Bradshaw resigned from the Company on 28 November 2023.
BCI Minerals | FY24 Annual Report
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
Independent audit of
remuneration report
The Remuneration Report has been audited by
BDO. Please see page 136 of this report for BDO’s
report on the Remuneration Report.
Signed in accordance with a resolution by the
Directors.
Brian O’Donnell
Chairman
Perth, Western Australia
23 August 2024
David Boshoff
Managing Director
Perth, Western Australia
23 August 2024
Related party transactions
All transactions between the Company and its KMP
or their associates during the 2024 financial year
are disclosed at Note 25 to the annual financial
statements.
Other information
Insurance of officers
During the financial period, the Company paid
a premium to insure the Directors and executives
of the Company against a liability to the extent
permitted by the Corporations Act 2001. The
contract of insurance prohibits disclosure of
the nature of the liability and the amount of
the premium.
No liability has arisen under this indemnity as at the
date of this report.
The Company has entered into indemnity deeds
with each Director and officer. Under the deeds, the
Company indemnifies each Director and officer to
the maximum extent permitted by law against legal
proceedings or claims made against or incurred by
the Directors or officers in connection with being a
Director or officer of the Company, or breach by the
Company of its obligations under the deed.
Indemnity of auditors
BCI Minerals Limited has agreed to indemnify its
auditors, BDO Audit (WA) Pty Ltd, to the extent
permitted by law, against any claim by a third
party arising from BCI Minerals Limited’s breach of
its agreement. The indemnity stipulates that BCI
Minerals Limited will meet the full amount of any
such liabilities including a reasonable amount of
legal costs.
BCI Minerals | FY24 Annual Report
BCI Minerals | FY24 Annual Report
Directors' declaration
In the Directors’ opinion:
(a) the financial statements and notes set out on
pages 97 to 134 are in accordance with the
Corporations Act 2001, including:
(i) complying with Accounting Standards,
the Corporations Regulations 2001 and
other mandatory professional reporting
requirements, and
(ii) giving a true and fair view of the consolidated
entity’s financial position as at 30 June 2024
and of its performance for the financial year
ended on that date, and
(b) there are reasonable grounds to believe that
the company will be able to pay its debts as and
when they become due and payable and
(c) the consolidated entity disclosure statement on
page 134 is true and correct
The Company has included in the notes to the
financial statements an explicit and unreserved
statement of compliance with International
Financial Reporting Standards as issued by the
International Accounting Standards Board.
The Directors have been given the declarations
by the Chief Executive Officer and Chief
Financial Officer required by section 295A of the
Corporations Act 2001 (Cth).
This declaration is made in accordance with a
resolution of the Directors and is signed on their
behalf by:
Brian O’Donnell
Chairman
Perth, Western Australia
23 August 2024
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
BCI Minerals | FY24 Annual Report
Consolidated statement of profit or loss and
other comprehensive income
BCI Minerals Limited and its controlled entities
for the year ended 30 June 2024
Notes
2024
$000’s
2023
$000’s
Continuing operations
Other revenue
1
8,687
5,449
Total revenue from continuing operations
8,687
5,449
Other income
1
-
19,212
Administration expenditure
2
(25,777)
(22,806)
Project development and evaluation expenditure
2
(32,037)
(19,231)
Impairment expense
-
(1,700)
(Loss) before finance cost and income tax
(49,127)
(19,076)
Finance costs
(59)
(68)
(Loss) before income tax
(49,186)
(19,144)
Income tax benefit / (expense)
3
-
-
(Loss) for the year from continuing operations
(49,186)
(19,144)
Profit from discontinued operations (attributable to ordinary equity
holders of the company)
19
33,861
28,519
(LOSS) / PROFIT FOR THE YEAR
(15,325)
9,375
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
(Loss) / gain on disposal of equity investments at fair value through
other comprehensive income
(2,009)
826
Gain / (loss) on changes in the fair value of equity investments at fair
value through other comprehensive income
8
691
(18,257)
Total items that will not be reclassified subsequently to profit or loss
(1,318)
(17,431)
Total comprehensive (loss) for the year
(16,643)
(8,056)
Earnings per share for loss from continuing operations attributable to
the ordinary equity holders of the company:
Cents
Cents
Basic (loss) per share
15
(2.76)
(3.02)
Diluted (loss) per share
15
(2.76)
(3.02)
Earnings per share for loss attributable to the ordinary equity holders of the company:
Basic (loss) per share
15
(0.91)
(0.66)
Diluted (loss) per share
15
(0.91)
(0.66)
The above consolidated statement of profit or loss and other comprehensive income should be read in
conjunction with the accompanying notes.
Financial Statement Contents
Consolidated statement of profit or loss and other comprehensive income
97
Consolidated statement of financial position
98
Consolidated statement of changes in equity
100
Consolidated statement of cash flows
101
Notes to the consolidated financial statements
103
Preface to the notes
103
Note 1 – Revenue
104
Note 2 – Expenses
105
Note 3 – Taxation
106
Note 4 – Cash and cash equivalents
108
Note 5 – Trade and other receivables
109
Note 6 – Property, plant and equipment
110
Note 7 – Intangibles
113
Note 8 – Investments in listed entities
114
Note 9 – Trade and other payables
114
Note 10 – Borrowings
115
Note 11 – Capital risk management
117
Note 12 – Contributed equity
117
Note 13 – Reserves
118
Note 14 – Accumulated losses
119
Note 15 – Earnings per share
119
Note 16 – Financial risk management
121
Note 17 – Subsidiaries
123
Note 18 – Segment information
125
Note 19 – Assets held for sale and discontinued operations
126
Note 20 – Commitments
128
Note 21 – Contingent liabilities and assets
128
Note 22 – Events occurring after the reporting period
128
Note 23 – Parent entity
129
Note 24 – Auditor’s remuneration
130
Note 25 – Related party transactions
130
Note 26 – Share-based payments
130
Consolidated Entity Disclosure Statement
134
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
BCI Minerals | FY24 Annual Report
Consolidated statement of financial position
BCI Minerals Limited and its controlled entities
as at 30 June 2024
Notes
2024
$000’s
2023
$000’s
Current assets
Cash and cash equivalents
4
258,915
109,470
Trade and other receivables
5
5,024
15,810
Investments in listed entities
8
6,728
11,906
Other assets
15,647
1,194
286,314
138,380
Assets held for sale
19
49,795
46,779
Total current assets
336,109
185,159
Non-current assets
Trade and other receivables
5
20,272
-
Property, plant and equipment
6
647,641
399,614
Intangibles
7
15,502
15,502
Right of use assets
680
1,453
Other assets
1,235
13,191
Total non-current assets
685,330
429,760
Total assets
1,021,439
614,919
Current liabilities
Trade and other payables
9
77,352
54,109
Derivatives
28
-
Lease liability
584
657
Provisions
1,092
673
79,056
55,439
Liabilities directly associated with assets classified as held for sale
19
23,902
24,069
Total current liabilities
102,958
79,508
Non-current liabilities
Trade and other payables
9
-
613
Lease liability
142
875
Borrowings
10
113,118
102,462
Total non-current liabilities
113,260
103,950
Total liabilities
216,218
183,458
Net assets
805,221
431,461
Shareholders' equity
Contributed equity
12
959,946
569,754
Reserves
13
(115)
13,660
Accumulated losses
14
(154,610)
(151,953)
Total shareholders' equity
805,221
431,461
The above consolidated statement of financial position should be read in conjunction with the
accompanying notes.
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
BCI Minerals | FY24 Annual Report
Consolidated statement of changes in equity
BCI Minerals Limited and its controlled entities
for the year ended 30 June 2024
Contributed
Equity
$000's
Accumulated
losses
$000's
Reserves
$000's
Total
$000's
Balance at 1 July 2022
569,345
(162,154)
27,045
434,236
Profit for the year
-
9,375
-
9,375
Other comprehensive income
-
826
(18,257)
(17,431)
Total comprehensive income
-
10,201
(18,257)
(8,056)
Transactions with equity holders in their capacity as equity holders
Shares transaction costs
(182)
-
-
(182)
Performance Rights converted
591
-
(591)
-
Share based payments (Note 26)
-
-
697
697
Financial instruments recognised in equity
-
-
4,766
4,766
Balance at 30 June 2023
569,754
(151,953)
13,660
431,461
Loss for the year
-
(15,325)
-
(15,325)
Other comprehensive income
-
-
(1,318)
(1,318)
Total comprehensive income
-
(15,325)
(1,318)
(16,643)
Transactions with equity holders in their capacity as equity holders
Issued or ordinary shares (net of costs)
391,218
-
-
391,218
Tax effect of issue costs
(1,748)
-
-
(1,748)
Transfer of expired share options to retained earnings
(Note 13)
-
12,668
(12,668)
-
Share-based payments (Note 26)
-
-
933
933
Issue of shares under Employee Rights Plan
722
-
(722)
-
Balance at 30 June 2024
959,946
(154,610)
(115)
805,221
The above consolidated statement of changes in equity should be read in conjunction with the
accompanying notes.
Consolidated statement of cash flows
BCI Minerals Limited and its controlled entities
for the year ended 30 June 2024
Notes
2024
$000’s
2023
$000’s
Cash flows from operating activities
Receipts from customers (inclusive of GST)
67,460
70,242
Payments to suppliers and employees (inclusive of GST)
(54,207)
(44,886)
Royalty payments
(38,933)
(32,608)
Interest received
8,687
5,745
Borrowing costs
(10,080)
(406)
Income tax refund
-
-
Net cash flows (used in) operating activities
4
(27,073)
(1,913)
Cash flows from investing activities
Proceeds from sale of shares in listed entities
3,860
9,337
Proceeds from disposal of plant and equipment
-
4
Proceeds from short-term investments
-
340
Proceeds from bonds and guarantees
38
-
Payments for bonds and guarantees
(220)
-
Payments for project development, plant and equipment
(215,998)
(229,351)
Payments for other plant and equipment
(27)
(231)
Net cash flows (used in) investing activities
(212,347)
(219,901)
Cash flows from financing activities
(Costs) proceeds from issue of shares net of costs
304,470
(182)
Proceeds from convertible notes
85,000
100,000
Repayment of lease debt
(605)
(555)
Net cash flows provided by financing activities
388,865
99,263
Net increase / (decrease) in cash and cash equivalents
149,445
(122,551)
Cash and cash equivalents at beginning of year
109,470
232,021
Cash and cash equivalents at end of year
4
258,915
109,470
Cash flows of discontinued operations
19
28,527
37,634
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
BCI Minerals | FY24 Annual Report
Notes to the Consolidated financial statements
BCI Minerals Limited and its controlled entities
for the year ended 30 June 2024
Corporate information
BCI Minerals Limited is a company limited by shares
incorporated in Australia whose shares are publicly
traded on the Australian Securities Exchange. BCI
Minerals Limited and its subsidiaries together are
referred to in these financial statements as the
‘Company’ or the ‘Consolidated Entity’.
