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BCI Minerals' Pilbara Salt Project Continues to De-risk Despite Cyclone Disruptions, Says Euroz Hartleys

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BCI Minerals' (ASX:BCI) Mardie high-purity salt project development on the Pilbara Coast continues to de-risk, with a strong long-term outlook even as recent cyclone disruptions have curtailed the timing of first production, Euroz Hartleys said Tuesday in a note.

Construction of the project, expected to be the third largest salt operation globally and the largest in Australia, is now 81% complete.

The full impact of heavy rainfall from Cyclones Mitchell and Narelle has yet to be determined. However, in a positive move, salt operations have restarted with pond density increasing.

Additionally, demand from chlor-alkali plants under development in India, China and Indonesia is projected to support stronger medium-term prices despite soft salt import pricing during the quarter.

Euroz Hartleys maintained a speculative buy rating and a price target of AU$0.50, both under review as it assesses the impact on first salt sales timing and weak short-term salt pricing.

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