BCI Minerals signed an agreement for $981 million in project finance debt for its "salt first" portion of the Mardie Salt and Potash Project.

The agreement was agreed upon and executed with the Northern Australia Infrastructure Facility, Export Finance Australia, Export Development Canada, Westpac (ASX:WBC), and the Industrial and Commercial Bank of China.

The $981 million of commitments will be allocated across $830M of construction loan facilities with 7, 11 and 15-year tenors and $151 million for bank guarantee requirements and cost overruns.

BCI aims to close the financial deal in the first quarter of 2024 and draw the first debt by mid-2024, subject to satisfying all remaining conditions.