The principal activities of the Company during the
financial year were the development of the Mardie
Salt and Potash Project in the Pilbara region of
Western Australia.
The Company also received revenue from the
Iron Valley Iron Ore Mine under the terms of an
Iron Ore Sale and Purchase Agreement. On 14
June 2024, Iron Valley Pty Ltd, a wholly owned
subsidiary of BCI Minerals Limited entered into a
binding agreement to sell its Iron Valley iron ore
assets to Polaris Metals Pty Ltd (Polaris), a wholly
owned subsidiary of Mineral Resources Limited.
Aligned with the Company’s strategic objective to
develop an industrial minerals business with Salt
as its initial focus, this divestment creates value
for shareholders, simplifies our operations, and
strengthens our focus on the Mardie project.
BCI Minerals Limited registered office is at 1 Altona
Street, West Perth WA 6005, Australia.
About the presentation of our financial
satements
Our financial statements for the year ended 30
June 2024 were authorised for issue in accordance
with a Directors’ resolution on 23 August 2024.
Basis of preparation
These general-purpose financial statements have
been prepared in accordance with Australian
Accounting Standards and Interpretations issued by
the Australian Accounting Standards Board (AASB),
and the Corporations Act 2001. BCI Minerals
Limited is a for-profit entity for the purpose of
preparing the financial statements.
The financial statements are presented in Australian
dollars. The Company is of the kind referred to
in ASIC Corporations (Rounding in Financials/
Directors’ Reports) Instrument 2016/191, and in
accordance with that Corporations Instrument,
amounts in the Directors’ report and annual
financial report are rounded off to the nearest
thousand dollars, unless otherwise indicated.
The principal accounting policies adopted in the
preparation of the financial statements are set out
in the notes to the accounts. These policies have
been consistently applied to all the financial years
presented, unless otherwise stated.
Compliance with IFRS
The consolidated financial statements of BCI
Minerals Limited comply with International
Financial Reporting Standards (IFRS) as issued by
the International Accounting Standards Board.
Historical cost convention
The financial statements have been prepared
under the historical cost convention, except for,
where applicable, the revaluation of financial assets
and cash flow hedges at fair value through other
comprehensive income.
New and revised accounting standards and
interpretations adopted
The Group has adopted all the new and revised
Standards and Interpretations issued by the
Australian Accounting Standards Board (the AASB)
that are relevant to their operations and effective
for the current financial year:
• AASB 2021-2 Amendments to Australian
Accounting Standards – Disclosure of Accounting
Policies and Definition of Accounting Estimates
• AASB 2021-5 Amendments to Australian
Accounting Standards – Deferred Tax related
to Assets and Liabilities arising from a Single
Transaction
Impact of standards issued but not yet applied by
the entity
AASB 101 Presentation of Financial Statements -
classification of liabilities as current or non-current.
The Group did not have to reclassify any liabilities to
current as a consequence of the amendments.
Changes in accounting policy, estimates
disclosures, standards and interpretations
Except for matters relating to the adoption of new
Australian Accounting Standards referred to above,
the accounting policies adopted, and estimates
made are consistent with those of the previous
financial year.
Foreign currency
The financial statements are presented in Australian
dollars which is the Company’s functional and
presentational currency.
Foreign currency transactions are translated
into Australian dollars using the exchange rates
prevailing at the dates of the transactions. Foreign
exchange gains and losses resulting from the
settlement of such transactions, and from the
translation at financial year-end exchange rates
of monetary assets and liabilities denominated in
foreign currencies are recognised in profit or loss.
Comparatives
Where applicable, comparatives have been
adjusted to conform with current year presentation.
Key estimates and judgements
In applying the Group’s accounting policies,
which are described throughout the notes to the
financial statements, management is required
to make judgements (other than those involving
estimations) that have a significant impact on
the amounts recognised, and to make estimates
and assumptions about the carrying amounts of
assets and liabilities that are not readily apparent
from other sources. The estimates and associated
assumptions are based on historical experience
and various other factors that are considered to be
reasonable under the circumstances. Actual results
may differ from these estimates.
The estimates and underlying assumptions are
reviewed on an ongoing basis.
Throughout the notes to the financial statements,
further information is provided about key
judgements and estimates that the Group consider
material to the financial statements including:
• Provision for income taxes and recognition of
deferred tax asset for carried forward tax losses
– Note 3
• Impairment Assessment of development
properties – Note 6
• Estimation of fair value of convertible notes –
Note 10
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
BCI Minerals | FY24 Annual Report
Key Numbers
Note 1 – Revenue
2024
$000’s
2023
$000’s
Continuing operations
Interest income
8,687
5,449
Other income
-
19,212
8,687
24,661
Revenue from discontinued operations
Revenue – Iron Valley
68,481
60,159
Net gain on pricing changes
-
800
68,481
60,959
Note 2 – Expenses
2024
$000’s
2023
$000’s
Administration expenditure
Employee benefits expense
11,572
13,740
Depreciation and amortisation
5,729
4,706
Share-based payments
933
697
Non-executive Directors' fees
818
676
Occupancy related expenses
150
287
Consultant and legal fees
2,345
859
Other
4,230
1,841
25,777
22,806
Project development and evaluation expenditure
Salaries and contract labour expense
9,005
4,257
Consultant and legal fees
5,359
2,142
Licence and levy fees
1,877
3,041
Environmental monitoring expenses
5,455
2,655
Studies and piloting expense
1,085
1,212
Maintenance expenses
3,001
2,214
Other
6,255
3,710
32,037
19,231
Cost of sales from discontinued operations
Amortisation of mine properties
1,536
2,198
Royalties
33,084
30,242
34,620
32,440
Accounting policy
Revenue is recognised at an amount that reflects
the consideration to which the Group is expected
to be entitled in exchange for transferring goods
or services to a customer. For each contract with a
customer, the Group identifies the contract with a
customer, identifies the performance obligations
in the contract, determines the transaction price
which takes into account estimates of variable
consideration and the time value of money,
allocates the transaction price to the separate
performance obligations on the basis of the relative
stand-alone selling price of each distinct good or
service to be delivered, and recognises revenue
when, or as, each performance obligation is
satisfied in a manner that depicts the transfer to the
customer of the goods or services promised.
Variable consideration within the transaction price,
if any, reflects adjustments such as adjustments due
to final assay results relating to grades, including
moisture content and commodity content of the
cargo, commodity market prices, taxes, discounts,
rebates and refunds, any potential bonuses
receivable from the customer and any other
contingent events. Such estimates are determined
using either the “expected value” or “most likely
amount” method. The measurement of variable
consideration is subject to a constraining principle
whereby revenue will be recognised only to the
extent that it is highly probable that a significant
reversal in the amount of cumulative revenue
recognised will not occur. The measurement
constraint continues until the uncertainty
associated with the variable consideration is
subsequently resolved.
Sales – Iron Valley
The Company receives revenue from Mineral
Resources Limited (MIN) based on a mine gate
sale agreement using MIN’s realised price. The
Company recognises revenue when the ore passes
over the ships rail which is typically at the bill of
lading. MIN send monthly shipping information on
either a provisional basis at the date of shipment
or the subsequent final pricing, which is typically
once the vessel has arrived at its destination
and quotation pricing has been determined. BCI
Minerals recognises revenue on provisionally priced
sales based on the estimated fair value of the total
consideration, adjusted for any changes when
pricing is finalised.
Interest revenue
Interest revenue is recognised on a time
proportionate basis using the effective interest
method.
Other income
Other income for year ended 30 June 2023
recognises a gain arising from a Series 3 Convertible
Note initial fair value assessment. The fair value
gain on loan commitment option is calculated as
the difference arising between the face value of
the note and the fair value of the liability portion
of the convertible note and the fair value of the
conversion option.
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
BCI Minerals | FY24 Annual Report
Note 3 – Taxation
Income Tax
2024
$000’s
2023
$000’s
Current tax expense/(benefit)
Current period
-
-
Adjustments for prior periods
-
-
-
-
Deferred tax expense/(benefit)
Origination and reversal of temporary differences
(5,802)
428
Equity deferred tax movement
(501)
(1,410)
Carried forward tax losses now recognised
1,388
(3,990)
Recognition of deferred tax asset on losses and temporary adjustments now realised
4,915
4,972
-
-
Income tax (expense)/benefit reported in the Consolidated statement of profit or loss
and other comprehensive income
-
-
Reconciliation of effective tax rate
Profit / (loss) before tax
(15,325)
9,375
Income tax / (benefit) at the statutory rate of 30 per cent (2023: 30 per cent)
(4,598)
2,812
Non-deductible income and expenses
235
216
Other temporary differences derecognised
501
(6,591)
Equity deferred tax movement
(501)
(1,410)
Temporary differences (recognised)/derecognised
4,915
4,972
Under/(over) provided in prior periods and other
552
-
Income tax (expense)/benefit reported in the Consolidated statement of profit or loss
and other comprehensive income
-
-
Deferred Tax
Deferred tax assets not recognised
2024
$000’s
2023
$000’s
Temporary differences
-
(3,564)
Income Tax losses
74,197
72,550
Capital losses
-
-
Deferred tax assets and liabilities
Assets
Liabilities
Net
2024
$000’s
2023
$000’s
2024
$000’s
2023
$000’s
2024
$000’s
2023
$000’s
Amounts recognised in Profit or Loss:
Mine property, plant and development
-
-
(12,434)
(4,828)
(12,434)
(4,828)
Provisions and accruals
3,725
235
-
-
3,725
235
Intangibles
-
-
-
-
-
-
Exploration
-
-
(5,665)
(941)
(5,665)
(941)
Other items
-
612
(8,613)
(526)
(8,613)
86
Amounts recognised directly in equity:
Share issue costs in equity
883
1,884
-
-
883
1,884
Subtotal
4,608
2,731
(26,712)
(6,295)
(22,104)
(3,564)
Revenue losses recognised
22,104
-
-
3,564
22,104
3,564
Tax assets/(liabilities)
26,712
2,731
(26,712)
(2,731)
-
-
Relevance of tax consolidation to
the Group
BCI Minerals Limited and its wholly owned
Australian controlled entities have entered into
the tax consolidation regime. On adoption of tax
consolidation, the entities in the tax consolidated
group entered into a tax sharing agreement which,
limits the joint and several liability of the wholly
owned entities in the case of a default by the head
company, BCI Minerals Limited.
