MIND ID Eyes Investment in BCI Minerals

By Editorial Team 05/07/2023
Summary

Australian explorer BCI Minerals, on Tuesday, said it signed a non-binding agreement with mining holding firm Mineral Industri Indonesia (MIND ID) to supply salt from its Mardie Salt and Potash project on the Pilbara coast.

Under the agreement, BCI Minerals will supply 1 million tons per annum (mtpa) of salt to MIND ID. 

Reuters reported MIND ID, which is wholly owned by the Indonesian government and has a majority stake in top mining firms like PT Aneka Tambang Tbk (ANTM) and PT Bukit Asam Tbk (PTBA), will also potentially buy stakes in BCI worth up to AUD 100 million (US$66.8 million).

The agreement comes weeks after BCI flagged that it expected the Mardie project to cost about AUD 1.63 billion. BCI and MIND ID currently anticipate negotiations to complete later in 2023.

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