Potash developer BCI Minerals has received credit approvals for A$650-million of project finance for its Mardie salt project, in Western Australia. The company on Friday said that the Northern Australia Infrastructure Facility (NAIF) has approved a A$490-million project finance facility for Mardie, with a 15-year tenor, while Export Finance Australia (EFA) had approved a A$160-million project finance facility with an 11-year tenor.
PERTH – Potash developer BCI Minerals has received credit approvals for A$650-million of project finance for its Mardie salt project, in Western Australia.
Financial close of the project finance is subject to detailed facility documentation and typical project finance conditions precedent. Commercial Bank funding is proposed to include a A$180-million, seven-year construction facility, an A$81-million cost overrun facility and a A$70-million bank guarantee facility for bonds required under construction or operating contracts. BCI expects to be in a position to announce credit approvals from two leading commercial banks for a minimum of A$150-million in the near future, which will provide part of these requirements.
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