The entities entered into a tax funding agreement
under which the wholly owned entities fully
compensate BCI Minerals Limited for any current
tax payable assumed and are compensated by
BCI Minerals Limited for any current tax receivable
and deferred tax assets relating to unused tax
losses or unused tax credits that are transferred to
BCI Minerals Limited under the tax consolidation
legislation. The funding amounts are determined by
reference to the amounts recognised in the wholly
owned entities’ financial statements.
The amounts receivable or payable under the tax
funding agreement are due upon receipt of the
funding advice from the head entity, which where
appropriate, is issued as soon as practicable after
the end of each financial year. The head entity may
also require payment of interim funding amounts
to assist with its obligations to pay tax instalments.
The funding amounts are recognised as current
intercompany receivables or payables.
Key judgement
The Company is subject to income taxes in
Australia. Significant judgement is required
in determining the provisions for income
taxes. There are certain transactions and
calculations undertaken during the ordinary
course of business for which the ultimate tax
determination may be subject to change.
The Company estimates its tax liabilities
based on the Company’s understanding of
the tax law. Where the final tax outcome of
these matters is different from the amounts
that were initially recorded, such differences
will impact the current and deferred income
tax assets and liabilities in the period in which
such determination is made.
The Company recognises deferred tax
assets relating to carried forward tax losses
to the extent they can be utilised. The
utilisation of the tax losses depends on the
ability of the entities to generate sufficient
future taxable profits. At 30 June 2024, the
Company had unrecognised deferred tax
assets relating to tax losses of $74.2 million
(2023: $72.6 million).
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
BCI Minerals | FY24 Annual Report
Cash on deposit relates to 31-to-90-day term deposits held with financial institutions.
Note 4 – Cash and Cash Equivalents
2024
$000’s
2023
$000’s
Cash at bank and short-term deposits
248,365
84,110
Cash on deposit
10,550
25,360
Total
258,915
109,470
Reconciliation of profit / (loss) after income tax to net cash flows from
operating activities
Net (loss) / profit
(15,325)
9,375
Adjusted for:
Depreciation and amortisation
7,265
6,904
Provision for impairment
-
1,700
Fair value gain
-
(19,212)
Share based payments
933
697
Other
59
466
Net cash outflow before movement in working capital
(7,068)
(70)
(Increase) / Decrease in assets
Trade and other receivables
(9,488)
10,889
Other assets
(2,497)
-
(Decrease) / increase in liabilities
Trade and other payables
22,630
(14,472)
Provisions
419
569
Capitalised borrowing costs
(25,004)
1,171
Liabilities held for sale
(4,209)
-
Other
(1,856)
-
Net cash (outflow) from operating activities
(27,073)
(1,913)
Accounting policy
For consolidated statement of cash flows presentation purposes, cash and cash equivalents includes cash
on hand, deposits held at call with financial institutions, and other short-term, highly liquid investments with
original maturities of three months or less that are readily convertible to known amounts of cash and which are
subject to an insignificant risk of changes in value.
Trade receivables represent receivables in respect
of which the Group’s right to consideration is
unconditional subject only to the passage of time.
As at 30 June 2024 no receivables were past due or
impaired (2023: Nil).
Note 5 – Trade and other receivables
2024
$000’s
2023
$000’s
Current
Trade receivables
5,011
15,810
Interest receivable
13
-
Total current
5,024
15,810
Non-current
Trade receivables
20,272
-
Total non-current
20,272
-
Total trade and other receivables
25,296
15,810
Accounting policy
Trade receivables and other receivables are
initially recognised at fair value and subsequently
at amortised cost using the effective interest rate
method, less an allowance for expected credit
losses.
The Group applies the simplified impairment
methodology permitted by AASB 9, which requires
expected lifetime losses to be recognised from
initial recognition of the receivables.
Trade Receivables that are Provisionally Priced
Trade receivables that contain an embedded
derivative relating to the provisional pricing of iron
ore are measured at fair value. At each reporting
date the provisional priced receivable is marked to
market based on the forward selling price for the
quotation period stipulated in the contract until the
quotation period expires and the change in value is
recognised in the profit or loss.
The Group applies the simplified impairment
methodology permitted by AASB 9, which requires
expected lifetime losses to be recognised from
initial recognition of the receivables.
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
BCI Minerals | FY24 Annual Report
Note 6 – Property, Plant and Equipment
Mine
Properties
$000’s
Plant and
equipment
$000’s
Office
furniture,
equipment
and IT
$000’s
Mine
Development
$000’s
Total
$000’s
Year ended 30 June 2023
Opening net book value
31,726
17,264
893
145,037
194,920
Additions
-
4,466
490
224,607
229,563
Capitalised borrowing costs
-
-
-
10,977
10,977
Transfers
-
29,231
-
(29,231)
-
Depreciation and amortisation expense
(2,198)
(3,463)
(657)
-
(6,318)
Reclassification to assets held for sale
(29,528)
-
-
-
(29,528)
Closing net book value
-
47,498
726
351,390
399,614
At 30 June 2023
Cost
-
55,430
2,664
351,390
409,484
Accumulated depreciation and amortisation
-
(7,932)
(1,938)
-
(9,870)
Net carrying amount
-
47,498
726
351,390
399,614
Mine
Properties
$000’s
Buildings
$000’s
Plant and
equipment
$000’s
Office
furniture,
equipment
and IT
$000’s
Mine
Development
$000’s
Total
$000’s
Year ended 30 June 2024
Opening net book value
29,528
-
47,498
726
351,390
429,142
Additions
-
-
178
1,447
214,728
216,353
Disposals
-
-
-
(355)
-
(355)
Transfer
-
47,425
(47,425)
-
(9,300)
(9,300)
Capitalised borrowing costs
-
-
-
-
46,133
46,133
Depreciation and amortisation expense
(1,027)
(4,501)
(40)
(263)
-
(5,831)
Reclassification to assets held for sale
(28,501)
-
-
-
-
(28,501)
Closing net book value
-
42,924
211
1,555
602,951
647,641
At 30 June 2024
Cost
-
54,946
734
3,754
602,951
662,385
Accumulated depreciation and
amortisation
-
(12,022)
(523)
(2,199)
-
(14,744)
Net carrying amount
-
42,924
211
1,555
602,951
647,641
Borrowing costs on debt that is attributable to
the qualifying assets is treated as eligible cost
of borrowings and has been recognised in Mine
Development at $57.1 million as at 30 June 2024
(June 2023: $10.9 million). Borrowing costs include
both interest accretion on Convertible Notes as well
as Project Debt establishment fees.
Accounting policy
Mine Properties
Once a mining project has been established as
commercially viable and technically feasible,
expenditure other than that on land, buildings, and
plant and equipment is transferred and capitalised
as mine property. Mine property costs include
past capitalised exploration and evaluation costs,
pre-production development costs, development
excavation, development studies and other
subsurface and permanent installation expenditure
pertaining to that area of interest.
Mine property costs are accumulated in respect of
each separate area of interest. Costs associated with
commissioning new assets in the period before they
are capable of operating in the manner intended by
management, are capitalised. Mine property costs
incurred after the commencement of production
are capitalised to the extent they are expected to
give rise to a future economic benefit.
When an area of interest is abandoned, or the
Directors decide that it is not commercial or
technically feasible, any accumulated cost in
respect of that area is written off in the financial
period the decision is made. Each area of interest is
reviewed at the end of each accounting period and
accumulated costs written off to the profit or loss to
the extent that they will not be recoverable in the
future.
Amortisation of mine property costs is charged
on a unit of production basis over the life of
economically recoverable reserves once production
commences.
Mine property assets are assessed for impairment
if facts and circumstances suggest that the carrying
amount exceeds the recoverable amount. For the
purposes of impairment testing, mine property
is allocated to cash-generating units to which the
development activity relates. The cash generating
unit shall not be larger than the area of interest.
Plant and equipment
Plant and equipment, including mechanical,
electrical, field and computer equipment as well as
furniture, fixtures and fittings, is stated at historical
cost less accumulated depreciation. Historical cost
includes expenditure that is directly attributable
to the acquisition of the items. Depreciation is
calculated on a straight-line basis so as to write off
the net cost of each asset over either its expected
useful life of 2.5 to 5 years for furniture, computers
and equipment, or the life of the mine for plant and
equipment.
Spare parts, stand-by equipment and servicing
equipment is classified as property, plant and
equipment if they are expected to be used during
more than one period, otherwise they are classified
as inventory.
Development
Development represents expenditure necessarily
incurred during establishment and construction
of a mining project that is in progress but yet to
be complete. This expenditure includes the cost
associated with studies and evaluation through to
early construction cost of assets or infrastructure
yet to be fully formed or ready for use. As tangible
assets in the form of buildings or plant and
equipment are completed, they will be transferred
to the relevant classification and depreciated over
their useful life. Other expenditure on project
development that is not capitalised as plant or
equipment will be capitalised as mine properties
and amortised on a units of production basis over
the expected life of the project.
Impairment Assessment
In accordance with the accounting standards the
Group must assess at the end of every reporting
period whether there is any indication that an asset
may be impaired.
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
Note 7 – Intangibles
2024
$000’s
2023
$000’s
Net carrying value of intangibles:
Royalties
15,502
15,502
Net carrying amount
15,502
15,502
The intangible assets were acquired through Iron
Ore Holdings Limited as follows:
Royalties
The Company holds potential iron ore royalties over
the Koodaideri South and North Marillana Extension
tenements. The assets have a finite life reflecting
the underlying resource and will be amortised
as the resource is depleted. Production has not
commenced at either Koodaideri South or North
Marillana and hence the assets remain unamortised.
The Koodaideri South and North Marillana royalty
assets have been tested for impairment with the
recoverable amount assessed by reference to the
FVLCD. FVLCD was determined using an income
approach based on the net present value of future
cash flows projected over the estimated mine
life. The post-tax nominal discount rate used in
determining FVLCD was 9.8% (2023: 8.4%).
The recoverable amounts were determined to be in
excess of carrying values, and there are no probable
changes to key assumptions that would cause the
asset to be impaired.
BCI Minerals | FY24 Annual Report
Impairment Assessment – Key estimates and judgements
Impairment assessments require the use of estimates and assumptions such as long-term commodity
prices (considering current and historical prices, price trends and related factors), discount rates,
operating costs, future capital requirements, closure and rehabilitation costs, exploration potential,
reserves and operating performance (which includes production and sales volumes). These estimates
and assumptions are subject to risk and uncertainty. Therefore, there is a possibility that changes in
circumstances will impact these projections, which may impact the recoverable amount of assets and/
or CGUs. In such circumstances, some or all of the carrying amount of the assets/CGUs may be further
impaired or the impairment charge reduced with the impact recognised in the statement of profit or loss
and other comprehensive income.
At year end, the Company’s development properties were assessed for internal and external indicators
in accordance with AASB136. Following the assessment management concluded no impairment
indicators were identified.
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
BCI Minerals | FY24 Annual Report
Note 8 – Investments in listed entities
2024
$000’s
2023
$000’s
Financial assets at fair value through other comprehensive income
Investments in listed entities (a)
6,728
11,906
Total investments in listed entities
6,728
11,906
Note 9 – Trade and Other Payables
2024
$000’s
2023
$000’s
Current
Trade payables and accruals
77,352
54,109
Total
77,352
54,109
Non-Current
Trade payables
-
613
Total
-
613
2024
$000’s
2023
$000’s
Movement in other financial assets
Opening balance as at 1 July
11,906
38,666
Changes due to disposal
(5,869)
(8,503)
Gain / (loss) on fair value of asset through other comprehensive income
691
(18,257)
Closing balance
6,728
11,906
Accounting policy
All equity investments in scope of AASB 9 are measured at fair value in the statement of financial position,
with value changes recognised in other comprehensive income.
Accounting policy
These amounts represent liabilities for goods and services provided to the Company, prior to the end of the
financial year which are unpaid. The amounts are unsecured and are usually paid within 30 to 75 days of
recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12
months from the reporting date. The carrying amounts of trade and other payables are considered to be the
same as their fair values, due to their short-term nature.
The Company has financial risk management policies in place to ensure that all payables are paid within pre-
agreed credit terms.
(a) On initial recognition, election was made to recognise changes in fair value through Other Comprehensive Income.
Note 10 – Borrowings
2024
$000’s
2023
$000’s
Non-current borrowings
Convertible Note Series 1
25,588
22,445
Convertible Note Series 3
87,530
80,017
Net carrying amount
113,118
102,462
Movement in borrowings 2024
Convertible
Note Series 3
$’000
Convertible
Note Series 1
$000’s
Total
$000’s
Opening balance
22,445
80,017
102,462
Addition of debt instrument
-
-
-
Interest accretion
3,143
7,513
10,656
Closing balance
25,588
87,530
113,118
Movement in borrowings 2023
Convertible
Note Series 3
$’000
Convertible
Note Series 1
$000’s
Total
$000’s
Opening balance
19,718
-
19,718
Addition of debt instrument
-
76,022
76,022
Interest accretion
2,727
3,995
6,722
Closing balance
22,445
80,017
102,462
Convertible Notes
On 17 November 2021, the Group entered into a
Convertible Note agreement with AustralianSuper
Pty Ltd as trustee for AustralianSuper. The
agreement comprises of three series of Convertible
Notes with conversion features and interest rates
fixed at the agreement date. The Series 2 and 3
Notes are issuable at BCI Minerals’ option and
represent a derivative asset under the arrangement
(the "loan commitment option").
Series 3 Convertible Notes
During financial year ended 30 June 2023,
the Series 2 and Series 3 were amalgamated,
and the Company issued the Series 3 Notes to
AustralianSuper with a face value of $100.0 million.
The Series 3 note has been issued in consideration
for funds received. On the issuance of the
Series 3 note, the loan commitment option was
derecognised. The transaction was cash based and
the key terms of the Series 3 Note are as follows:
• 5% interest bearing note
• 8-year term
• Convertible at the election of AustralianSuper
any time between 3.0 years from issue to final
repayment date
• Note is convertible to ordinary shares of the
Company at a 45% premium and conversion
price per ordinary share of $0.6235, subject to
certain conversion provisions
• The conversion to ordinary shares is subject to
certain anti-dilution clauses that may alter the
conversion ratio in certain circumstances
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
BCI Minerals | FY24 Annual Report
Accounting policy
The initial fair value of the liability portion of
the convertible note was determined using an
implied market rate of interest for an equivalent
non-convertible liability at the inception date.
The liability, minus any transaction costs, will
subsequently be recognised on an amortised cost
basis until conversion or maturity of the note.
The fair value of the conversion option has been
determined using a Black-Scholes option pricing
model. The conversion option is recognised
in shareholders equity at inception and not
subsequently remeasured. The key inputs used to
value the option are set out in the table below.
The fair value gain on loan commitment option is
calculated as the difference arising between the
face value of the note and the fair value of the
liability portion of the convertible note, and the
Key estimates and judgements
Convertible notes that have been determined
to contain a debt and equity component
are accounted for as a compound financial
instrument with the debt component recognised
at fair value on inception then at amortised
cost through profit and loss while the equity
component has been measured at fair value
and recorded in reserves. In assessing the terms
of the convertible note and the requirements
for a conversion option to qualify as equity, the
group has considered the conversion terms and
anti-dilution clauses contained in the contractual
agreement. Management have concluded
that the anti-dilution clauses do not lead to
a breach of the fixed-for-fixed criteria as the
clauses simply maintain the relative rights of the
Noteholders and shareholders.
When the fair value of financial assets or
liabilities recorded in the financial statements
cannot be derived from active markets, the fair
value is determined using valuation techniques
such as Black-Scholes option pricing models
and discounted cash flow models. The inputs
to these models are taken from observable
markets where possible but where that is not
feasible, a degree of judgement is required to
establish fair value. These judgements include
consideration of inputs such as market price
volatility and risk-free interest rates. Changes in
these assumptions may affect the fair value of
financial instruments.
The Notes include a Prepayment Option as the
Company has the right to redeem the Notes
early. The valuation is based on the earlier
potential repayment/redemption option of
three years.
Key inputs to valuation of conversion option
Series 3
Series 1
Term to first possible conversion
3.0 Years
3.5 years
Underlying share price
$0.255
$0.455
Conversion price
$0.6235
$0.6235
Volatility
50.0%
50.0%
Risk free rate
3.09%
0.86%
Number of convertible notes
160,384,924
46,672,013
fair value of the conversion option. The gain has
been recognised in the profit and loss as a gain on a
financial instrument. The gain arising from the loan
commitment option reflects the respective decline
in the fair value of the debt and conversion feature
owing to increases in market interest rates and
reduction in the share price respectively, relative to
the terms of the convertible note at the date of the
agreement.
The debt element of the convertible notes is
measured at amortised cost. An ‘effective interest
rate’ has been determined for the debt component
based on the fair value interest rate adjusted for
any debt issuance costs. Interest is recognised by
applying this rate to the carrying amount (including
accrued interest) in each period and is capitalised
when funds are used for qualifying assets in
accordance with Accounting Standards or otherwise
charged to the profit and loss.
Note 12 – Contributed Equity
2024
2023
Number
$000's
Number
$000's
Share capital
Ordinary shares - fully paid
2,884,420,991
959,946
1,211,480,408
569,754
Movements in ordinary share capital
Opening balance
1,211,480,408
569,754
1,206,200,521
569,345
Issue of shares under Employee Rights Plan
3,279,214
722
5,279,887
591
Issue of shares (net of costs)
1,669,661,369
391,218
-
(182)
Tax effect of issue costs
-
(1,748)
-
-
Closing balance
2,884,420,991
959,946
1,211,480,408
569,754
Note 11 – Capital Risk Management
The Company’s objective when managing
capital is to safeguard its ability to continue as a
going concern so that it can continue to provide
returns to shareholders and benefits for other
stakeholders, and to maintain an optimal capital
structure to reduce the cost of capital. In order
to maintain or adjust the capital structure, the
Company may adjust the amount of dividends
paid to shareholders, return capital to shareholders,
issue new shares or sell assets to reduce debt. The
Company defines capital as equity and net debt.
Net debt is defined as borrowings less cash and
cash equivalents, and equity as the sum of share
capital, reserves and accumulated losses/retained
earnings.
Accounting policy
Ordinary shares are classified as equity. Costs
directly attributable to the issue of new shares or
options are recorded in equity as a deduction, net of
tax, from the proceeds.
Terms and conditions of ordinary shares
Holders of ordinary shares are entitled to receive
dividends as declared from time to time and are
entitled to one vote per share at shareholders’
meetings. In the event of winding up of the
Company, ordinary shareholders rank after all other
shareholders and creditors are fully entitled to any
proceeds of liquidations.
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
BCI Minerals | FY24 Annual Report
Note 13 – Reserves
2024
$000’s
2023
$000’s
Share-based payments reserve
Balance as at 1 July
12,206
12,100
Share-based payments expense
933
697
Issue of shares under Employee Performance Rights Plan
(722)
(591)
Transfer of expired share options to retained earnings
(8,881)
-
Balance as at 30 June
3,536
12,206
Financial assets at fair value through other comprehensive income
Balance as at 1 July
(12,881)
5,376
Loss on disposal of a financial asset
(2,009)
-
Change in fair value of financial assets at balance date (Note 8)
691
(18,257)
Balance as at 30 June
(14,199)
(12,881)
Equity reserve
Balance as at 1 July
10,548
5,782
Financial instruments recognised in equity
-
4,766
Balance as at 30 June
10,548
10,548
Options exercised reserve
Balance as at 1 July
3,787
3,787
Transfer of expired share options to retained earnings
(3,787)
-
Balance as at 30 June
-
3,787
Total reserves
(115)
13,660
Nature and purpose of reserves
The share-based payments reserve is used to recognise the fair value of incentives (not exercised),
Performance Rights and equity-settled benefits issued in settlement of share issue costs.
Changes in the fair value of investments such as equities measured at fair value through other comprehensive
income, are recognised in other comprehensive income and accumulated in a separate reserve within equity.
The equity reserve holds the equity component of the convertible notes and is not remeasured from inception.
This value will remain in the reserve until the convertible notes are converted or repaid.
Note 14 – Accumulated Losses
2024
$000’s
2023
$000’s
Balance as at 1 July
(151,953)
(162,154)
Net (loss) / profit
(15,325)
9,375
Other comprehensive income
-
826
Reserves settled to retained earnings
12,668
-
Balance as at 30 June
(154,610)
(151,953)
Note 15 – Earnings Per Share
2024
$000’s
2023
$000’s
Reconciliations of earnings used in calculating earnings per share:
Profit/(loss) after income tax from continuing operations
(49,186)
(19,144)
Other comprehensive income from continuing operations
(1,318)
(17,431)
Total comprehensive income from continuing operations
(50,504)
(36,575)
Profit/(loss) after income tax from discontinued operations
33,861
28,519
Total comprehensive income
(16,643)
(8,056)
Weighted average number of ordinary shares used in
calculating basic earnings per share:
Number
Number
Weighted average number of ordinary shares used in calculating basic earnings per share
1,829,648,148
1,210,697,842
Adjustments for calculation of diluted earnings per share:
– Vested Performance Rights outstanding at year end
179,905
830,307
Weighted average number of ordinary shares used in calculating diluted earnings per share
1,829,828,053
1,211,528,149
Basic earnings per share
Cents
Cents
Basic earnings / (loss) per share from continuing operations
(2.76)
(3.02)
Basic earnings / (loss) per share from discontinued operations
1.85
2.36
(0.91)
(0.66)
Diluted earnings per share
Cents
Cents
Diluted earnings / (loss) per share from continuing operations
(2.76)
(3.02)
Diluted earnings / (loss) per share from discontinued operations
1.85
2.36
(0.91)
(0.66)
Accounting policy
Basic earnings per share is calculated by dividing net profit after income tax attributable to equity holders of
the Company by the weighted average number of ordinary shares on issue during the financial year.
Diluted earnings per share is calculated using net profit after income tax attributable to equity holders of the
Company adjusted for the after-tax effect of dividends and interest associated with dilutive potential ordinary
shares. The weighted average number of shares used is adjusted for the weighted average number of ordinary
shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares.
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
BCI Minerals | FY24 Annual Report
Note 16 – Financial Risk Management
The Company holds the following financial instruments:
2024
$000’s
2023
$000’s
Financial assets
Cash and cash equivalents
258,915
109,470
Short-term investments
537
317
Investments in listed entities
6,728
11,906
Trade and other receivables
25,296
15,810
291,476
137,503
Financial liabilities
Trade and other payables
77,352
54,722
Borrowings
113,118
102,462
190,470
157,184
Risk Management
Market (including foreign exchange, commodity
price, security price risk and interest rate risk), credit
and liquidity risks arise in the normal course of the
Company's business. Primary responsibility for
identification and control of financial risk rests with
senior management under directives approved by
the Board.
a. Market risk
i. Foreign exchange risk
Foreign exchange risk arises from future
commitments, assets and liabilities that are
denominated in a currency that is not the functional
currency in which they are measured.
The Group enters into forward exchange contracts
to buy and sell specified amounts of foreign
currencies in the future at stipulated exchange
rates. The objective in entering the forward
exchange contracts is to protect the Group against
unfavourable exchange rate movements for both
the contracted and anticipated capital expenditure
undertaken in foreign currencies.
ii. Commodity price risk
The Company's revenue is exposed to commodity
price fluctuations. The Company measures
exposure to commodity price risk by monitoring
and stress testing the Company's forecast financial
position to sustained periods of low iron ore prices
on a regular basis.
Trade receivables outstanding at year end are
subject to potential changes in iron ore prices as
contracted provisional pricing mechanism for
shipments are finalised.
b. Credit risk
Credit risk arises from cash and cash equivalents
and deposits with financial institutions, and from
receivables from customers for iron ore sales. For
banks and financial institutions, only independently
rated parties with a minimum rating of “A” are
accepted in accordance with ratings guidelines of
major global credit rating agencies. For customers,
credit reference checks are undertaken. The carrying
amount of financial assets recorded in the financial
statements, net of any allowances for losses,
represents the Company’s maximum exposure to
credit risk without taking account of the fair value of
any collateral or other security obtained.
The maximum exposure to credit risk at the reporting
date is the carrying amount of the financial assets as
summarised at the beginning of this note.
The credit quality of financial assets that are neither
past due nor impaired can be summarised as follows:
• Cash and cash equivalents $258.9 million (2023:
$109.5 million) held with banks with minimum
long term external credit rating of AA.
• Short-term investments $0.5 million (2023: $0.3
million) held with banks with a minimum long
term external credit rating of AA-
• Current trade and other receivables $5.0 million
(2023: $15.8 million) due from customers or
government authorities. No default is expected.
• Non-current receivables $20.3 million (2023:
nil) due from Mineral Resources Limited under
a contractual arrangement. No default is expected.
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
BCI Minerals | FY24 Annual Report
c. Liquidity risk
Prudent liquidity management involves the
maintenance of sufficient cash and access to capital
markets. It is the policy of the Board to ensure
that the Company is able to meet its financial
obligations and maintain the flexibility to pursue
attractive investment opportunities through
keeping committed credit lines available where
possible, ensuring the Company has sufficient
working capital and preserving the 15% share issue
limit available to the Company under the ASX
Listing Rules.
Maturity analysis of financial liabilities
The table below analyses the Company’s financial
liabilities which comprise trade and other payables
which have a maturity of less than six months and
lease liabilities with a fixed payment commitment
of up to 4 years. Loans and borrowings consist of
equity conversion instruments which do not have
any contractual cashflows associated with them.
d. Equity price risk
Equity price risk refers to the risk that the value of
a financial instrument or its associated cash flows
will fluctuate due to changes in the underlying share
prices. The Group has exposure to equity price risk
arising from its holding of listed equity securities.
Financial liabilities as at year ended 30 June 2024
Carrying
amount
$000’s
Within 1 yr
$000’s
Between 1
and 2 years
$000’s
Between 2
and 5 years
$000’s
Over 5 years
$000’s
Total
contractual
cashflows
$000’s
Trade and other payables
77,352
77,352
-
-
-
77,352
Borrowings
113,118
-
-
-
113,118
113,118
190,470
77,352
-
-
113,118
190,470
Financial liabilities as at year ended 30 June 2023
Carrying
amount
$000’s
Within 1 yr
$000’s
Between 1
and 2 years
$000’s
Between 2
and 5 years
$000’s
Over 5 years
$000’s
Total
contractual
cashflows
$000’s
Trade and other payables
54,722
54,109
613
-
-
54,722
Borrowings
102,462
-
-
-
102,462
102,462
157,184
54,109
613
-
102,462
157,184
Note 17 – Subsidiaries
The consolidated financial statements include the financial statements of BCI Minerals Limited and the
subsidiaries listed in the following table.
Principal activities
Country of
incorporation
Functional Currency
% equity interest
2024
2024
BC Iron Nullagine Pty Ltd
(ACN 137 224 849)
Dormant
Australia
AUD
100
100
BC Potash Pty Ltd
(ACN 165 728 745)
Dormant
Australia
AUD
100
100
BC Pilbara Iron Ore Pty Ltd
(ACN 107 492 517)
Holding Company
Australia
AUD
100
100
PEL Iron Ore Pty Ltd
(ACN 115 382 753)
Dormant
Australia
AUD
100
100
Mal’s Ridge Pty Ltd
(ACN 152 573 905)
Dormant
Australia
AUD
100
100
BCI Exploration Pty Ltd
(ACN 152 574 359)
Dormant
Australia
AUD
100
100
Iron Valley Pty Ltd
(ACN 152 574 813)
Iron Ore Project
Australia
AUD
100
100
Maitland River Pty Ltd
(ACN 152 574 644)
Dormant
Australia
AUD
100
100
BC Iron (SA) Pty Ltd
(ACN 158 857 848)
Dormant
Australia
AUD
100
100
BC Gold Pty Ltd
(ACN 618 029 673)
Dormant
Australia
AUD
100
100
Mardie Holdings Pty Ltd
(ACN 657 636 836)
Holding Company
Australia
AUD
100
100
Mardie Project Company Pty Ltd
(ACN 657 703 592)
Holding Company
Australia
AUD
100
100
Mardie Mine Holdings Pty Ltd
(ACN 657 796 097)
Holding Company
Australia
AUD
100
100
Mardie Minerals Pty Ltd
(ACN 152 574 457)
Exploration and
development
of salt
Australia
AUD
100
100
Mardie Port Holdings Pty Ltd
(ACN 657 795 518)
Holding Company
Australia
AUD
100
100
Mardie Port Pty Ltd
(ACN 657 928 133)
Exploration and
development
of salt
Australia
AUD
100
100
Mardie Port Trust
Exploration and
development
of salt
Australia
AUD
100
100
Group Structure
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
BCI Minerals | FY24 Annual Report
Accounting policy
The consolidated financial statements incorporate
the assets and liabilities of all subsidiaries of BCI
Minerals Limited as at 30 June 2024, and the
results of all subsidiaries for the year then ended.
Subsidiaries are all entities (including structured
entities) over which the Company has control. The
Company controls an entity when the Company is
exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to
affect those returns through its power to direct the
activities of the entity.
Intercompany transactions, balances and unrealised
gains on transactions between entities in the
Company are eliminated. Unrealised losses are
also eliminated unless the transaction provides
evidence of the impairment of an asset transferred.
Accounting policies of subsidiaries are consistent
with the policies adopted by the Company.
Note 18 – Segment Information
2024 Segment
Information
Mardie
$000’s
Corporate/Other
$000’s
Continuing
operations
$000’s
Discontinued
operations
$000’s
Consolidated
$000’s
Segment revenue
Sales revenue
-
-
-
68,481
68,481
Other revenue
4,900
3,787
8,687
-
8,687
Total
4,900
3,787
8,687
68,481
77,168
Segment results
EBITDA
(26,891)
(25,194)
(52,085)
35,397
(16,688)
Interest revenue
-
8,687
8,687
-
8,687
Finance costs
-
(59)
(59)
-
(59)
Depreciation and amortisation
(4,855)
(874)
(5,729)
(1,536)
(7,265)
Profit / (loss) before income tax
(31,746)
(17,440)
(49,186)
33,861
(15,325)
Segment assets
868,505
82,867
951,372
70,067
1,021,439
Segment liabilities
57,656
134,661
192,317
23,901
216,218
2023 Segment
Information
Mardie
$000’s
Corporate/Other
$000’s
Continuing
operations
$000’s
Discontinued
operations
$000’s
Consolidated
$000’s
Segment revenue
Sales revenue
-
-
-
60,959
60,959
Other revenue
-
34
34
-
34
Other income
-
19,212
19,212
-
19,212
Total
-
19,246
19,246
60,959
80,205
Segment results
EBITDA
(19,198)
1,152
(18,046)
30,678
12,632
Interest revenue
-
5,415
5,415
-
5,415
Finance costs
-
(68)
(68)
-
(68)
Depreciation and amortisation
(3,880)
(826)
(4,706)
(2,198)
(6,904)
Impairment of assets
-
(1,700)
(1,700)
-
(1,700)
Profit / (loss) before income tax
(23,078)
3,973
(19,105)
28,480
9,375
Segment assets
419,124
125,663
544,787
60,847
605,634
Segment liabilities
45,414
111,465
156,879
17,286
174,165
Management has determined that the Company
has three reportable segments, being Iron
Valley (discontinued operations), Mardie and
Other (Corporate and other assets). For further
information on discontinued operations refer to
Note 19.
Sales revenue comprises iron ore sales from a single
location to a single customer in Australia.
Accounting policy
Operating segments are reported in a manner that
is consistent with the internal reporting provided
to the chief operating decision maker. The chief
operating decision maker has been identified as the
Company's Board. Internal reporting is provided to
the Board on a consolidated basis.
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
BCI Minerals | FY24 Annual Report
Note 19 – Assets Held for Sale and Discontinued Operations
On 14 June 2024, the Company announced that it had agreed to sell Iron Valley assets to Polaris Metals
Pty Ltd, a wholly owned subsidiary of Minerals Resources Limited. The associated assets and liabilities were
consequently presented as held for sale in the 2024 financial statements.
Completion of that sale occurred on 2 July 2024 and is reported in the current period as assets held for sale
and a discontinued operation. Financial information relating to the discontinued operation for the period is set
out below.
2024
$000’s
2023
$000’s
Assets classified as held for sale
Rehabilitation receivables
21,294
17,252
Property plant and equipment
28,501
29,527
Total assets held for sale
49,795
46,779
Liabilities directly associated with assets classified as held for sale
Rehabilitation provision
21,328
17,286
Accruals
2,574
6,783
Total liabilities held for sale
23,902
24,069
Net Assets
25,893
22,710
2024
$000’s
2023
$000’s
Consideration received or receivable:
Cash (completion of transaction – July 2024)
26,000
-
Deferred cash
34,100
-
Contingent consideration
12,500
-
Total
72,600
-
2024
$000’s
2023
$000’s
Financial performance and cash flow information
Revenue (Note 1)
68,481
60,959
Royalties
(33,084)
(30,242)
Amortisation of mine properties
(1,536)
(2,198)
Profit before income tax
33,861
28,519
Income tax expense
-
-
Profit from discontinued operations
33,861
28,519
Net cash inflow from operating activities of discontinued operations
28,527
37,634
Net increase in cash generated by discontinued operations
28,527
37,634
The financial information above is presented for informational purposes only and may differ from the amounts
ultimately realised upon completion of the disposal transaction.
The cash flows related to discontinued operations are presented separately in the Consolidated Statement of
Cash Flows for the year ended 30 June 2024.
Deferred cash consideration of $34.1 million is due on 2 July 2025 to BCI under the Draft Deed of Termination
and Settlement (Draft TS Deed) and is comprised of $30.1 million of ordinary income (arising as a direct result
of the lifting of the suspension from receipt by BCI of the sale proceeds from the sale of iron ore) and an
additional deferred payment of $4 million.
Contingent consideration of $12.5 million is subject to commencement of mining at the Iron Valley North Pit.
Assets and liabilities classified as held for sale
The following assets and liabilities were reclassified as held for sale in relation to the discontinued operation as
at 30 June 2024:
Details of the consideration
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
BCI Minerals | FY24 Annual Report
Note 20 – Commitments
The Company has property leases and vehicle leases. Future lease commitments are now accounted for as
lease liabilities as per AASB 16 – Leases.
2024
$000’s
2023
$000’s
Capital commitments
Committed at the reporting date but not recognised as liabilities, payable:
137,115
134,800
Balance as at 30 June
137,115
134,800
Unrecognised Items
The Company has contracts with contractors for the progression of the Mardie Project that predominately
rely on works to be completed within contractual terms prior to payment. Contracts may contain clauses that
in the event of a default a claim can be raised to finalise works early. The total value remaining of contracts
currently awarded is $137.1 million (2023: $134.8 million). Activities are required to be undertaken before these
commitments become due and payable.
Note 21 – Contingent Liabilities and Assets
Note 22 – Events Occurring After the Reporting Period
There are contractual claims for extensions of time
and associated delay costs, relating to approvals
at Mardie resulting in access for the contractors to
commence works at certain parts of the site. These
claims are being assessed in accordance with the
usual contract management processes.
Various entities of the Company have in the
normal course of business issued $27.6 million
of guarantees to certain customers, suppliers
to guarantee the performance obligations of a
controlled entity.
Sale of Iron Valley
On 2 July 2024 the Company completed the sale
of Iron Valley Pty Ltd Iron Ore assets to Polaris
Metals Pty Ltd for a consideration of $26.0 million
and a deferred consideration of $34.1 million due
in July 2025. Transaction also includes a contingent
consideration of $12.5 million subject
to commencement of mining at the Iron Valley
North Pit.
Aside from the above disclosure, the Company has
no further contingent liabilities or assets other than
additional cash payments it may receive in respect
of the sale of Iron Valley, the Buckland project and
Kumina tenements as disclosed in prior years.
Performance Rights and Share Rights
After year end, a total of 169,108 previously vested
Performance and Share Rights were converted to
ordinary shares.
Other than disclosed above and throughout
the report, no matters or circumstances have
arisen since the end of the financial year which
significantly affected or may significantly affect the
operations of the Company, the results of those
operations, or the state of affairs of the Company in
financial periods subsequent to the year ended 30
June 2024.
Note 23 – Parent Entity
The following details information related to the parent entity, BCI Minerals Limited, as at 30 June 2024. The
information presented here has been prepared using accounting policies consistent with those presented in
the notes to the accounts.
2024
$000’s
2023
$000’s
Statement of Financial Position
Current assets
31,693
97,123
Total assets
988,732
524,151
Current liabilities
21,272
8,277
Total liabilities
134,534
45,799
Shareholders' equity
Issued capital
959,946
569,754
Reserves
10,739
13,787
Accumulated losses
(222,087)
(201,015)
Total shareholders' equity
748,598
382,526
Profit / (loss) for the year
(13,238)
4,913
Total comprehensive (loss) / income for the year
(15,248)
(17,431)
Other Notes
Parent Company Guarantees
BCI Minerals has provided guarantees in respect of
Group companies, as per the following:
A Parent Company Guarantee (“PCG”) granted
by BCI Minerals in favour of Chevron Australia
Pty Ltd (as the Gorgon Operator and agent for
and on behalf of each of the Gorgon Joint Interest
Owners) dated 23 December 2021 (guaranteeing
the obligations of Mardie Minerals Pty Ltd under the
Chevron Pipeline Access Agreement).
PCG granted by BCI Minerals in favour of Santos
WA Northwest Pty Ltd (as the Varanus Operator
and agent for and on behalf of each of the Santos
Owners) dated 23 December 2021 (guaranteeing
the obligations of Mardie Minerals Pty Ltd under the
Chevron Pipeline Access Agreement).
PCG granted by BCI Minerals in favour of McConnell
Dowell Constructors (Aust) Pty Ltd dated 9
February 2024 (guaranteeing the obligations of
Mardie Minerals Pty Ltd under the Port Marine
Structures – Design and Construct Contract dated
on or about 21 December 2021).
PCG granted by BCI Minerals in favour of
Pilbara Ports Authority (guaranteeing the
obligations of Mardie Port Pty Ltd as trustee of
the Mardie Port Trust under the Infrastructure
Delivery Agreement dated 18 December 2023
and associated approvals).
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
BCI Minerals | FY24 Annual Report
Note 24 – Auditor's Remuneration
The auditor of BCI Minerals Limited is BDO Audit Pty Ltd.
2024
$
2023
$
Amounts received or due and receivable by BDO Audit Pty Ltd for:
Audit or review of financial reports for the Company
126,216
79,500
Non-audit services
-
-
Total
126,216
79,500
Note 25 – Related Party Transactions
The ultimate parent entity within the Group is BCI Minerals Limited. The interests in subsidiaries are set out
in Note 17.
Key Management Personnel
The aggregate compensation made to Directors and other members of Key Management Personnel of the
Group is set out below and in the remuneration report included in the Directors’ Report.
2024
$
2023
$
Short-term employee benefits
2,484,016
2,927,018
Post-employment benefits
102,196
132,287
Termination payments
380,861
285,919
Share-based payments
826,428
333,734
Total
3,793,501
3,678,958
Transactions with Related Parties
2024
$
2023
$
Payment for services made to other related entities
1,113,235
1,204,404
During the year, a company within the same consolidated group as Wroxby Pty Ltd, a substantial shareholder
of the Company, provided the Company with rental premises for which payments were made in the amount
of $1,113,235 (2023: $1,009,000). In the prior period, in addition to rental premises, the Company made legal
fee payments to Gilbert + Tobin of $195,000. Mr Blakiston, a former Company Director, is a partner in the
legal firm Gilbert + Tobin. All transactions were on normal commercial terms and conditions.
Note 26 – Share-based Payments
Share based compensation payments are provided to Directors and employees in accordance with the BCI
Minerals Limited Performance Rights Plan and Share Rights Plan as detailed in the Remuneration Report.
Total expenses arising from share-based payments recognised during the financial period as part of employee
benefits expense were as follows.
2024
$
2023
$
Share based payments expense
933
697
Total
933
697
Employee Performance Rights
Performance conditions are required to be achieved that will determine the percentage of rights that are able
to vest. These hurdles are primarily based on company share price as the relevant Total Shareholder Return
(TSR) (50% weighting) and the TSR relative to an appropriate peer group from the ASX All Ordinary index
materials class (50% weighting). Since T2 2022 Performance Rights issue, Performance Rights have only
had the TSR relative to an appropriate peer group from the ASX All Ordinary index materials class as a
performance condition.
The performance rights are subject to a two-year performance period with vested rights subject to an
additional twelve-month holding lock post vesting.
The fair value and the inputs used for Performance Rights granted during the financial period ending 30 June
2024 are provided below.
Grant date
17/08/2023
01/09/2023
22/11/2023
21/02/2024
Performance Rights Plan
2023
2023
2023
2024
Performance Rights granted
1,862,500
852,279
3,960,361
496,682
Vesting date
03/07/2026
03/07/2026
03/07/2026
03/07/2026
Grant date share price
$0.24
$0.27
$0.26
$0.24
Share price volatility (per cent)
50.0
50.0
50.0
50.0
Dividend yield (per cent)
0
0
0
0
Risk free rate (per cent)
4.01
3.82
4.22
3.98
Fair value per right at grant date
$0.205
$0.226
$0.222
$0.171
Summary of Performance Rights on issue
Performance Rights
Vesting date
Opening
balance at 1
July 2023
Rights
granted
during the
year
Rights vested
during the
year
Rights
cancelled /
lapsed during
the year
Rights
converted to
shares during
the year
Closing
balance at
30 June
2024
Performance Rights
2020 - BCIAA
30/06/2023
1,219,212
-
843,526
-
(843,526)
375,686
Performance Rights
2021 - BCIAQ
03/07/2024
1,098,397
-
-
(1,098,397)
-
-
Performance Rights
2022 - BCIAT
01/07/2025
4,753,365
-
-
(1,926,023)
-
2,827,341(a)
Performance Rights
2023 - BCIAB
03/07/2026
809,625
6,675,140
-
(1,140,000)
-
6,344,765
Performance Rights
2024 - BCIAR
03/07/2026
-
496,682
-
-
-
496,682
Total
7,880,599
7,171,822
843,526
(4,164,420)
(843,526)
10,044,474
(a) 674,525 T1 2022 Performance Rights have been assessed based on TSR performance and relative TSR performance over a two-year performance period
to 30 June 2024, with a vesting outcome of 0%. 2,152,816 T2 2022 Performance Rights have been assessed based on relative TSR performance over the
period November 2022 to 30 June 2024 with a vesting outcome of 92.86%
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
BCI Minerals | FY24 Annual Report
Employee Share Rights
During the year the Company issued share-based payments in the form of Share Rights to employees as per
below. The share rights are subject to a twelve-month service period for vesting and subject to an additional
twelve-month holding lock post vesting.
The fair value and the inputs used for Share Rights granted during the financial period ending 30 June 2024 are
provided below.
Grant date
17/08/2023
22/11/2023
Share Rights Plan
2023
2023
Share Rights granted
1,322,479
1,100,948
Vesting date
01/07/2024
01/07/2024
Grant date share price
$0.255
$0.270
Share price volatility (per cent)
50.0
50.0
Dividend yield (per cent)
0
0
Risk free rate (per cent)
4.10
4.34
Fair value per right at grant date
$0.242
$0.257
Summary of Share Rights on issue
Share Rights
Vesting date
Opening
balance at 1
July 2023
Rights
granted
during the
year
Rights vested
during the
year
Rights
cancelled /
lapsed during
the year
Rights
converted to
shares during
the year
Closing
balance at
30 June
2024
Share Rights 2020
- BCIAR
16/08/2021
697,317
-
-
-
(697,317)
-
Share Rights 2021 -
BCIAR
04/07/2022
282,323
-
-
-
(180,902)
101,421
Share Rights 2022 –
BCIAU
01/07/2023
880,918
-
880,918
-
(639,389)
241,529
Share Rights 2023 -
BCIAZ
01/07/2024
-
2,423,427
918,080
-
(918,080)
1,505,347
Total
1,860,558
2,423,427
1,798,998
-
(2,435,688)
1,848,297
Accounting policy
Share based compensation payments are
measured at the fair value of the equity instruments
at the grant gate. The Grant Date is defined as the
date at which the entity and the employee agree to
a share-based payment arrangement. This is usually
when the entity and the counterparty have a shared
understanding of the terms and conditions of the
arrangement. If the arrangement is subject to an
approval process, for example by the Board, Grant
Date is when the approval is obtained.
Fair Value is expensed over the vesting period,
being the period over which the vesting conditions
must be satisfied.
The choice of valuation methodology is determined
by the structure of the awards, particularly the
vesting conditions:
• Market conditions: where vesting depends on
the market price of the entity’s equity. Examples
include a target share price or a target return
(such as total shareholder return).
• Non-market conditions: all vesting conditions
that are not market conditions. Examples of non-
market conditions include a service condition
or a rate of earnings growth. Non-market
conditions are to be reflected in the number
of equity instruments expected to vest as part
of the expense process. The number of equity
instruments expected to vest is trued up at the
end of each reporting period.
The fair value of rights granted is estimated at
the date of grant using a Monte-Carlo simulation
model, taking into account the terms and
conditions on which the rights were granted. The
model simulates the TSR and compares it against
the group of principal competitors. It takes into
account historical and expected dividends, and
the share price volatility of the Group relative to
that of its competitors so as to predict the share
performance.
Where Performance Rights are forfeited or
cancelled due to a non-market vesting condition
not being satisfied, the previously recognised
cumulative share-based payment expense is
reversed.
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
BCI Minerals | FY24 Annual Report
Consolidated Entity Disclosure Statement
The consolidated entities of BCI Minerals Limited are shown below.
Name of entity
Type of entity
Trustee, partner
or participant in
joint venture
Country of
incorporation
Australian
resident or
foreign resident
(for tax purposes)
% of share
capital held
BCI Minerals Limited
(ACN 120 646 924)
Body Corporate
N/A
Australia
Australia
N/A
BC Iron Nullagine Pty Ltd
(ACN 137 224 849)
Body Corporate
N/A
Australia
Australia
100
BC Potash Pty Ltd
(ACN 165 728 745)
Body Corporate
N/A
Australia
Australia
100
BC Pilbara Iron Ore Pty Ltd
(ACN 107 492 517)
Body Corporate
N/A
Australia
Australia
100
PEL Iron Ore Pty Ltd
(ACN 115 382 753)
Body Corporate
N/A
Australia
Australia
100
Mal’s Ridge Pty Ltd
(ACN 152 573 905)
Body Corporate
N/A
Australia
Australia
100
BCI Exploration Pty Ltd
(ACN 152 574 359)
Body Corporate
N/A
Australia
Australia
100
Iron Valley Pty Ltd
(ACN 152 574 813)
Body Corporate
N/A
Australia
Australia
100
Maitland River Pty Ltd
(ACN 152 574 644)
Body Corporate
N/A
Australia
Australia
100
BC Iron (SA) Pty Ltd
(ACN 158 857 848)
Body Corporate
N/A
Australia
Australia
100
BC Gold Pty Ltd
(ACN 618 029 673)
Body Corporate
N/A
Australia
Australia
100
Mardie Holdings Pty Ltd
(ACN 657 636 836)
Body Corporate
N/A
Australia
Australia
100
Mardie Project Company Pty Ltd
(ACN 657 703 592)
Body Corporate
N/A
Australia
Australia
100
Mardie Mine Holdings Pty Ltd
(ACN 657 796 097)
Body Corporate
N/A
Australia
Australia
100
Mardie Minerals Pty Ltd
(ACN 152 574 457)
Body Corporate
N/A
Australia
Australia
100
Mardie Port Holdings Pty Ltd
(ACN 657 795 518)
Body Corporate
N/A
Australia
Australia
100
Mardie Port Pty Ltd
(ACN 657 928 133)
Body Corporate
Trustee
Australia
Australia
100
Mardie Port Trust
Trust
N/A
Australia
Australia
N/A
Basis of preparation
This consolidated entity disclosure statement (CEDS) has been prepared in accordance with the Corporations
Act 2001 and includes information for each entity that was part of the consolidated entity as at the end of the
financial year in accordance with AASB 10 Consolidated Financial Statements.
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
BCI Minerals | FY24 Annual Report
Independent Auditor's Report
BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275, an
Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form
part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation.
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth, WA 6000
PO Box 700 West Perth WA 6872
Australia
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
INDEPENDENT AUDITOR'S REPORT
To the members of BCI Minerals Limited
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of BCI Minerals Limited (the Company) and its subsidiaries (the
Group), which comprises the consolidated statement of financial position as at 30 June 2024, the
consolidated statement of profit or loss and other comprehensive income, the consolidated statement
of changes in equity and the consolidated statement of cash flows for the year then ended, and notes
to the financial report, including material accounting policy information, the consolidated entity
disclosure statement and the directors’ declaration.
In our opinion the accompanying financial report of the Group, is in accordance with the Corporations
Act 2001, including:
(i)
Giving a true and fair view of the Group’s financial position as at 30 June 2024 and of its
financial performance for the year ended on that date; and
(ii)
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s responsibilities for the audit of the Financial
Report section of our report. We are independent of the Group in accordance with the Corporations
Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s
APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code)
that are relevant to our audit of the financial report in Australia. We have also fulfilled our other
ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been
given to the directors of the Company, would be in the same terms if given to the directors as at the
time of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial report of the current period. These matters were addressed in the context of
our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters.
2
Mardie development expenditure
Key audit matter
How the matter was addressed in our audit
As disclosed in note 6, the Group recognised $603
million of mine development expenditure as at 30
June 2024, relating to the Mardie Salt and Potash
project, within property, plant and equipment, in the
consolidated statement of financial position.
This represents a material asset that includes a large
volume of transactions on a long-term construction
program.
Due to the quantum of the costs incurred during the
year we have identified the accounting for the Mardie
development expenditure as a key audit matter.
Our audit procedures in this area included, but were
not limited to:
•
Reviewing Board minutes and ASX announcements
to understand the operational activity during the
year;
•
Obtaining an understanding and testing of key
transaction controls in place in relation to the
project costs incurred;
•
Understanding the process for project cost
allocation and recording of expenditure relating to
the various components of the project;
•
Testing a sample of transactions to supplier
contracts and invoices to confirm they are valid
project expenditure;
•
Reviewing a sample of key contracts to understand
terms and conditions, comparing the accounting
applied;
•
Reviewing progress towards achievement of
conditions precedent for the Syndicated Debt
Facility funding package;
•
Evaluating management’s assessment of whether
impairment indicators were present at the
reporting date;
•
Assessing as to whether any contract disputes or
settlements exist or have occurred during the year
and evaluating the impact on the financial
statements;
•
Reviewing contingent matters, including claims for
time and delay clauses; and
•
Reviewing the related disclosures in the year end
financial statements.
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
BCI Minerals | FY24 Annual Report
3
Other information
The directors are responsible for the other information. The other information comprises the
information in the Group’s annual report for the year ended 30 June 2024, but does not include the
financial report and the auditor’s report thereon.
Our opinion on the financial report does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
report or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the directors for the Financial Report
The directors of the Company are responsible for the preparation of:
a) the financial report that gives a true and fair view in accordance with Australian Accounting
Standards and the Corporations Act 2001 and
b) the consolidated entity disclosure statement that is true and correct in accordance with the
Corporations Act 2001, and
for such internal control as the directors determine is necessary to enable the preparation of:
i) the financial report that gives a true and fair view and is free from material misstatement, whether
due to fraud or error; and
ii) the consolidated entity disclosure statement that is true and correct and is free of misstatement,
whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the group to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with the Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the
Auditing and Assurance Standards Board website at:
https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf
4
This description forms part of our auditor’s report.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 83 to 94 of the directors’ report for the
year ended 30 June 2024.
In our opinion, the Remuneration Report of BCI Minerals Limited, for the year ended 30 June 2024,
complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility
is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with
Australian Auditing Standards.
BDO Audit Pty Ltd
Phillip Murdoch
Director
Perth, 23 August 2024
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
BCI Minerals | FY24 Annual Report
Auditor's Independence
declaration
BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275, an
Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form
part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation.
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth, WA 6000
PO Box 700 West Perth WA 6872
Australia
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
DECLARATION OF INDEPENDENCE BY PHILLIP MURDOCH TO THE DIRECTORS OF BCI MINERALS
LIMITED
As lead auditor of BCI Minerals Limited for the year ended 30 June 2024, I declare that, to the best of
my knowledge and belief, there have been:
1.
No contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit; and
2.
No contraventions of any applicable code of professional conduct in relation to the audit.
This declaration is in respect of BCI Minerals Limited and the entities it controlled during the period.
Phillip Murdoch
Director
BDO Audit Pty Ltd
Perth
23 August 2024
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
BCI Minerals | FY24 Annual Report
ADDITIONAL ASX
INFORMATION
(as at 29 July 2024)
Substantial Shareholders
Substantial shareholders as disclosed in substantial notices given to the Company are as follows:
Rank
Shareholder
Shares held
% of issued capital
Date of Notice
1
Wroxby Pty Ltd,
Australian Capital Equity
Pty Ltd and related
entities
1,023,747,260
36.12%
6 March 2024
2
AustralianSuper Pty Ltd
909,046,852
32.07%
6 March 2024
3
Ryder Capital Limited
and Related Entities and
Persons
265,374,259
9.36%
6 March 2024
Distribution of Shareholdings
Range
Total holders
Units
% Units
1 - 1,000
1,117
492,412
0.02
1,001 - 5,000
2,344
6,566,834
0.23
5,001 - 10,000
1,102
8,743,375
0.30
10,001 - 100,000
2,561
94,064,254
3.26
100,001 Over
778
2,774,723,223
96.19
Total
7,902
2,884,590,098
100.00
Twenty Largest Shareholders
Range
Name
Units
% Units
1
WROXBY PTY LTD
1,033,214,709
35.82
2
J P MORGAN NOMINEES AUSTRALIA PTY LIMITED
951,814,336
33.00
3
RYDER CAPITAL MANAGEMENT PTY LTD
195,329,051
6.77
4
CITICORP NOMINEES PTY LIMITED
88,066,174
3.05
5
PALM BEACH NOMINEES PTY LIMITED
42,783,061
1.48
6
RYDER CAPITAL LIMITED
22,916,113
0.79
7
UBS NOMINEES PTY LTD
20,489,440
0.71
8
NORFOLK ENCHANTS PTY LTD
19,217,953
0.67
9
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED - A/C 2
16,270,966
0.56
10
BNP PARIBAS NOMS PTY LTD
13,337,496
0.46
11
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
12,651,105
0.44
12
NEWECONOMY COM AU NOMINEES PTY LIMITED <900
ACCOUNT>
11,320,315
0.39
13
WYLLIE GROUP PTY LTD
10,000,000
0.35
14
FINCLEAR SERVICES NOMINEES PTY LIMITED 7,761,330
0.27
15
MINERALOGY PTY LTD
7,203,608
0.25
16
WARBONT NOMINEES PTY LTD
5,825,559
0.20
17
BNP PARIBAS NOMINEES PTY LTD
5,210,521
0.18
18
MR DENNIS JONATHAN KAR QUE LUM
4,034,407
0.14
19
MR DENNIS CARL RONALD ETCHELLS + MRS MARGARET
DAISY ETCHELLS
3,679,346
0.13
20
BOND STREET CUSTODIANS LIMITED
3,500,000
0.12
20
MR KENNETH JOSEPH HALL
3,500,000
0.12
Total
2,478,125,490
85.91
85.91
Unmarketable Parcels
There were 1,715 members holding less than a marketable parcel of shares in the Company at $0.2550
per share.
Voting Rights
All issued shares carry voting rights on a one for one basis.
Performance Rights and Share Rights do not entitle the holders to vote in respect of that Performance Right or
Share Right, until such time as the performance rights or share rights vest and are subsequently registered as
ordinary shares.
Convertible Notes do not entitle the holders to vote in respect of that Convertible Note, until such time as the
notes convert and are subsequently registered as ordinary shares.
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
BCI Minerals | FY24 Annual Report
Unquoted Securities
Security Type
Number
Number of holders
Performance Rights
9,976,788
7
Share Rights
1,746,876
2
Convertible Notes
Security Type
Number
Number of holders
Name of holder
Convertible Notes Series 1
46,662,048
1
J.P. MORGAN NOMINEES
AUSTRALIA PTY LIMITED
Convertible Notes Series 3
160,384,924
1
J.P. MORGAN NOMINEES
AUSTRALIA PTY LIMITED
Distribution of unquoted securities:
Performance Rights T1 2022
Range
Total holders
Units
% Units
1 - 1,000
0
0
0.00
1,001 - 5,000
0
0
0.00
5,001 - 10,000
0
0
0.00
10,001 - 100,000
0
0
0.00
100,001 Over
2
674,525
100.00
Total
2
674,525
100.00
Performance Rights T2 2022
Range
Total holders
Units
% Units
1 - 1,000
0
0
0.00
1,001 - 5,000
0
0
0.00
5,001 - 10,000
0
0
0.00
10,001 - 100,000
0
0
0.00
100,001 Over
1
2,152,816
100.00
Total
1
2,152,816
100.00
Performance Rights 2024
Range
Total holders
Units
% Units
1 - 1,000
0
0
0.00
1,001 - 5,000
0
0
0.00
5,001 - 10,000
0
0
0.00
10,001 - 100,000
0
0
0.00
100,001 Over
1
496,682
100.00
Total
1
496,682
100.00
Performance Rights 2023
Range
Total holders
Units
% Units
1 - 1,000
0
0
0.00
1,001 - 5,000
0
0
0.00
5,001 - 10,000
0
0
0.00
10,001 - 100,000
0
0
0.00
100,001 Over
4
6,344,765
100.00
Total
4
6,344,765
100.00
Performance Rights 2020
Range
Total holders
Units
% Units
1 - 1,000
0
0
0.00
1,001 - 5,000
0
0
0.00
5,001 - 10,000
0
0
0.00
10,001 - 100,000
0
0
0.00
100,001 Over
1
308,000
100.00
Total
1
308,000
100.00
Share Rights 2022
Range
Total holders
Units
% Units
1 - 1,000
0
0
0.00
1,001 - 5,000
0
0
0.00
5,001 - 10,000
0
0
0.00
10,001 - 100,000
0
0
0.00
100,001 Over
1
241,529
100.00
Total
1
241,529
100.00
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
BCI Minerals | FY24 Annual Report
On Market Buy Back
There is no current on-market buy-back.
Restricted Securities
There are no restricted securities.
CORPORATE
DIRECTORY
BCI Minerals Limited: ABN 21 120 646 924
Registered Office and Principal Place of Business
Level 2, 1 Altona Street West Perth, Western Australia 6005, Australia
Telephone: +61 (08) 6311 3400
Website: www.bciminerals.com.au
Email: info@bciminerals.com.au
Postal Address
GPO Box 2811 Perth, Western Australia 6001, Australia
Directors:
• Brian O’Donnell: Chair: Non-Executive
• David Boshoff: Managing Director
• Gabrielle Bell: Non-Executive Director
• Miriam Stanborough AM: Non-Executive Director
• Hon. Mr Richard Court AC: Non-Executive Director
• Garret Dixon: Non-Executive Director
• Chris Salisbury: Non-Executive Director
Company Secretary:
Stephanie Majteles
Share Registry
Investors seeking information about their shareholdings should contact the company’s share registry.
Computershare Investor Services Pty Limited: Level 17, 221 St Georges Terrace Perth, Western Australia 6000
Postal address: GPO Box 2975, Melbourne Victoria 3000
Telephone: 1300 850 505 (within Australia +61 3 9415 4000 (outside Australia)
Facsimile: (03) 9473 2500 (within Australia) +61 3 9473 2500 (outside Australia)
Email: web.queries@computershare.com.au
Website: www.investorcentre.com/contact
The share registry can assist with queries on share transfers, dividend payments and changes of name, address
or bank account details. For security reasons, you will need your Security Reference Number (SRN) or Holder
Identification Number (HIN) when communicating with the share registry.
Australian Securities Exchange Listing
BCI Minerals Limited securities are listed on the Australian Securities Exchange (ASX) under the code BCI.
Share Rights 2023
Range
Total holders
Units
% Units
1 - 1,000
0
0
0.00
1,001 - 5,000
0
0
0.00
5,001 - 10,000
0
0
0.00
10,001 - 100,000
0
0
0.00
100,001 Over
2
1,505,347
100.00
Total
2
1,505,347
100.00
Convertible Notes Series 1
Range
Total holders
Units
% Units
1 - 1,000
0
0
0.00
1,001 - 5,000
0
0
0.00
5,001 - 10,000
0
0
0.00
10,001 - 100,000
0
0
0.00
100,001 Over
1
46,662,048
100.00
Total
1
46,662,048
100.00
Convertible Notes Series 3
Range
Total holders
Units
% Units
1 - 1,000
0
0
0.00
1,001 - 5,000
0
0
0.00
5,001 - 10,000
0
0
0.00
10,001 - 100,000
0
0
0.00
100,001 Over
1
160,384,924
100.00
Total
1
160,384,924
100.00
About BCI Minerals
Year in Review
Chairman’s Address
Managing Director’s Address
Board of Directors
Mardie Salt and Potash Project
Sustainability Report
Corporate Governance
Annual Financial Report
Directors' Report
Remuneration Report
Annual Financial Statement
Independent Auditor’s Report
Auditor’s Independent
Declaration
Additional ASX Information
www.bciminerals.com.au
Level 2, 1 Altona Street,
West Perth WA 6005, Australia
Telephone: +61 (08) 6311 3400
Email: info@bciminerals.com.au